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Norwegian (OSEAX) Industrials Sector Analysis

UpdatedFeb 26, 2026
DataAggregated Company Financials
Companies57
  • 7D-1.3%
  • 3M28.3%
  • 1Y27.2%
  • YTD20.6%

Over the last 7 days, the Industrials industry has risen 2.6%, driven by gains from Höegh Autoliners of 6.5%. 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
Thu, 26 Feb 2026NOK 812.1bNOK 412.8bNOK 39.4b16.2x20.6x2x
Sat, 24 Jan 2026NOK 731.1bNOK 439.8bNOK 42.8b16.7x17.1x1.7x
Mon, 22 Dec 2025NOK 648.9bNOK 445.2bNOK 44.0b16.3x14.8x1.5x
Wed, 19 Nov 2025NOK 618.8bNOK 444.9bNOK 44.7b15.5x13.9x1.4x
Fri, 17 Oct 2025NOK 673.2bNOK 440.7bNOK 43.0b13.8x15.6x1.5x
Sun, 14 Sep 2025NOK 698.1bNOK 437.0bNOK 42.6b14.7x16.4x1.6x
Tue, 12 Aug 2025NOK 675.2bNOK 440.6bNOK 42.0b16x16.1x1.5x
Thu, 10 Jul 2025NOK 701.3bNOK 431.9bNOK 38.1b15.3x18.4x1.6x
Sat, 07 Jun 2025NOK 715.7bNOK 432.7bNOK 38.6b15.5x18.6x1.7x
Mon, 05 May 2025NOK 673.9bNOK 426.0bNOK 36.7b12.6x18.3x1.6x
Wed, 02 Apr 2025NOK 649.8bNOK 431.3bNOK 40.9b13.8x15.9x1.5x
Fri, 28 Feb 2025NOK 639.2bNOK 446.4bNOK 43.7b13.4x14.6x1.4x
Sun, 26 Jan 2025NOK 656.3bNOK 442.4bNOK 42.1b11.2x15.6x1.5x
Tue, 24 Dec 2024NOK 643.7bNOK 445.5bNOK 43.4b11.1x14.8x1.4x
Thu, 21 Nov 2024NOK 653.1bNOK 439.7bNOK 41.9b11.9x15.6x1.5x
Sat, 19 Oct 2024NOK 640.6bNOK 430.9bNOK 39.5b12.7x16.2x1.5x
Mon, 16 Sep 2024NOK 636.6bNOK 426.2bNOK 38.6b13x16.5x1.5x
Wed, 14 Aug 2024NOK 636.8bNOK 429.3bNOK 35.3b11x18x1.5x
Fri, 12 Jul 2024NOK 634.2bNOK 423.2bNOK 35.0b12.3x18.1x1.5x
Sun, 09 Jun 2024NOK 627.2bNOK 423.7bNOK 34.8b11.5x18x1.5x
Tue, 07 May 2024NOK 607.0bNOK 422.6bNOK 34.8b13.2x17.4x1.4x
Thu, 04 Apr 2024NOK 588.5bNOK 415.1bNOK 33.4b12.7x17.6x1.4x
Sat, 02 Mar 2024NOK 556.8bNOK 409.6bNOK 23.5b12.8x23.7x1.4x
Mon, 29 Jan 2024NOK 567.5bNOK 432.5bNOK 21.8b11x26.1x1.3x
Wed, 27 Dec 2023NOK 543.9bNOK 419.6bNOK 23.1b11.3x23.6x1.3x
Fri, 24 Nov 2023NOK 515.6bNOK 429.7bNOK 25.8b11.1x20x1.2x
Sun, 22 Oct 2023NOK 485.9bNOK 427.9bNOK 22.3b11.3x21.8x1.1x
Tue, 19 Sep 2023NOK 523.4bNOK 423.8bNOK 21.6b11.8x24.2x1.2x
Thu, 17 Aug 2023NOK 546.0bNOK 413.8bNOK 19.5b14.3x28x1.3x
Sat, 15 Jul 2023NOK 548.3bNOK 416.8bNOK 33.6b14.3x16.3x1.3x
Mon, 12 Jun 2023NOK 562.3bNOK 424.7bNOK 39.2b16x14.4x1.3x
Wed, 10 May 2023NOK 550.9bNOK 414.4bNOK 40.3b13.9x13.7x1.3x
Fri, 07 Apr 2023NOK 556.2bNOK 409.4bNOK 40.1b13.7x13.9x1.4x
Sun, 05 Mar 2023NOK 584.8bNOK 407.9bNOK 46.3b13x12.6x1.4x
Price to Earnings Ratio

12.6x


Total Market Cap: NOK 584.8bTotal Earnings: NOK 46.3bTotal Revenue: NOK 407.9bTotal 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 20.6x 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 Market1.25%
Industrials-1.35%
Building4.79%
Commercial Services3.85%
Professional Services3.63%
Marine and Shipping3.27%
Construction0.031%
Logistics0%0
Transportation0%0
Infrastructure0%0
Electrical-0.89%
Industrials-2.25%
Machinery-2.38%
Aerospace & Defense-3.31%
Airlines-3.84%
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%PE36.5x

Latest News

NTI
NOK 0.80
Norsk Titanium
7D
-33.1%
1Y
-66.2%
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.
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.