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Norwegian (OSEAX) Industrials Sector Analysis

UpdatedMay 27, 2026
DataAggregated Company Financials
Companies59
  • 7D3.3%
  • 3M-2.6%
  • 1Y15.2%
  • YTD15.6%

Over the last 7 days, the Industrials industry has risen 2.1%, driven by gains from Kongsberg Gruppen of 5.2%. In the last 12 months, the industry was up 15%. 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
Wed, 27 May 2026NOK 848.8bNOK 418.9bNOK 43.7b14.4x19.4x2x
Fri, 24 Apr 2026NOK 770.0bNOK 413.7bNOK 42.0b16x18.3x1.9x
Sun, 22 Mar 2026NOK 821.6bNOK 413.8bNOK 38.4b16.3x21.4x2x
Tue, 17 Feb 2026NOK 791.7bNOK 412.6bNOK 40.2b16.5x19.7x1.9x
Thu, 15 Jan 2026NOK 714.7bNOK 443.6bNOK 43.6b16.9x16.4x1.6x
Sat, 13 Dec 2025NOK 649.7bNOK 446.0bNOK 44.0b16.3x14.8x1.5x
Mon, 10 Nov 2025NOK 627.7bNOK 442.5bNOK 44.7b14.4x14x1.4x
Wed, 08 Oct 2025NOK 700.6bNOK 439.1bNOK 42.7b14.2x16.4x1.6x
Fri, 05 Sep 2025NOK 685.8bNOK 440.3bNOK 43.4b14.3x15.8x1.6x
Sun, 03 Aug 2025NOK 679.3bNOK 441.0bNOK 42.1b15.8x16.1x1.5x
Tue, 01 Jul 2025NOK 747.2bNOK 432.9bNOK 38.5b15.8x19.4x1.7x
Thu, 29 May 2025NOK 701.6bNOK 433.9bNOK 38.8b15.1x18.1x1.6x
Sat, 26 Apr 2025NOK 637.1bNOK 427.1bNOK 36.8b11.9x17.3x1.5x
Mon, 24 Mar 2025NOK 675.3bNOK 431.9bNOK 40.5b12.5x16.7x1.6x
Wed, 19 Feb 2025NOK 646.4bNOK 445.2bNOK 43.1b13x15x1.5x
Fri, 17 Jan 2025NOK 631.0bNOK 444.9bNOK 42.5b11.5x14.9x1.4x
Sun, 15 Dec 2024NOK 649.7bNOK 441.9bNOK 42.6b11.9x15.2x1.5x
Tue, 12 Nov 2024NOK 634.4bNOK 437.9bNOK 41.7b11.9x15.2x1.4x
Thu, 10 Oct 2024NOK 639.2bNOK 428.5bNOK 38.9b12.7x16.4x1.5x
Sat, 07 Sep 2024NOK 612.2bNOK 427.2bNOK 38.8b12.9x15.8x1.4x
Mon, 05 Aug 2024NOK 628.2bNOK 435.3bNOK 37.1b10.8x16.9x1.4x
Wed, 03 Jul 2024NOK 618.8bNOK 422.9bNOK 34.8b11.4x17.8x1.5x
Fri, 31 May 2024NOK 624.1bNOK 418.3bNOK 34.1b11.5x18.3x1.5x
Sun, 28 Apr 2024NOK 589.0bNOK 423.4bNOK 35.3b12.9x16.7x1.4x
Tue, 26 Mar 2024NOK 575.6bNOK 414.3bNOK 32.2b12.6x17.9x1.4x
Thu, 22 Feb 2024NOK 560.4bNOK 410.7bNOK 23.5b12.5x23.9x1.4x
Sat, 20 Jan 2024NOK 559.5bNOK 432.8bNOK 22.6b11x24.7x1.3x
Mon, 18 Dec 2023NOK 536.5bNOK 423.8bNOK 23.8b11x22.6x1.3x
Wed, 15 Nov 2023NOK 515.7bNOK 431.6bNOK 26.6b9.4x19.4x1.2x
Fri, 13 Oct 2023NOK 507.0bNOK 426.1bNOK 22.2b11.2x22.9x1.2x
Sun, 10 Sep 2023NOK 525.4bNOK 422.1bNOK 21.6b11.9x24.3x1.2x
Tue, 08 Aug 2023NOK 548.2bNOK 408.8bNOK 17.0b14.3x32.3x1.3x
Thu, 06 Jul 2023NOK 555.8bNOK 425.3bNOK 39.3b16x14.1x1.3x
Sat, 03 Jun 2023NOK 566.7bNOK 426.9bNOK 39.7b18x14.3x1.3x
Price to Earnings Ratio

14.3x


Total Market Cap: NOK 566.7bTotal Earnings: NOK 39.7bTotal Revenue: NOK 426.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Industrials Sector Price to Earnings3Y Average 18.4x202420252026
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 18.4x.
  • The 3-year average PS ratio of 1.5x is lower than the industry's current PS ratio of 2.0x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 3.3% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

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

NO Market-1.13%
Industrials3.31%
Electrical21.02%
Airlines10.73%
Aerospace & Defense5.20%
Industrials4.58%
Machinery3.81%
Construction2.25%
Professional Services1.02%
Commercial Services0.47%
Logistics0%0
Transportation0%0
Infrastructure0%0
Building-1.87%
Marine and Shipping-2.18%
Industry PE
  • Investors are most optimistic about the Machinery industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 29.9%, which is higher than its past year's earnings growth of 14.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Commercial Services industry, expecting annual earnings growth of 101% over the next 5 years.
  • In contrast, the Marine and Shipping industry is expected to see its earnings decline by 18% 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 318.802.0%
+NOK 5.4b		-12.1%PE58.6x
AUTO AutoStore HoldingsNOK 13.199.2%
+NOK 3.7b		137.4%PE38.3x
KMAR Kongsberg MaritimeNOK 59.324.5%
+NOK 2.2b		n/an/a
NAS Norwegian Air ShuttleNOK 16.6711.5%
+NOK 1.8b		20.8%PE6.6x
NEL NelNOK 3.6221.5%
+NOK 1.2b		57.0%PS7x

Latest News

HSHP
NOK 135.20
Himalaya Shipping
7D
-5.2%
1Y
133.9%
ZAP
NOK 49.10
Zaptec
7D
15.7%
1Y
145.5%
New Narrative • May 26

Slower EV Adoption And Margin Pressure Will Challenge Long Term Charger Demand

Catalysts About Zaptec Zaptec supplies AC EV chargers and related connected charging solutions across key European markets. What are the underlying business or industry changes driving this perspective?
AFG
NOK 187.00
AF Gruppen
7D
2.2%
1Y
25.2%
Analysis Article • May 24

AF Gruppen's (OB:AFG) Performance Is Even Better Than Its Earnings Suggest

AF Gruppen ASA ( OB:AFG ) just reported healthy earnings but the stock price didn't move much. We think that investors...
NEL
NOK 3.62
Nel
7D
21.5%
1Y
57.0%
CADLR
NOK 61.15
Cadeler
7D
-3.6%
1Y
22.3%
Analysis Article • May 23

Earnings Miss: Cadeler A/S Missed EPS And Analysts Are Revising Their Forecasts

Last week, you might have seen that Cadeler A/S ( OB:CADLR ) released its first-quarter result to the market. The early...
WAWI
NOK 122.80
Wallenius Wilhelmsen
7D
-4.1%
1Y
55.2%
Narrative Update • May 22

WAWI: Softer Margins And Higher Required Returns Will Likely Cap Future Upside

Analysts have trimmed their Wallenius Wilhelmsen fair value estimate from NOK 77.27 to NOK 75.22, citing slightly softer profit margin assumptions and a modestly higher discount rate, even as they adopt a more constructive stance overall in recent research. Analyst Commentary Recent research around Wallenius Wilhelmsen reflects a more constructive stance overall, but not all commentary has been supportive.
KOG
NOK 318.80
Kongsberg Gruppen
7D
2.0%
1Y
-12.1%
WWI
NOK 695.00
Wilh. Wilhelmsen Holding
7D
-3.2%
1Y
71.4%
SNTIA
NOK 78.40
Sentia
7D
3.3%
1Y
n/a
SNI
NOK 297.00
Stolt-Nielsen
7D
-5.9%
1Y
19.3%
ODF
NOK 110.20
Odfjell
7D
-4.0%
1Y
3.0%
AFK
NOK 171.50
Arendals Fossekompani
7D
-2.6%
1Y
36.7%
NAS
NOK 16.67
Norwegian Air Shuttle
7D
11.5%
1Y
20.8%
Narrative Update • May 14

NAS: Dividend Proposal And Traffic Data Will Likely Keep Shares Rangebound

Analysts have trimmed their price target on Norwegian Air Shuttle from NOK 15.00 to NOK 14.00, reflecting updated fair value assumptions and a slightly lower future P/E multiple, even as recent research has become more positive on the stock’s outlook. Analyst Commentary Even with some more constructive research emerging on Norwegian Air Shuttle, bearish analysts are still highlighting a range of risks that they believe justify more cautious price targets and more restrained valuation assumptions.
HAUTO
NOK 141.60
Höegh Autoliners
7D
-4.5%
1Y
66.1%
Narrative Update • May 12

HAUTO: Hold Rating Will Test Whether Earnings Delivery Justifies Richer P E Multiple

Analysts have trimmed the fair value estimate for Höegh Autoliners from NOK 120.38 to NOK 105.60, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E. They also point to the recent upgrade to Hold with a NOK 130 price target as support for a more balanced view on the stock.
AUTO
NOK 13.19
AutoStore Holdings
7D
9.2%
1Y
137.4%
KMAR
NOK 59.32
Kongsberg Maritime
7D
4.5%
1Y
n/a