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Norwegian (OSEAX) Financials Sector Analysis

UpdatedFeb 09, 2026
DataAggregated Company Financials
Companies47
  • 7D2.2%
  • 3M9.2%
  • 1Y23.8%
  • YTD0.2%

Over the last 7 days, the Financials industry has risen 2.2%, driven by gains from DNB Bank of 4.9%. In the last 12 months, the industry was up 24%. As for the next few years, earnings are expected to grow by 3.2% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Feb 2026NOK 930.1bNOK 272.8bNOK 75.8b11.8x12.3x3.4x
Wed, 07 Jan 2026NOK 922.0bNOK 270.9bNOK 76.3b11.7x12.1x3.4x
Fri, 05 Dec 2025NOK 866.0bNOK 270.9bNOK 76.3b11.2x11.3x3.2x
Sun, 02 Nov 2025NOK 835.3bNOK 269.8bNOK 76.4b10.7x10.9x3.1x
Tue, 30 Sep 2025NOK 871.6bNOK 261.6bNOK 77.7b11.1x11.2x3.3x
Thu, 28 Aug 2025NOK 859.3bNOK 261.6bNOK 77.7b11x11.1x3.3x
Sat, 26 Jul 2025NOK 849.0bNOK 257.8bNOK 76.2b11.5x11.1x3.3x
Mon, 23 Jun 2025NOK 842.2bNOK 241.8bNOK 76.1b11.5x11.1x3.5x
Wed, 21 May 2025NOK 843.5bNOK 242.0bNOK 76.1b10.8x11.1x3.5x
Fri, 18 Apr 2025NOK 788.5bNOK 287.7bNOK 74.7b10.9x10.6x2.7x
Sun, 16 Mar 2025NOK 813.9bNOK 227.1bNOK 75.7b9.8x10.8x3.6x
Tue, 11 Feb 2025NOK 739.2bNOK 295.6bNOK 77.8b10.7x9.5x2.5x
Thu, 09 Jan 2025NOK 694.3bNOK 294.7bNOK 73.2b10.2x9.5x2.4x
Sat, 07 Dec 2024NOK 683.8bNOK 296.0bNOK 74.1b9.6x9.2x2.3x
Mon, 04 Nov 2024NOK 688.4bNOK 294.2bNOK 76.0b9.5x9.1x2.3x
Wed, 02 Oct 2024NOK 638.0bNOK 277.1bNOK 69.0b9.2x9.2x2.3x
Fri, 30 Aug 2024NOK 656.3bNOK 277.1bNOK 69.1b9.3x9.5x2.4x
Sun, 28 Jul 2024NOK 648.7bNOK 275.3bNOK 68.5b9.3x9.5x2.4x
Tue, 25 Jun 2024NOK 638.2bNOK 271.5bNOK 65.3b9x9.8x2.4x
Thu, 23 May 2024NOK 628.6bNOK 270.6bNOK 65.1b9.1x9.7x2.3x
Sat, 20 Apr 2024NOK 619.0bNOK 249.2bNOK 65.3b9.3x9.5x2.5x
Mon, 18 Mar 2024NOK 621.4bNOK 249.3bNOK 65.6b9.2x9.5x2.5x
Wed, 14 Feb 2024NOK 606.2bNOK 264.1bNOK 65.8b9.3x9.2x2.3x
Fri, 12 Jan 2024NOK 628.7bNOK 296.9bNOK 64.9b9.5x9.7x2.1x
Sun, 10 Dec 2023NOK 616.8bNOK 297.0bNOK 64.9b9x9.5x2.1x
Tue, 07 Nov 2023NOK 590.0bNOK 295.8bNOK 65.7b9x9x2x
Thu, 05 Oct 2023NOK 607.3bNOK 287.1bNOK 62.2b9.4x9.8x2.1x
Sat, 02 Sep 2023NOK 608.3bNOK 286.6bNOK 62.1b9.1x9.8x2.1x
Mon, 31 Jul 2023NOK 603.7bNOK 284.0bNOK 61.0b10x9.9x2.1x
Wed, 28 Jun 2023NOK 578.5bNOK 220.5bNOK 58.5b9.7x9.9x2.6x
Fri, 26 May 2023NOK 569.3bNOK 220.4bNOK 58.6b9.6x9.7x2.6x
Sun, 23 Apr 2023NOK 590.9bNOK 175.4bNOK 54.3b10.7x10.9x3.4x
Tue, 21 Mar 2023NOK 568.4bNOK 174.8bNOK 53.9b10.3x10.5x3.3x
Thu, 16 Feb 2023NOK 588.4bNOK 173.6bNOK 53.0b11.6x11.1x3.4x
Price to Earnings Ratio

11.1x


Total Market Cap: NOK 588.4bTotal Earnings: NOK 53.0bTotal Revenue: NOK 173.6bTotal 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 12.3x 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 3.4x.
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 16% 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 Market2.94%
Financials2.24%
Banks2.90%
Insurance0.88%
Diversified Financial0.66%
Capital Markets0.37%
Mortgage Finance0%0
Consumer Finance-3.21%
Industry PE
  • Investors are most optimistic about the Diversified Financial industry which is trading above its 3-year average PE ratio of 14.8x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Finance industry, expecting annual earnings growth of 30% over the next 5 years.
  • However this is lower than its past earnings growth rate of 52% per year.
  • In contrast, the Banks industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
DNB DNB BankNOK 290.303.3%
+NOK 13.7b		20.8%PB1.4x
SB1NO SpareBank 1 Sør-NorgeNOK 201.502.5%
+NOK 1.8b		27.0%PB1.4x
GJF Gjensidige ForsikringNOK 281.001.3%
+NOK 1.8b		23.0%PE21.9x
STB StorebrandNOK 174.701.7%
+NOK 1.3b		28.8%PE15.3x
SBNOR Sparebanken NorgeNOK 198.242.4%
+NOK 821.1m		42.2%PB0.7x

Latest News

B2I
NOK 20.20
B2 Impact
7D
-3.8%
1Y
90.6%

Automation And ERC Tailwinds Will Support A Stronger Long Term Outlook

Catalysts About B2 Impact B2 Impact is a European debt collection and portfolio investment company focused on unsecured and secured non performing loan portfolios. What are the underlying business or industry changes driving this perspective?
DNB
NOK 290.30
DNB Bank
7D
3.3%
1Y
20.8%

DNB: Future Returns Will Reflect Cautious Pricing And Execution Risk

Analysts have nudged their fair value estimate for DNB Bank higher to NOK 289.27 from NOK 283.53, reflecting updated assumptions on discount rates, revenue growth, profit margin and future P/E, even though recent Street price targets have moved slightly lower. Analyst Commentary Recent Street research has become a bit more cautious on DNB Bank, with price targets adjusted slightly lower even as our fair value estimate has been nudged higher.
SBNOR
NOK 198.24
Sparebanken Norge
7D
2.4%
1Y
42.2%
PROT
NOK 523.00
Protector Forsikring
7D
-1.9%
1Y
67.4%

Protector Forsikring (OB:PROT) Will Pay A Larger Dividend Than Last Year At NOK6.00

Feb 02
Protector Forsikring (OB:PROT) Will Pay A Larger Dividend Than Last Year At NOK6.00
PARB
NOK 80.00
Pareto Bank
7D
-1.7%
1Y
5.0%
GJF
NOK 281.00
Gjensidige Forsikring
7D
1.3%
1Y
23.0%
SPOL
NOK 203.90
SpareBank 1 Østlandet
7D
2.6%
1Y
24.0%

SPOL: Higher Revenue Assumptions And Lower P/E Will Shape Balanced Outlook

Analysts have lifted their price target for SpareBank 1 Østlandet from NOK 193.33 to NOK 197.33, citing updated assumptions on revenue growth, profit margins and future P/E that refine their view of the bank’s earnings power and risk profile. Valuation Changes Fair Value Estimate: Raised slightly from NOK 193.33 to NOK 197.33 per share, reflecting the updated assessment of earnings power.
SB1NO
NOK 201.50
SpareBank 1 Sør-Norge
7D
2.5%
1Y
27.0%

SB1NO: Share Buyback Plan Will Support Stable Outlook At Current Pricing

Analysts have kept their price target for SpareBank 1 Sør-Norge steady at NOK 196.25, citing only very small tweaks to inputs like the discount rate, long term revenue growth, profit margin and future P/E assumptions as the basis for this unchanged view. What's in the News The Board of Directors of SpareBank 1 SR Bank ASA has authorized a share buyback plan on November 27, 2025, categorized as a buyback transaction announcement (Key Developments).
JAREN
NOK 346.00
Jæren Sparebank
7D
-2.8%
1Y
-3.6%
ACR
NOK 8.38
Axactor
7D
-1.4%
1Y
119.4%

ACR: Steady Fair Value With Slightly Stronger Margins And Earnings Multiple

Analysts have nudged their Axactor price targets higher, citing slightly stronger assumptions for revenue growth and profit margins, as well as a modestly lower forward P/E multiple that together support a small uplift in estimated fair value per share. Valuation Changes Fair Value: Modelled fair value per share is unchanged at NOK 8.93.
BIEN
NOK 144.00
Bien Sparebank
7D
-2.7%
1Y
8.3%
STB
NOK 174.70
Storebrand
7D
1.7%
1Y
28.8%

STB: Future Profit Margins And Leadership Changes Will Shape Outlook

Analysts have raised their price target for Storebrand from NOK 147.50 to NOK 157.75, citing stronger profit margins and a recent upgrade to Buy from Hold as key factors. Analyst Commentary Recent analyst updates reflect increasing confidence in Storebrand's earnings outlook and market positioning.
SOAG
NOK 445.00
SpareBank 1 Østfold Akershus
7D
-1.1%
1Y
1.6%
MING
NOK 200.00
SpareBank 1 SMN
7D
2.6%
1Y
10.5%
SB68
NOK 205.95
Sparebank 68° Nord
7D
-6.4%
1Y
20.4%
NONG
NOK 150.92
SpareBank 1 Nord-Norge
7D
2.1%
1Y
16.2%