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Norwegian (OSEAX) Financials Sector Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies48
  • 7D2.0%
  • 3M6.1%
  • 1Y33.4%
  • YTD31.2%

The Financials industry is up 2.6% in the last week, with DNB Bank up 2.4%. In the same time, Saga Pure was down 5.2%. This takes the industry's 12 month performance to a gain of 33%. As for the next few years, earnings are expected to grow by 3.8% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Dec 2025NOK 928.7bNOK 270.9bNOK 76.3b11.8x12.2x3.4x
Sat, 22 Nov 2025NOK 846.8bNOK 271.0bNOK 76.8b10.4x11x3.1x
Mon, 20 Oct 2025NOK 859.2bNOK 261.7bNOK 77.7b10.9x11.1x3.3x
Wed, 17 Sep 2025NOK 862.3bNOK 261.5bNOK 77.7b11x11.1x3.3x
Fri, 15 Aug 2025NOK 799.6bNOK 261.0bNOK 77.4b10.6x10.3x3.1x
Sun, 13 Jul 2025NOK 849.5bNOK 260.3bNOK 76.2b11.5x11.2x3.3x
Tue, 10 Jun 2025NOK 845.5bNOK 241.7bNOK 76.1b11.4x11.1x3.5x
Thu, 08 May 2025NOK 821.9bNOK 286.3bNOK 74.9b11.1x11x2.9x
Sat, 05 Apr 2025NOK 757.0bNOK 287.6bNOK 75.2b10.1x10.1x2.6x
Mon, 03 Mar 2025NOK 784.1bNOK 227.0bNOK 78.4b9.8x10x3.5x
Wed, 29 Jan 2025NOK 738.0bNOK 293.2bNOK 73.4b10.4x10.1x2.5x
Fri, 27 Dec 2024NOK 682.5bNOK 296.3bNOK 74.1b10x9.2x2.3x
Sun, 24 Nov 2024NOK 683.9bNOK 295.8bNOK 74.6b8.8x9.2x2.3x
Tue, 22 Oct 2024NOK 664.7bNOK 274.1bNOK 68.2b9.5x9.7x2.4x
Thu, 19 Sep 2024NOK 644.9bNOK 276.7bNOK 68.9b9.4x9.4x2.3x
Sat, 17 Aug 2024NOK 652.4bNOK 276.8bNOK 69.8b9.2x9.3x2.4x
Mon, 15 Jul 2024NOK 650.9bNOK 273.7bNOK 68.1b9.1x9.6x2.4x
Wed, 12 Jun 2024NOK 624.7bNOK 271.4bNOK 65.3b8.9x9.6x2.3x
Fri, 10 May 2024NOK 631.6bNOK 269.3bNOK 64.9b9.4x9.7x2.3x
Sun, 07 Apr 2024NOK 627.6bNOK 249.2bNOK 65.3b9.3x9.6x2.5x
Tue, 05 Mar 2024NOK 622.8bNOK 264.3bNOK 65.9b8.9x9.5x2.4x
Thu, 01 Feb 2024NOK 609.0bNOK 296.8bNOK 63.6b9.5x9.6x2.1x
Sat, 30 Dec 2023NOK 633.3bNOK 296.9bNOK 64.9b9.4x9.8x2.1x
Mon, 27 Nov 2023NOK 609.5bNOK 297.0bNOK 64.9b9x9.4x2.1x
Wed, 25 Oct 2023NOK 593.3bNOK 292.5bNOK 64.4b9.5x9.2x2x
Fri, 22 Sep 2023NOK 620.0bNOK 287.0bNOK 62.2b9.7x10x2.2x
Sun, 20 Aug 2023NOK 601.5bNOK 286.4bNOK 62.9b9x9.6x2.1x
Tue, 18 Jul 2023NOK 583.2bNOK 282.8bNOK 60.3b9.8x9.7x2.1x
Thu, 15 Jun 2023NOK 581.0bNOK 220.3bNOK 58.5b9.8x9.9x2.6x
Sat, 13 May 2023NOK 566.5bNOK 184.5bNOK 58.4b10.2x9.7x3.1x
Mon, 10 Apr 2023NOK 570.4bNOK 174.7bNOK 53.7b10.4x10.6x3.3x
Wed, 08 Mar 2023NOK 613.0bNOK 174.7bNOK 53.9b10.8x11.4x3.5x
Fri, 03 Feb 2023NOK 575.4bNOK 175.6bNOK 48.8b10.9x11.8x3.3x
Sun, 01 Jan 2023NOK 589.9bNOK 175.7bNOK 49.9b11.3x11.8x3.4x
Price to Earnings Ratio

11.8x


Total Market Cap: NOK 589.9bTotal Earnings: NOK 49.9bTotal Revenue: NOK 175.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Financials Sector Price to Earnings3Y Average 10.2x202320242025
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 12.2x 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 15% 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 Market1.08%
Financials2.01%
Consumer Finance2.78%
Banks2.41%
Insurance1.09%
Capital Markets0.83%
Mortgage Finance0%0
Diversified Financial-5.20%
Industry PE
  • Investors are most optimistic about the Diversified Financial industry which is trading above its 3-year average PE ratio of 10.5x.
    • 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 29% 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 282.402.4%
+NOK 9.7b		25.2%PB1.5x
SB1NO SpareBank 1 Sør-NorgeNOK 196.402.4%
+NOK 1.7b		36.8%PB1.4x
GJF Gjensidige ForsikringNOK 298.800.9%
+NOK 1.4b		48.7%PE24.2x
MING SpareBank 1 SMNNOK 204.453.6%
+NOK 1.0b		21.4%PB1x
SBNOR Sparebanken NorgeNOK 194.003.0%
+NOK 949.5m		39.6%PB0.6x

Latest News

DNB
NOK 282.40
DNB Bank
7D
2.4%
1Y
25.2%

DNB: Future Returns Will Balance Profitability Strength Against Macro And Execution Risks

Analysts have nudged their price target on DNB Bank slightly higher to NOK 275.60 from about NOK 274.93, citing modestly stronger profit margin expectations despite mixed recent target revisions across the Street. Analyst Commentary Recent Street updates on DNB Bank present a mixed but generally constructive picture, with price targets adjusting in a relatively tight range and reflecting differing views on execution and earnings momentum.
NBX
NOK 0.37
Norwegian Block Exchange
7D
-17.0%
1Y
-1.3%
SAGA
NOK 1.55
Saga Pure
7D
-5.2%
1Y
24.0%
SBNOR
NOK 194.00
Sparebanken Norge
7D
3.0%
1Y
39.6%
AASB
NOK 136.44
Aasen Sparebank
7D
-1.5%
1Y
9.7%
GJF
NOK 298.80
Gjensidige Forsikring
7D
0.9%
1Y
48.7%

GJF: Higher Pricing And IT Setback Will Shape Future Returns

Analysts have raised their price target for Gjensidige Forsikring by about NOK 4 per share, reflecting improved expectations for revenue growth and profit margins as the company benefits from rising Norwegian insurance prices. Analyst Commentary Bullish analysts view the recent upgrade in rating and substantial increase in the price target as evidence that the market had been underestimating Gjensidige Forsikring's earnings power in a higher pricing environment.
STB
NOK 171.80
Storebrand
7D
0.9%
1Y
43.0%

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.
PROT
NOK 525.00
Protector Forsikring
7D
1.9%
1Y
83.6%
HSPG
NOK 163.50
Høland og Setskog Sparebank
7D
-2.0%
1Y
24.3%
SOAG
NOK 457.00
SpareBank 1 Østfold Akershus
7D
-0.2%
1Y
21.9%
MING
NOK 204.45
SpareBank 1 SMN
7D
3.6%
1Y
21.4%
SB68
NOK 192.04
Sparebank 68° Nord
7D
-1.5%
1Y
13.3%
GRONG
NOK 167.50
Grong Sparebank
7D
-0.8%
1Y
11.7%
SB1NO
NOK 196.40
SpareBank 1 Sør-Norge
7D
2.4%
1Y
36.8%

SpareBank 1 Sør-Norge ASA Beat Analyst Estimates: See What The Consensus Is Forecasting For Next Year

Nov 03
SpareBank 1 Sør-Norge ASA Beat Analyst Estimates: See What The Consensus Is Forecasting For Next Year
SPOL
NOK 202.15
SpareBank 1 Østlandet
7D
2.9%
1Y
30.6%
ACED
NOK 0.43
Ace Digital
7D
-18.4%
1Y
n/a