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Norwegian (OSEAX) Industrials Sector Analysis

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies58
  • 7D-0.09%
  • 3M18.9%
  • 1Y36.5%
  • YTD25.4%

Over the last 7 days, the Industrials industry has remained flat, although notably Tomra Systems gained 8.5%. The past year has been better, since the industry has gained 37% in that time. Looking forward, earnings are forecast to grow by 10% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 12 Apr 2026NOK 849.1bNOK 419.3bNOK 40.7b17.2x20.9x2x
Tue, 10 Mar 2026NOK 828.5bNOK 414.5bNOK 38.7b16.5x21.4x2x
Thu, 05 Feb 2026NOK 743.8bNOK 437.6bNOK 42.1b17.2x17.7x1.7x
Sat, 03 Jan 2026NOK 672.9bNOK 443.8bNOK 43.7b17.5x15.4x1.5x
Mon, 01 Dec 2025NOK 637.8bNOK 445.3bNOK 45.0b15.6x14.2x1.4x
Wed, 29 Oct 2025NOK 669.0bNOK 439.2bNOK 43.5b14.4x15.4x1.5x
Fri, 26 Sep 2025NOK 712.4bNOK 440.6bNOK 43.3b14.9x16.5x1.6x
Sun, 24 Aug 2025NOK 695.7bNOK 437.7bNOK 42.1b16.6x16.5x1.6x
Tue, 22 Jul 2025NOK 701.0bNOK 445.0bNOK 44.5b14.8x15.8x1.6x
Thu, 19 Jun 2025NOK 743.6bNOK 430.6bNOK 38.1b15.1x19.5x1.7x
Sat, 17 May 2025NOK 675.5bNOK 431.0bNOK 36.8b13.9x18.3x1.6x
Mon, 14 Apr 2025NOK 622.0bNOK 429.7bNOK 38.0b12.2x16.4x1.4x
Wed, 12 Mar 2025NOK 650.7bNOK 434.0bNOK 41.1b12.5x15.8x1.5x
Fri, 07 Feb 2025NOK 641.0bNOK 443.0bNOK 42.2b10.8x15.2x1.4x
Sun, 05 Jan 2025NOK 644.4bNOK 445.2bNOK 43.3b12.1x14.9x1.4x
Tue, 03 Dec 2024NOK 665.3bNOK 441.7bNOK 42.6b11.5x15.6x1.5x
Thu, 31 Oct 2024NOK 638.8bNOK 436.6bNOK 40.6b12.9x15.8x1.5x
Sat, 28 Sep 2024NOK 635.7bNOK 423.6bNOK 37.9b12.5x16.8x1.5x
Mon, 26 Aug 2024NOK 639.8bNOK 427.5bNOK 38.2b12.1x16.7x1.5x
Wed, 24 Jul 2024NOK 667.9bNOK 436.5bNOK 37.4b11.2x17.9x1.5x
Fri, 21 Jun 2024NOK 604.4bNOK 420.8bNOK 34.3b11.3x17.6x1.4x
Sun, 19 May 2024NOK 623.7bNOK 420.4bNOK 35.2b11.9x17.7x1.5x
Tue, 16 Apr 2024NOK 589.3bNOK 420.3bNOK 34.6b13.2x17x1.4x
Thu, 14 Mar 2024NOK 564.1bNOK 409.6bNOK 23.4b12.6x24.1x1.4x
Sat, 10 Feb 2024NOK 549.7bNOK 408.4bNOK 23.5b10.5x23.4x1.3x
Mon, 08 Jan 2024NOK 547.8bNOK 429.8bNOK 22.2b11.4x24.7x1.3x
Wed, 06 Dec 2023NOK 517.8bNOK 431.7bNOK 27.0b10.4x19.2x1.2x
Fri, 03 Nov 2023NOK 498.1bNOK 434.8bNOK 24.4b10.7x20.4x1.1x
Sun, 01 Oct 2023NOK 502.9bNOK 422.0bNOK 21.3b11.6x23.6x1.2x
Tue, 29 Aug 2023NOK 525.3bNOK 421.0bNOK 21.6b12.6x24.4x1.2x
Thu, 27 Jul 2023NOK 551.8bNOK 408.2bNOK 16.8b15.2x32.8x1.4x
Sat, 24 Jun 2023NOK 566.8bNOK 428.4bNOK 39.8b15.9x14.3x1.3x
Mon, 22 May 2023NOK 566.0bNOK 423.3bNOK 40.5b14.2x14x1.3x
Wed, 19 Apr 2023NOK 570.3bNOK 410.4bNOK 40.2b14.2x14.2x1.4x
Price to Earnings Ratio

14.2x


Total Market Cap: NOK 570.3bTotal Earnings: NOK 40.2bTotal Revenue: NOK 410.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Industrials Sector Price to Earnings3Y Average 18.2x202420252026
Current Industry PE
  • Investors are optimistic on the Norwegian Industrials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 20.9x which is higher than its 3-year average PE of 18.2x.
  • The 3-year average PS ratio of 1.5x is lower than the industry's current PS ratio of 2.0x.
Past Earnings Growth
  • Both revenue and earnings for companies in the Industrials industry have remained mostly flat over the last three years.
  • This means that sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Industry Trends

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

NO Market-0.88%
Industrials-0.089%
Machinery5.25%
Construction4.29%
Airlines2.11%
Commercial Services1.89%
Electrical1.30%
Building1.19%
Industrials0.47%
Professional Services0.20%
Marine and Shipping0.14%
Logistics0%0
Transportation0%0
Infrastructure0%0
Aerospace & Defense-2.91%
Industry PE
  • Investors are most optimistic about the Aerospace & Defense industry which is trading above its 3-year average PE ratio of 44.7x.
    • Analysts are expecting annual earnings growth of 22.3%, which is lower than the prior year's growth of 59.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Commercial Services industry, expecting annual earnings growth of 94% over the next 5 years.
  • In contrast, the Marine and Shipping industry is expected to see its earnings decline by 20% 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
TOM Tomra SystemsNOK 126.308.5%
+NOK 2.9b		-14.2%PE35.9x
CADLR CadelerNOK 61.909.2%
+NOK 2.0b		17.3%PE7.6x
WAWI Wallenius WilhelmsenNOK 129.102.8%
+NOK 1.5b		80.7%PE5.6x
VEI VeidekkeNOK 197.004.1%
+NOK 1.1b		37.4%PE17.2x
AUTO AutoStore HoldingsNOK 10.152.8%
+NOK 924.8m		40.3%PE43.9x

Latest News

SNI
NOK 309.00
Stolt-Nielsen
7D
-7.1%
1Y
40.8%

Stolt-Nielsen Limited Just Missed Earnings - But Analysts Have Updated Their Models

Apr 12
Stolt-Nielsen Limited Just Missed Earnings - But Analysts Have Updated Their Models
CADLR
NOK 61.90
Cadeler
7D
9.2%
1Y
17.3%

CADLR: Mixed Broker Views And Taiwan Contracts Will Shape Future Earnings Profile

Analysts have trimmed their Cadeler price target to about NOK 67 from around NOK 68, reflecting slightly lower fair value and profit margin assumptions, partly offset by a modestly lower discount rate and a higher future P/E multiple, along with mixed recent broker ratings. Analyst Commentary Recent research on Cadeler shows a split view, with some bullish analysts turning more positive on the shares and bearish analysts taking a more cautious stance on upside from current levels.
WWI
NOK 751.00
Wilh. Wilhelmsen Holding
7D
2.5%
1Y
100.8%

WWI: Higher Future P/E Assumptions Will Drive More Optimistic Long-Term Potential

Analysts now see a higher fair value for Wilh. Wilhelmsen Holding at around NOK 969, up from about NOK 695.
KOG
NOK 406.60
Kongsberg Gruppen
7D
-2.9%
1Y
33.6%
WAWI
NOK 129.10
Wallenius Wilhelmsen
7D
2.8%
1Y
80.7%

WAWI: Rich Multiple Will Persist Despite New Auto Shipping Contracts

Analysts have nudged their price target for Wallenius Wilhelmsen higher, with fair value moving from NOK 108.56 to NOK 110.47, reflecting updated assumptions around the discount rate, revenue trends, profit margins and future P/E. What's in the News Renewed contract with a global automotive distributor, with an estimated net freight value of around US$190 million over a firm two year period, plus a one year mutual extension option and a fixed surcharge for multi fuel use (Client announcement).
AKER
NOK 1,062.00
Aker
7D
-0.4%
1Y
89.6%

We Think Aker's (OB:AKER) Profit Is Only A Baseline For What They Can Achieve

Apr 04
We Think Aker's (OB:AKER) Profit Is Only A Baseline For What They Can Achieve
KCC
NOK 92.60
Klaveness Combination Carriers
7D
-2.4%
1Y
57.8%

KCC: Dividend Capacity And New Time Charter Will Support Steady Outlook

Analysts have revised their price target on Klaveness Combination Carriers to NOK 97.87. The adjustment is linked to a slightly lower discount rate, a marginally different revenue growth outlook, and small shifts in profit margin and future P/E assumptions.
TOM
NOK 126.30
Tomra Systems
7D
8.5%
1Y
-14.2%

TOM: Higher Risk Assumptions Will Support Re Rating Potential

Analysts have adjusted their price target for Tomra Systems to NOK 193.78, down from NOK 198.37, citing updated assumptions that include a higher discount rate, a different profit margin outlook, a revised revenue growth view, and a higher future P/E multiple. Valuation Changes Fair Value: NOK 193.78, reduced slightly from NOK 198.37.
NORCO
NOK 41.40
Norconsult
7D
-0.7%
1Y
-4.1%
HAUTO
NOK 138.20
Höegh Autoliners
7D
-1.7%
1Y
84.4%

HAUTO: Future Returns Will Balance Lower Margins With Higher Earnings Multiple

Analysts have lifted their price target on Höegh Autoliners to NOK 130 from about NOK 100, reflecting updated views on the company’s fair value, discount rate, revenue trajectory, profit margins and future P/E. Analyst Commentary Recent research points to a clear shift in tone around Höegh Autoliners, with bullish analysts now framing NOK 130 as a fair reflection of the company’s risk and reward profile rather than a stretch target.
NEL
NOK 2.10
Nel
7D
-1.9%
1Y
-10.3%

NEL: Lowered P/E Assumptions Will Restrain Future Share Returns

Analysts have trimmed their average price target for Nel to NOK 2.40, a NOK 0.30 reduction, citing refreshed assumptions around discount rates, revenue growth and future P/E expectations. Analyst Commentary Recent price target revisions suggest a more cautious tone around Nel, with bearish analysts flagging risks tied to valuation assumptions, execution, and future earnings power.
2020
NOK 132.00
2020 Bulkers
7D
-6.0%
1Y
25.7%
AUTO
NOK 10.15
AutoStore Holdings
7D
2.8%
1Y
40.3%
AFG
NOK 177.80
AF Gruppen
7D
2.5%
1Y
32.3%
VEI
NOK 197.00
Veidekke
7D
4.1%
1Y
37.4%
AFK
NOK 171.50
Arendals Fossekompani
7D
6.2%
1Y
38.3%