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Norwegian (OSEAX) Industrials Sector Analysis

UpdatedFeb 25, 2026
DataAggregated Company Financials
Companies57
  • 7D2.6%
  • 3M31.5%
  • 1Y28.7%
  • YTD21.2%

In the last week, the Industrials industry is up 3.5%, with Kongsberg Gruppen up 3.0%. This takes the industry's 12 month performance to a gain of 29%. As for the next few years, earnings are expected to grow by 13% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Feb 2026NOK 816.0bNOK 412.7bNOK 39.5b17x20.6x2x
Fri, 23 Jan 2026NOK 725.4bNOK 440.8bNOK 43.0b16.5x16.9x1.6x
Sun, 21 Dec 2025NOK 648.9bNOK 445.2bNOK 44.0b16.3x14.8x1.5x
Tue, 18 Nov 2025NOK 633.8bNOK 444.3bNOK 44.5b15.6x14.2x1.4x
Thu, 16 Oct 2025NOK 671.4bNOK 441.2bNOK 43.1b13.9x15.6x1.5x
Sat, 13 Sep 2025NOK 698.1bNOK 437.0bNOK 42.6b14.7x16.4x1.6x
Mon, 11 Aug 2025NOK 685.1bNOK 441.6bNOK 42.2b16.1x16.2x1.6x
Wed, 09 Jul 2025NOK 738.4bNOK 431.9bNOK 38.1b15.3x19.4x1.7x
Fri, 06 Jun 2025NOK 723.2bNOK 432.2bNOK 38.5b15.3x18.8x1.7x
Sun, 04 May 2025NOK 673.9bNOK 425.9bNOK 36.7b12.6x18.4x1.6x
Tue, 01 Apr 2025NOK 644.4bNOK 432.4bNOK 41.1b12.8x15.7x1.5x
Thu, 27 Feb 2025NOK 649.4bNOK 444.7bNOK 43.1b12.4x15.1x1.5x
Sat, 25 Jan 2025NOK 656.3bNOK 442.1bNOK 42.1b11.2x15.6x1.5x
Mon, 23 Dec 2024NOK 634.9bNOK 445.0bNOK 43.2b11.6x14.7x1.4x
Wed, 20 Nov 2024NOK 650.9bNOK 438.2bNOK 41.6b11.7x15.6x1.5x
Fri, 18 Oct 2024NOK 644.9bNOK 430.8bNOK 39.5b12.7x16.3x1.5x
Sun, 15 Sep 2024NOK 636.6bNOK 426.2bNOK 38.6b13x16.5x1.5x
Tue, 13 Aug 2024NOK 633.1bNOK 430.6bNOK 35.6b11.2x17.8x1.5x
Thu, 11 Jul 2024NOK 626.5bNOK 422.0bNOK 34.4b11.7x18.2x1.5x
Sat, 08 Jun 2024NOK 627.2bNOK 423.6bNOK 34.8b11.5x18x1.5x
Mon, 06 May 2024NOK 600.2bNOK 423.1bNOK 34.9b13x17.2x1.4x
Wed, 03 Apr 2024NOK 587.5bNOK 417.0bNOK 33.8b12.8x17.4x1.4x
Fri, 01 Mar 2024NOK 556.6bNOK 411.2bNOK 23.7b12.6x23.5x1.4x
Sun, 28 Jan 2024NOK 567.5bNOK 432.5bNOK 21.8b11x26.1x1.3x
Tue, 26 Dec 2023NOK 543.9bNOK 419.8bNOK 23.1b11.3x23.5x1.3x
Thu, 23 Nov 2023NOK 513.6bNOK 430.1bNOK 25.9b10.9x19.9x1.2x
Sat, 21 Oct 2023NOK 485.9bNOK 427.2bNOK 22.3b11.3x21.7x1.1x
Mon, 18 Sep 2023NOK 527.5bNOK 423.2bNOK 21.6b12x24.5x1.2x
Wed, 16 Aug 2023NOK 544.0bNOK 414.6bNOK 17.8b14.2x30.5x1.3x
Fri, 14 Jul 2023NOK 550.2bNOK 413.0bNOK 33.6b14.4x16.4x1.3x
Sun, 11 Jun 2023NOK 562.3bNOK 424.7bNOK 39.2b16x14.4x1.3x
Tue, 09 May 2023NOK 558.5bNOK 414.0bNOK 40.0b14.6x14x1.3x
Thu, 06 Apr 2023NOK 554.6bNOK 407.2bNOK 41.7b13.9x13.3x1.4x
Sat, 04 Mar 2023NOK 585.8bNOK 406.9bNOK 46.3b13.4x12.7x1.4x
Price to Earnings Ratio

12.7x


Total Market Cap: NOK 585.8bTotal Earnings: NOK 46.3bTotal Revenue: NOK 406.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Industrials Sector Price to Earnings3Y Average 17.9x202420252026
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 20.7x which is higher than its 3-year average PE of 17.9x.
  • The 3-year average PS ratio of 1.4x is lower than the industry's current PS ratio of 2.0x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have declined 5.1% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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

NO Market2.98%
Industrials2.63%
Electrical9.96%
Commercial Services7.78%
Marine and Shipping5.74%
Building5.52%
Aerospace & Defense2.98%
Professional Services2.36%
Construction1.29%
Industrials0.41%
Machinery0.26%
Logistics0%0
Transportation0%0
Infrastructure0%0
Airlines-4.37%
Industry PE
  • Investors are most optimistic about the Aerospace & Defense industry which is trading above its 3-year average PE ratio of 42.1x.
    • Analysts are expecting annual earnings growth of 22.9%, which is higher than its past year's earnings decline of 18.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Commercial Services industry, expecting annual earnings growth of 88% over the next 5 years.
  • In contrast, the Marine and Shipping industry is expected to see its earnings decline by 19% 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
HAUTO Höegh AutolinersNOK 125.706.5%
+NOK 1.5b		62.2%PE4.6x
MPCC MPC Container ShipsNOK 22.3513.4%
+NOK 1.2b		23.7%PE4.4x
WWI Wilh. Wilhelmsen HoldingNOK 770.002.4%
+NOK 755.2m		91.5%PE5.2x
SNI Stolt-NielsenNOK 324.003.3%
+NOK 557.8m		20.0%PE5.1x
HSHP Himalaya ShippingNOK 132.408.0%
+NOK 457.2m		109.5%PE36.3x

Latest News

MPCC
NOK 22.35
MPC Container Ships
7D
13.4%
1Y
23.7%
WWI
NOK 770.00
Wilh. Wilhelmsen Holding
7D
2.4%
1Y
91.5%

WWI: Higher Future P/E And Dividend Flexibility Will Support Upside Potential

The analyst price target for Wilh. Wilhelmsen Holding has been revised from NOK 717 to NOK 1,102.
WAWI
NOK 128.20
Wallenius Wilhelmsen
7D
0.5%
1Y
44.7%

WAWI: Softer Revenue And Margin Outlook Will Likely Pressure Shares

Analysts have trimmed their price target for Wallenius Wilhelmsen to NOK83.43 from NOK84.24. This reflects updated assumptions for slightly softer revenue trends, a small reduction in expected profit margins, a modestly higher discount rate, and a higher future P/E of 13.10x.
BONHR
NOK 265.00
Bonheur
7D
-2.2%
1Y
10.2%

BONHR: Higher Future P/E Will Support Strong Upside Potential

Analysts have kept their NOK 330.00 price target for Bonheur unchanged, citing only modest adjustments in discount rate, revenue growth, profit margin and future P/E assumptions that offset each other in their valuation work. Valuation Changes Fair Value: NOK 330.00 remains unchanged, with the updated assumptions offsetting each other in the model.
AUTO
NOK 11.40
AutoStore Holdings
7D
-1.7%
1Y
0.7%
HSHP
NOK 132.40
Himalaya Shipping
7D
8.0%
1Y
109.5%
NORCO
NOK 39.20
Norconsult
7D
-2.1%
1Y
-7.5%
TOM
NOK 114.10
Tomra Systems
7D
-5.5%
1Y
-32.9%

TOM: Higher Future P E Multiple Will Support Further Upside Ahead

Analysts have slightly lowered their price target on Tomra Systems to NOK 150.25 from NOK 150.96, citing updated assumptions for revenue growth, profit margins, and a higher expected future P/E multiple. Valuation Changes Fair Value: NOK 150.25, down slightly from NOK 150.96, reflecting modestly updated model inputs.
NTI
NOK 0.80
Norsk Titanium
7D
-33.1%
1Y
-66.2%

NTI: Higher Margin Assumptions Will Sustain Cautious View Of Overvaluation

Analysts have adjusted their price target on Norsk Titanium to reflect updated views on fair value, a slightly higher discount rate, a broadly similar assumption of very large revenue growth, a higher profit margin estimate of 12.81%, and a revised future P/E of 6.56x for the stock in NOK terms. Valuation Changes Fair Value: NOK 1.00 target is unchanged, indicating a stable view of fair value in NOK terms.
KOG
NOK 383.95
Kongsberg Gruppen
7D
-3.2%
1Y
40.4%

KOG: Downgrade And Thin Execution Cushion Will Pressure Future Upside

Analysts now set their fair value estimate for Kongsberg Gruppen at NOK 290, up from NOK 250, reflecting updated views on revenue growth, profit margins and a lower future P/E multiple following recent Street research, including the Kepler Cheuvreux downgrade. Analyst Commentary Bearish analysts are using the recent downgrade to flag that the current NOK 290 fair value estimate already bakes in a lot of optimism on revenue growth and margins, while also assuming a lower future P/E multiple.
ODF
NOK 123.40
Odfjell
7D
4.2%
1Y
22.7%
AKER
NOK 912.00
Aker
7D
-2.3%
1Y
46.9%
NAS
NOK 16.77
Norwegian Air Shuttle
7D
-3.8%
1Y
45.7%

Q4 2025 Performance &

1. Operating Result (EBIT) • Norwegian reported an operating profit (EBIT) of NOK 21 million in Q4 2025, a turnaround from a loss in the same quarter last year and consistent with internal improvement.
VEI
NOK 193.20
Veidekke
7D
1.4%
1Y
34.2%
HAUTO
NOK 125.70
Höegh Autoliners
7D
6.5%
1Y
62.2%

HAUTO: Rich P E And Softer Revenue Outlook Will Limit Future Upside

Analysts have increased their price target for Höegh Autoliners to NOK 83.35, reflecting revised assumptions that include a slightly higher discount rate, a milder projected revenue decline, a stronger profit margin and a lower future P/E multiple. Valuation Changes Fair Value: NOK 83.35, unchanged between the prior and updated assessment.
SNI
NOK 324.00
Stolt-Nielsen
7D
3.3%
1Y
20.0%

SNI: Lower Growth Assumptions And Downgrades Will Pressure Long Term Return Potential

Analysts have cut their NOK price target for Stolt-Nielsen from about NOK 370 to roughly NOK 277, reflecting more cautious assumptions on revenue growth. This is offset by expectations for stronger profit margins and a lower future P/E multiple, following several recent downgrades.