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Norwegian (OSEAX) Industrials Sector Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies57
  • 7D4.7%
  • 3M4.8%
  • 1Y11.5%
  • YTD4.7%

The Industrials industry is up 4.7% in the last week, with Kongsberg Gruppen up 11%. Meanwhile, Norwegian Air Shuttle actually underperformed within the industry, shrinking 8.4% in the last week. In the last 12 months, the industry was up 11%. 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, 11 Jan 2026NOK 704.9bNOK 444.4bNOK 43.8b17.1x16.1x1.6x
Tue, 09 Dec 2025NOK 652.7bNOK 445.5bNOK 43.9b16.2x14.9x1.5x
Thu, 06 Nov 2025NOK 627.9bNOK 443.9bNOK 43.4b13.5x14.5x1.4x
Sat, 04 Oct 2025NOK 723.7bNOK 438.7bNOK 42.6b14.2x17x1.6x
Mon, 01 Sep 2025NOK 693.2bNOK 440.2bNOK 43.6b14.6x15.9x1.6x
Wed, 30 Jul 2025NOK 700.4bNOK 445.4bNOK 44.6b15.5x15.7x1.6x
Fri, 27 Jun 2025NOK 731.8bNOK 432.7bNOK 38.5b15.5x19x1.7x
Sun, 25 May 2025NOK 683.6bNOK 426.8bNOK 35.6b15.5x19.2x1.6x
Tue, 22 Apr 2025NOK 645.4bNOK 427.4bNOK 37.2b12.4x17.4x1.5x
Thu, 20 Mar 2025NOK 692.5bNOK 432.6bNOK 40.6b12.3x17x1.6x
Sat, 15 Feb 2025NOK 628.9bNOK 441.0bNOK 42.0b11.7x15x1.4x
Mon, 13 Jan 2025NOK 642.7bNOK 446.8bNOK 42.9b12x15x1.4x
Wed, 11 Dec 2024NOK 651.5bNOK 442.3bNOK 42.8b12x15.2x1.5x
Fri, 08 Nov 2024NOK 627.1bNOK 435.1bNOK 40.0b12.6x15.7x1.4x
Sun, 06 Oct 2024NOK 641.0bNOK 426.2bNOK 38.5b12.7x16.6x1.5x
Tue, 03 Sep 2024NOK 633.6bNOK 424.7bNOK 38.4b13.1x16.5x1.5x
Thu, 01 Aug 2024NOK 665.4bNOK 434.5bNOK 37.1b11.4x17.9x1.5x
Sat, 29 Jun 2024NOK 610.2bNOK 422.9bNOK 34.8b11.6x17.5x1.4x
Mon, 27 May 2024NOK 623.3bNOK 419.6bNOK 35.0b11.7x17.8x1.5x
Wed, 24 Apr 2024NOK 587.9bNOK 421.7bNOK 34.6b12.6x17x1.4x
Fri, 22 Mar 2024NOK 566.7bNOK 412.9bNOK 26.1b12.6x21.7x1.4x
Sun, 18 Feb 2024NOK 557.9bNOK 409.6bNOK 23.4b12.5x23.9x1.4x
Tue, 16 Jan 2024NOK 564.4bNOK 430.7bNOK 22.3b11.2x25.3x1.3x
Thu, 14 Dec 2023NOK 514.9bNOK 431.6bNOK 25.1b10.6x20.5x1.2x
Sat, 11 Nov 2023NOK 501.8bNOK 435.6bNOK 27.4b10.3x18.3x1.2x
Mon, 09 Oct 2023NOK 489.8bNOK 425.0bNOK 22.0b11.2x22.2x1.2x
Wed, 06 Sep 2023NOK 532.5bNOK 422.4bNOK 21.6b12.2x24.7x1.3x
Fri, 04 Aug 2023NOK 544.0bNOK 410.2bNOK 17.2b13.9x31.7x1.3x
Sun, 02 Jul 2023NOK 565.4bNOK 426.2bNOK 39.4b15.9x14.3x1.3x
Tue, 30 May 2023NOK 556.1bNOK 427.7bNOK 40.9b17.9x13.6x1.3x
Thu, 27 Apr 2023NOK 549.7bNOK 413.8bNOK 40.5b13.4x13.6x1.3x
Sat, 25 Mar 2023NOK 534.2bNOK 409.4bNOK 44.9b12.9x11.9x1.3x
Mon, 20 Feb 2023NOK 578.1bNOK 401.6bNOK 49.7b9.5x11.6x1.4x
Wed, 18 Jan 2023NOK 564.3bNOK 386.1bNOK 45.8b10.5x12.3x1.5x
Price to Earnings Ratio

12.3x


Total Market Cap: NOK 564.3bTotal Earnings: NOK 45.8bTotal Revenue: NOK 386.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Industrials Sector Price to Earnings3Y Average 17.6x202420252026
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 17.6x.
  • The 3-year average PS ratio of 1.4x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 4.7% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

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

NO Market-0.15%
Industrials4.72%
Aerospace & Defense11.15%
Marine and Shipping4.26%
Machinery1.09%
Construction0.39%
Industrials0.18%
Logistics0%0
Transportation0%0
Infrastructure0%0
Commercial Services-1.63%
Building-2.04%
Electrical-3.01%
Professional Services-3.14%
Airlines-8.43%
Industry PE
  • Investors are most optimistic about the Industrials industry which is trading above its 3-year average PE ratio of 16.6x.
    • Analysts are expecting annual earnings decline of 7.2%, which is lower than the prior year's growth of 19.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Commercial Services industry, expecting annual earnings growth of 73% over the next 5 years.
  • In contrast, the Marine and Shipping industry is expected to see its earnings decline by 14% 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
KOG Kongsberg GruppenNOK 299.2511.2%
+NOK 26.4b		20.0%PE37.3x
AUTO AutoStore HoldingsNOK 12.534.0%
+NOK 1.6b		18.7%PE51.4x
WAWI Wallenius WilhelmsenNOK 103.803.3%
+NOK 1.4b		7.0%PE3.9x
WWI Wilh. Wilhelmsen HoldingNOK 614.004.6%
+NOK 1.1b		41.8%PE4.1x
SNI Stolt-NielsenNOK 337.006.0%
+NOK 1.0b		8.0%PE4.6x

Latest News

HAUTO
NOK 100.80
Höegh Autoliners
7D
3.0%
1Y
-12.0%

Investors Don't See Light At End Of Höegh Autoliners ASA's (OB:HAUTO) Tunnel

Jan 11
Investors Don't See Light At End Of Höegh Autoliners ASA's (OB:HAUTO) Tunnel
SNI
NOK 337.00
Stolt-Nielsen
7D
6.0%
1Y
8.0%

Stolt-Nielsen (OB:SNI) Is Experiencing Growth In Returns On Capital

Jan 11
Stolt-Nielsen (OB:SNI) Is Experiencing Growth In Returns On Capital
WAWI
NOK 103.80
Wallenius Wilhelmsen
7D
3.3%
1Y
7.0%

WAWI: Contract Wins And Rating Upgrade Will Support Future Share Upside

Analysts have trimmed their fair value estimate for Wallenius Wilhelmsen from NOK 120.08 to NOK 118.55, reflecting updated assumptions for weaker revenue growth, lower profit margins and a higher future P/E, in line with a recent shift in Street views that includes an upgrade to Hold with an NOK 84 price target. Analyst Commentary Recent Street research has shifted to a more neutral stance, with bullish analysts moving from a Sell view to Hold and setting an NOK 84 price target.
CADLR
NOK 50.90
Cadeler
7D
5.8%
1Y
-18.2%

Why Investors Shouldn't Be Surprised By Cadeler A/S' (OB:CADLR) P/S

Jan 08
Why Investors Shouldn't Be Surprised By Cadeler A/S' (OB:CADLR) P/S
NAS
NOK 16.13
Norwegian Air Shuttle
7D
-8.4%
1Y
52.3%

There's No Escaping Norwegian Air Shuttle ASA's (OB:NAS) Muted Earnings

Jan 08
There's No Escaping Norwegian Air Shuttle ASA's (OB:NAS) Muted Earnings
BONHR
NOK 250.50
Bonheur
7D
-1.4%
1Y
-2.9%

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

Analysts have lifted their price target on Bonheur from €290.00 to €330.00, citing updated assumptions for slightly lower discount rates, adjusted revenue growth expectations, a refined profit margin outlook, and a higher future P/E multiple in their models. Valuation Changes Fair Value: raised from €290.00 to €330.00, representing a moderate upward revision to the overall valuation range used in the analysis.
TOM
NOK 135.40
Tomra Systems
7D
-0.8%
1Y
-8.0%

TOM: Poland Rollout And Buy Upgrade Will Support Re Rating

Analysts have trimmed their fair value estimate for Tomra Systems from NOK 211.29 to NOK 198.37, reflecting updated views on growth, margins and future P/E multiples after recent research that includes both a lower NOK 135 target from Jefferies and a NOK 155 target alongside an upgrade to Buy. Analyst Commentary Bullish analysts are highlighting select positives in the recent research, even as views differ on near term risks and valuation.
KOG
NOK 299.25
Kongsberg Gruppen
7D
11.2%
1Y
20.0%

KOG: Upgraded Ratings And Demerger Plan Will Reshape Future Return Profile

The analyst price target for Kongsberg Gruppen has been revised from NOK 420 to NOK 329, with analysts pointing to adjusted expectations for revenue growth, profit margins, and future P/E, alongside recent rating changes across the Street. Analyst Commentary Recent Street research on Kongsberg Gruppen reflects a mixed but generally improving stance, with several bullish analysts moving their ratings higher while setting a range of price targets in NOK 252 to NOK 285.
AFG
NOK 184.40
AF Gruppen
7D
-1.1%
1Y
24.6%
WWI
NOK 614.00
Wilh. Wilhelmsen Holding
7D
4.6%
1Y
41.8%

WWI: Additional Dividend Decision Will Support Bullish Long-Term Upside Potential

Analysts have reduced their price target on Wilh. Wilhelmsen Holding to a fair value of 694.99 from 713.03, citing updated assumptions around discount rate, revenue growth, profit margin, and future P/E.
MORLD
NOK 15.96
Moreld
7D
-16.3%
1Y
7.1%
AKVA
NOK 80.00
AKVA group
7D
-9.1%
1Y
18.0%

AKVA: Higher 2027 EBIT Margin Outlook Will Support Stronger Earnings

Analysts have raised their fair value estimate for AKVA group from NOK 80 to NOK 105, citing expectations for slightly faster revenue growth, improved profit margins and a higher justified future P/E multiple despite a modest uptick in the discount rate. What's in the News Issued new earnings guidance for 2025, targeting minimum revenue of NOK 4 billion and an EBIT margin of at least 6 percent (company guidance).
AUTO
NOK 12.53
AutoStore Holdings
7D
4.0%
1Y
18.7%

AutoStore Holdings Ltd.'s (OB:AUTO) Intrinsic Value Is Potentially 98% Above Its Share Price

Dec 17
AutoStore Holdings Ltd.'s (OB:AUTO) Intrinsic Value Is Potentially 98% Above Its Share Price
ODF
NOK 134.40
Odfjell
7D
7.3%
1Y
7.7%
IWS
NOK 49.61
Integrated Wind Solutions
7D
-6.4%
1Y
9.3%
NEL
NOK 2.23
Nel
7D
-3.7%
1Y
-20.9%

These Analysts Think Nel ASA's (OB:NEL) Sales Are Under Threat

Nov 05
These Analysts Think Nel ASA's (OB:NEL) Sales Are Under Threat