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Norwegian (OSEAX) Industrials Sector Analysis

UpdatedJul 12, 2026
DataAggregated Company Financials
Companies59
  • 7D-4.2%
  • 3M-10.0%
  • 1Y8.5%
  • YTD10.0%

Over the last 7 days, the Industrials industry has dropped 4.2%, driven by a pullback from Kongsberg Gruppen of 8.7%. On the other hand Stolt-Nielsen is actually up 9.9%. In the past year, the industry has gained 8.5%. As for the next few years, earnings are expected to grow by 10% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 12 Jul 2026NOK 809.7bNOK 454.5bNOK 47.4b16.2x17.1x1.8x
Tue, 09 Jun 2026NOK 820.4bNOK 421.3bNOK 44.1b14.6x18.6x1.9x
Thu, 07 May 2026NOK 826.4bNOK 416.6bNOK 42.1b14.4x19.6x2x
Sat, 04 Apr 2026NOK 850.4bNOK 423.1bNOK 42.5b16.8x20x2x
Mon, 02 Mar 2026NOK 818.6bNOK 413.5bNOK 38.0b16.5x21.5x2x
Wed, 28 Jan 2026NOK 739.7bNOK 437.0bNOK 42.2b17.6x17.5x1.7x
Fri, 26 Dec 2025NOK 655.5bNOK 443.1bNOK 43.5b16.8x15.1x1.5x
Sun, 23 Nov 2025NOK 612.8bNOK 447.8bNOK 45.5b15.4x13.5x1.4x
Tue, 21 Oct 2025NOK 660.9bNOK 440.3bNOK 42.9b13.9x15.4x1.5x
Thu, 18 Sep 2025NOK 701.3bNOK 436.9bNOK 42.5b14.9x16.5x1.6x
Sat, 16 Aug 2025NOK 687.7bNOK 440.6bNOK 43.9b15.9x15.7x1.6x
Mon, 14 Jul 2025NOK 714.4bNOK 434.8bNOK 39.5b15.4x18.1x1.6x
Wed, 11 Jun 2025NOK 719.6bNOK 432.7bNOK 38.6b15.6x18.7x1.7x
Fri, 09 May 2025NOK 672.9bNOK 425.7bNOK 36.3b12.4x18.5x1.6x
Sun, 06 Apr 2025NOK 595.5bNOK 430.6bNOK 38.3b12.3x15.6x1.4x
Tue, 04 Mar 2025NOK 675.8bNOK 445.8bNOK 43.5b12.2x15.5x1.5x
Thu, 30 Jan 2025NOK 660.8bNOK 444.1bNOK 42.5b11x15.6x1.5x
Sat, 28 Dec 2024NOK 649.7bNOK 445.5bNOK 43.4b11.3x15x1.5x
Mon, 25 Nov 2024NOK 661.0bNOK 439.9bNOK 41.9b11.8x15.8x1.5x
Wed, 23 Oct 2024NOK 641.6bNOK 430.5bNOK 39.5b13x16.3x1.5x
Fri, 20 Sep 2024NOK 640.0bNOK 423.4bNOK 38.1b12.9x16.8x1.5x
Sun, 18 Aug 2024NOK 640.1bNOK 429.7bNOK 38.7b11.9x16.6x1.5x
Tue, 16 Jul 2024NOK 645.1bNOK 429.3bNOK 36.2b11.4x17.8x1.5x
Thu, 13 Jun 2024NOK 612.5bNOK 421.6bNOK 34.4b11.5x17.8x1.5x
Sat, 11 May 2024NOK 619.3bNOK 422.9bNOK 35.8b12.5x17.3x1.5x
Mon, 08 Apr 2024NOK 588.9bNOK 415.1bNOK 33.5b12.7x17.6x1.4x
Wed, 06 Mar 2024NOK 558.9bNOK 410.9bNOK 23.7b12.6x23.6x1.4x
Fri, 02 Feb 2024NOK 566.8bNOK 432.5bNOK 21.9b11.1x25.9x1.3x
Sun, 31 Dec 2023NOK 550.2bNOK 418.1bNOK 21.3b10.8x25.9x1.3x
Tue, 28 Nov 2023NOK 514.8bNOK 427.6bNOK 26.4b10.5x19.5x1.2x
Thu, 26 Oct 2023NOK 484.7bNOK 429.8bNOK 22.6b10.9x21.5x1.1x
Sat, 23 Sep 2023NOK 515.2bNOK 422.3bNOK 21.4b11.8x24x1.2x
Mon, 21 Aug 2023NOK 530.9bNOK 417.7bNOK 21.3b11.1x24.9x1.3x
Wed, 19 Jul 2023NOK 547.6bNOK 419.5bNOK 33.9b14.1x16.1x1.3x
Price to Earnings Ratio

16.1x


Total Market Cap: NOK 547.6bTotal Earnings: NOK 33.9bTotal Revenue: NOK 419.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Industrials Sector Price to Earnings3Y Average 18.6x202420252026
Current Industry PE
  • Investors are relatively neutral on the Norwegian Industrials industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 18.6x.
  • The 3-year average PS ratio of 1.5x is lower than the industry's current PS ratio of 1.8x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 12% per year over the last three years.
  • Revenues for these companies have grown 2.7% 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 Industrials sector?

NO Market-0.27%
Industrials-4.16%
Marine and Shipping1.12%
Building0.94%
Professional Services0%0
Logistics0%0
Transportation0%0
Infrastructure0%0
Industrials-0.33%
Construction-1.70%
Machinery-5.41%
Airlines-6.29%
Electrical-6.34%
Commercial Services-7.61%
Aerospace & Defense-8.68%
Industry PE
  • Investors are most optimistic about the Aerospace & Defense industry which is trading above its 3-year average PE ratio of 47.5x.
    • Analysts are expecting annual earnings growth of 24.7%, which is lower than the prior year's growth of 136.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Commercial Services industry, expecting annual earnings growth of 92% over the next 5 years.
  • In contrast, the Marine and Shipping industry is expected to see its earnings decline by 17% 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
SNI Stolt-NielsenNOK 323.009.9%
+NOK 1.5b		8.9%PE7.9x
ODF OdfjellNOK 112.207.5%
+NOK 617.6m		-6.3%PE5.9x
HAUTO Höegh AutolinersNOK 152.001.3%
+NOK 362.5m		55.9%PE6.4x
SNTIA SentiaNOK 81.703.3%
+NOK 260.0m		23.2%PE13.4x
HEX Hexagon CompositesNOK 9.228.0%
+NOK 219.4m		-47.9%PS1.1x

Latest News

SNI
NOK 323.00
Stolt-Nielsen
7D
9.9%
1Y
8.9%
Narrative Update • Jul 10

SNI: Dividend Strength And Record Terminals Performance Will Support Future Rebound

Analysts have lifted their price target for Stolt-Nielsen to about NOK 391 from roughly NOK 357, citing updated assumptions around fair value and future P/E multiples after recent research turned more positive on the stock. What’s in the News for Stolt-Nielsen Stolt-Nielsen reported unaudited Q2 2026 net profit of US$51.7 million and first half 2026 net profit of US$99.2 million on quarterly revenue of US$750.3 million.
VEI
NOK 189.20
Veidekke
7D
-2.3%
1Y
13.3%
KCC
NOK 92.20
Klaveness Combination Carriers
7D
1.3%
1Y
31.5%
Narrative Update • Jul 07

KCC: Higher Fair Value And Future P/E Will Support Steady Outlook

Analysts have revised their price target for Klaveness Combination Carriers from NOK 97.87 to NOK 120.96. They cite adjustments to fair value assumptions, a higher discount rate, lower projected revenue growth, a reduced profit margin outlook, and a higher future P/E multiple in their updated models.
HEX
NOK 9.22
Hexagon Composites
7D
8.0%
1Y
-47.9%
KOG
NOK 299.50
Kongsberg Gruppen
7D
-8.7%
1Y
-9.0%
MORLD
NOK 19.24
Moreld
7D
2.3%
1Y
7.8%
HAUTO
NOK 152.00
Höegh Autoliners
7D
1.3%
1Y
55.9%
Narrative Update • Jul 01

HAUTO: Dividend Reset And Earnings Quality Will Shape Balanced Return Potential

Analysts have lifted their price target for Höegh Autoliners from NOK 125.56 to NOK 133.43, citing tweaks to their models that include a lower discount rate, slightly less revenue decline assumed, stronger profit margins, and a reduced future P/E multiple. What's in the News Höegh Autoliners ASA announced a dividend distribution totaling US$94 million, with a dividend of US$0.4927 per share.
CADLR
NOK 55.00
Cadeler
7D
-4.4%
1Y
6.9%
Narrative Update • Jun 30

CADLR: Fleet Expansion And Higher P E Assumptions Will Shape Future Returns

Analysts have raised their price target on Cadeler to NOK 52.86 from NOK 45.07, citing revised assumptions for fair value, discount rate, revenue growth, profit margin and future P/E to reflect their latest assessment of the company. Analyst Commentary Analysts covering Cadeler are signalling that the new price target of NOK 52.86 reflects updated views on valuation, growth assumptions and execution risks.
NAS
NOK 13.71
Norwegian Air Shuttle
7D
-6.3%
1Y
-21.1%
KMAR
NOK 51.16
Kongsberg Maritime
7D
-8.5%
1Y
n/a
ODF
NOK 112.20
Odfjell
7D
7.5%
1Y
-6.3%
Narrative Update • Jun 25

ODF: Higher Required Returns Will Likely Limit Upside Despite Fleet Renewal

Analysts have raised their Odfjell price target to NOK 130, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E following recent research. What’s in the News for Odfjell Odfjell SE has scheduled an Analyst and Investor Day, giving the market an opportunity to hear directly from management about the company and its plans.
TOM
NOK 95.70
Tomra Systems
7D
-3.3%
1Y
-42.1%
Narrative Update • Jun 17

TOM: Higher Discount Rate And Lower Future P/E Will Pressure Outlook

Analysts have lowered their price target for Tomra Systems to NOK 85.51 from NOK 108.41, citing updates to fair value assumptions, a slightly higher discount rate, more moderate revenue growth expectations, a modestly higher profit margin, and a reduced future P/E multiple. What’s in the News for Tomra Systems Tomra Systems received a letter of intent to supply about 2,700 reverse vending machines to a retail chain in the UK on a sales and service basis.
NORCO
NOK 36.80
Norconsult
7D
-4.0%
1Y
-19.5%
Narrative Update • Jun 15

NORCO: Planned 2026 Cash Dividend Will Support Future Share Price Upside

Analysts have kept Norconsult's price target steady at around NOK 45.33, with small tweaks to the discount rate, revenue growth, profit margin assumptions, and future P/E expectations informing this unchanged view. What's in the News The Board of Directors of Norconsult ASA plans to propose a cash dividend of NOK 1.80 per share for the financial year at the Annual General Meeting on 4 May 2026.
NKR
NOK 14.80
Nekkar
7D
4.6%
1Y
45.1%
New Narrative • Jun 07

Offshore Automation And Maritime Services Will Shape A Stable Yet Capped Future Outlook

Catalysts About Nekkar Nekkar is an industrial group that builds and owns ocean focused technology companies serving defense, maritime, offshore and aquaculture markets. What are the underlying business or industry changes driving this perspective?
SNTIA
NOK 81.70
Sentia
7D
3.3%
1Y
23.2%
AUTO
NOK 11.41
AutoStore Holdings
7D
-6.2%
1Y
72.6%