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Norwegian (OSEAX) Financials Sector Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies47
  • 7D-2.3%
  • 3M-0.6%
  • 1Y10.7%
  • YTD-1.0%

Over the last 7 days, the Financials industry has dropped 2.4%, driven by a pullback from DNB Bank of 2.3%. This takes the industry's 12 month performance to a gain of 11%. As for the next few years, earnings are expected to grow by 4.3% per annum.

Sector Valuation and Performance

Has the Norwegian Financials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026NOK 917.8bNOK 281.6bNOK 78.1b11.6x11.8x3.3x
Sat, 21 Feb 2026NOK 959.1bNOK 281.6bNOK 78.4b11.5x12.2x3.4x
Mon, 19 Jan 2026NOK 918.3bNOK 270.2bNOK 76.1b12x12.1x3.4x
Wed, 17 Dec 2025NOK 905.4bNOK 271.0bNOK 76.3b11.6x11.9x3.3x
Fri, 14 Nov 2025NOK 856.2bNOK 270.7bNOK 79.5b10.4x10.8x3.2x
Sun, 12 Oct 2025NOK 878.4bNOK 261.6bNOK 77.7b11x11.3x3.4x
Tue, 09 Sep 2025NOK 844.9bNOK 261.6bNOK 77.7b11x10.9x3.2x
Thu, 07 Aug 2025NOK 854.5bNOK 257.8bNOK 76.2b11.3x11.2x3.3x
Sat, 05 Jul 2025NOK 858.4bNOK 241.8bNOK 76.1b11.6x11.3x3.5x
Mon, 02 Jun 2025NOK 836.8bNOK 241.9bNOK 76.1b11x11x3.5x
Wed, 30 Apr 2025NOK 808.3bNOK 288.3bNOK 75.0b11.1x10.8x2.8x
Fri, 28 Mar 2025NOK 838.1bNOK 287.8bNOK 75.2b11.2x11.2x2.9x
Sun, 23 Feb 2025NOK 770.9bNOK 227.0bNOK 78.4b9.9x9.8x3.4x
Tue, 21 Jan 2025NOK 713.9bNOK 294.7bNOK 73.2b10.1x9.8x2.4x
Thu, 19 Dec 2024NOK 687.6bNOK 296.3bNOK 74.1b10x9.3x2.3x
Sat, 16 Nov 2024NOK 684.2bNOK 295.8bNOK 74.3b9x9.2x2.3x
Mon, 14 Oct 2024NOK 652.0bNOK 274.0bNOK 68.2b9.3x9.6x2.4x
Wed, 11 Sep 2024NOK 644.1bNOK 277.2bNOK 69.0b9.4x9.3x2.3x
Fri, 09 Aug 2024NOK 632.7bNOK 275.3bNOK 68.5b9.3x9.2x2.3x
Sun, 07 Jul 2024NOK 637.2bNOK 272.0bNOK 65.5b9.1x9.7x2.3x
Tue, 04 Jun 2024NOK 635.7bNOK 271.4bNOK 65.6b9x9.7x2.3x
Thu, 02 May 2024NOK 611.2bNOK 269.2bNOK 64.9b9.6x9.4x2.3x
Sat, 30 Mar 2024NOK 624.3bNOK 249.2bNOK 65.4b9.2x9.5x2.5x
Mon, 26 Feb 2024NOK 616.1bNOK 264.3bNOK 65.7b8.9x9.4x2.3x
Wed, 24 Jan 2024NOK 631.0bNOK 297.0bNOK 64.9b9.4x9.7x2.1x
Fri, 22 Dec 2023NOK 615.0bNOK 296.9bNOK 64.9b9.2x9.5x2.1x
Sun, 19 Nov 2023NOK 601.8bNOK 297.0bNOK 65.0b8.8x9.3x2x
Tue, 17 Oct 2023NOK 617.5bNOK 287.1bNOK 62.2b9.6x9.9x2.2x
Thu, 14 Sep 2023NOK 608.7bNOK 287.0bNOK 62.2b9.5x9.8x2.1x
Sat, 12 Aug 2023NOK 609.4bNOK 284.3bNOK 61.1b10.1x10x2.1x
Mon, 10 Jul 2023NOK 587.9bNOK 220.4bNOK 58.4b9.8x10.1x2.7x
Wed, 07 Jun 2023NOK 580.2bNOK 220.4bNOK 58.5b9.9x9.9x2.6x
Fri, 05 May 2023NOK 565.8bNOK 183.5bNOK 57.7b10.5x9.8x3.1x
Sun, 02 Apr 2023NOK 564.6bNOK 174.7bNOK 53.8b10.3x10.5x3.2x
Price to Earnings Ratio

10.5x


Total Market Cap: NOK 564.6bTotal Earnings: NOK 53.8bTotal Revenue: NOK 174.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Financials Sector Price to Earnings3Y Average 10.2x202420252026
Current Industry PE
  • Investors are optimistic on the Norwegian Financials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 11.7x which is higher than its 3-year average PE of 10.2x.
  • The 3-year average PS ratio of 2.7x is lower than the industry's current PS ratio of 3.2x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 13% per year over the last three years.
  • Revenues for these companies have grown 17% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Norwegian Financials sector?

NO Market0.20%
Financials-2.34%
Capital Markets0.30%
Mortgage Finance0%0
Diversified Financial-0.33%
Banks-1.74%
Consumer Finance-2.46%
Insurance-4.04%
Industry PE
  • Investors are most optimistic about the Diversified Financial industry which is trading above its 3-year average PE ratio of 21.3x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the Consumer Finance industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Finance industry, expecting annual earnings growth of 8.9% over the next 5 years.
  • In contrast, the Banks industry is expected to see its earnings grow by 3.2% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
RING SpareBank 1 Ringerike HadelandNOK 485.002.1%
+NOK 156.5m		16.9%PB1.4x
SBNOR Sparebanken NorgeNOK 199.600.4%
+NOK 128.2m		34.4%PB0.6x
NONG SpareBank 1 Nord-NorgeNOK 158.520.7%
+NOK 116.5m		10.5%PB0.8x
SNOR SpareBank 1 NordmøreNOK 191.004.4%
+NOK 72.5m		13.4%PB0.4x
JAREN Jæren SparebankNOK 369.904.1%
+NOK 72.3m		3.9%PB0.6x

Latest News

ROGS
NOK 146.60
Rogaland Sparebank
7D
-5.2%
1Y
7.0%
GJF
NOK 257.20
Gjensidige Forsikring
7D
-1.8%
1Y
6.6%

GJF: Fair Value View Balances Bearish Downgrades And Special Dividend Outlook

Analysts now place Gjensidige Forsikring's fair value at NOK 240.15, up from NOK 185.00. This reflects updated views on discount rates, revenue growth, profit margins and future P/E, even as recent Street research has turned more cautious with downgrades and lower price targets.
PROT
NOK 463.50
Protector Forsikring
7D
-7.2%
1Y
34.2%
DNB
NOK 289.90
DNB Bank
7D
-1.4%
1Y
3.6%

DNB: Future Returns Will Depend On Execution And Dividend Capital Return Choices

Analysts have adjusted their DNB Bank price targets, with recent NOK 10 to NOK 15 upward moves from several firms set against earlier modest trims, as they refine assumptions around discount rates, profitability, and future P/E levels. Analyst Commentary Recent research shows a split view on DNB Bank, with several price target increases in the NOK 10 to NOK 15 range contrasted with at least one downgrade and a small target cut to NOK 281.
SPOG
NOK 86.65
Sparebanken Øst
7D
3.0%
1Y
5.7%
NONG
NOK 158.52
SpareBank 1 Nord-Norge
7D
0.7%
1Y
10.5%
SPOL
NOK 202.45
SpareBank 1 Østlandet
7D
-1.3%
1Y
15.0%
SBNOR
NOK 199.60
Sparebanken Norge
7D
0.4%
1Y
34.4%
MING
NOK 207.75
SpareBank 1 SMN
7D
-1.2%
1Y
13.2%
JAREN
NOK 369.90
Jæren Sparebank
7D
4.1%
1Y
3.9%
SOAG
NOK 425.00
SpareBank 1 Østfold Akershus
7D
-6.8%
1Y
0.01%
STB
NOK 169.60
Storebrand
7D
-0.5%
1Y
26.3%
NBX
NOK 0.48
Norwegian Block Exchange
7D
29.5%
1Y
110.6%
RING
NOK 485.00
SpareBank 1 Ringerike Hadeland
7D
2.1%
1Y
16.9%
B2I
NOK 23.05
B2 Impact
7D
0.7%
1Y
126.4%

B2 Impact (OB:B2I) Has Announced That It Will Be Increasing Its Dividend To NOK1.90

Feb 15
B2 Impact (OB:B2I) Has Announced That It Will Be Increasing Its Dividend To NOK1.90
SNOR
NOK 191.00
SpareBank 1 Nordmøre
7D
4.4%
1Y
13.4%

SpareBank 1 Nordmøre's (OB:SNOR) Dividend Will Be Increased To NOK11.00

Feb 14
SpareBank 1 Nordmøre's (OB:SNOR) Dividend Will Be Increased To NOK11.00