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Norwegian (OSEAX) Materials Sector Analysis

UpdatedApr 05, 2026
DataAggregated Company Financials
Companies15
  • 7D7.0%
  • 3M21.5%
  • 1Y72.0%
  • YTD23.1%

In the last week, the Materials industry is up 7.0%, with Norsk Hydro up 11%. This takes the industry's 12 month performance to a gain of 72%. Earnings are forecast to grow by 9.6% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 05 Apr 2026NOK 402.7bNOK 420.1bNOK 21.3b14.1x18.9x1x
Tue, 03 Mar 2026NOK 359.8bNOK 415.7bNOK 20.9b20.8x17.2x0.9x
Thu, 29 Jan 2026NOK 348.7bNOK 420.6bNOK 19.5b19.6x17.9x0.8x
Sat, 27 Dec 2025NOK 325.0bNOK 426.7bNOK 19.7b18.7x16.5x0.8x
Mon, 24 Nov 2025NOK 291.1bNOK 430.4bNOK 19.9b16.6x14.6x0.7x
Wed, 22 Oct 2025NOK 294.3bNOK 426.8bNOK 18.4b21.3x16x0.7x
Fri, 19 Sep 2025NOK 284.7bNOK 419.5bNOK 18.0b21.4x15.9x0.7x
Sun, 17 Aug 2025NOK 289.9bNOK 424.9bNOK 18.4b22x15.8x0.7x
Tue, 15 Jul 2025NOK 280.3bNOK 417.3bNOK 14.5b22x19.3x0.7x
Thu, 12 Jun 2025NOK 266.3bNOK 416.3bNOK 15.9b19.1x16.8x0.6x
Sat, 10 May 2025NOK 255.6bNOK 420.5bNOK 15.9b16.4x16x0.6x
Mon, 07 Apr 2025NOK 232.6bNOK 413.2bNOK 8.4b14.1x27.6x0.6x
Wed, 05 Mar 2025NOK 261.4bNOK 419.6bNOK 8.4b14.5x31x0.6x
Fri, 31 Jan 2025NOK 277.2bNOK 431.7bNOK 9.3b17.4x29.8x0.6x
Sun, 29 Dec 2024NOK 256.8bNOK 432.7bNOK 9.3b18.3x27.6x0.6x
Tue, 26 Nov 2024NOK 281.0bNOK 428.8bNOK 9.1b17.8x30.9x0.7x
Thu, 24 Oct 2024NOK 280.2bNOK 424.8bNOK 4.2b20.1x67.1x0.7x
Sat, 21 Sep 2024NOK 262.5bNOK 417.3bNOK 4.3b18.4x60.6x0.6x
Mon, 19 Aug 2024NOK 251.2bNOK 420.1bNOK 4.4b18x57.3x0.6x
Wed, 17 Jul 2024NOK 266.8bNOK 428.9bNOK 4.3b12.3x61.7x0.6x
Fri, 14 Jun 2024NOK 271.3bNOK 427.1bNOK 3.3b11.3x82.2x0.6x
Sun, 12 May 2024NOK 275.9bNOK 431.3bNOK 3.3b12.7x82.8x0.6x
Tue, 09 Apr 2024NOK 285.7bNOK 441.3bNOK 6.2b22.3x46.4x0.6x
Thu, 07 Mar 2024NOK 248.9bNOK 437.8bNOK 6.1b20.8x40.6x0.6x
Sat, 03 Feb 2024NOK 270.3bNOK 460.4bNOK 16.1b10.5x16.8x0.6x
Mon, 01 Jan 2024NOK 287.9bNOK 452.2bNOK 15.9b11x18.1x0.6x
Wed, 29 Nov 2023NOK 274.7bNOK 461.2bNOK 16.2b9.2x17x0.6x
Fri, 27 Oct 2023NOK 262.7bNOK 471.3bNOK 16.7b11.1x15.7x0.6x
Sun, 24 Sep 2023NOK 286.1bNOK 499.4bNOK 31.3b9.1x9.1x0.6x
Tue, 22 Aug 2023NOK 276.2bNOK 496.2bNOK 31.1b8.9x8.9x0.6x
Thu, 20 Jul 2023NOK 282.8bNOK 496.0bNOK 36.9b8.3x7.7x0.6x
Sat, 17 Jun 2023NOK 305.2bNOK 536.2bNOK 51.4b6.1x5.9x0.6x
Mon, 15 May 2023NOK 313.2bNOK 536.8bNOK 56.0b5.5x5.6x0.6x
Wed, 12 Apr 2023NOK 347.8bNOK 553.8bNOK 67.3b6.1x5.2x0.6x
Price to Earnings Ratio

5.2x


Total Market Cap: NOK 347.8bTotal Earnings: NOK 67.3bTotal Revenue: NOK 553.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Materials Sector Price to Earnings3Y Average 28.2x202420252026
Current Industry PE
  • Investors are pessimistic on the Norwegian Materials industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 18.9x which is lower than its 3-year average PE of 28.2x.
  • The industry is trading close to its 3-year average PS ratio of 0.64x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 32% per year over the last three years,
  • Revenues have also declined 8.7% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

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

NO Market3.12%
Materials6.97%
Metals and Mining10.54%
Paper and Forestry Products6.85%
Basic Materials4.08%
Chemicals3.55%
Packaging0.83%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry even though it's trading below its 3-year average PE ratio of 39.4x.
    • Analysts are expecting annual earnings growth of 19.5%, which is higher than its past year's earnings decline of 1.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Metals and Mining industry, expecting annual earnings growth of 19% over the next 5 years.
  • This is better than its past earnings decline of 1.5% per year.
  • In contrast, the Paper and Forestry Products industry is expected to see its earnings decline by 43% 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
NHY Norsk HydroNOK 102.6010.8%
+NOK 19.6b		90.4%PE30x
YAR Yara InternationalNOK 561.004.1%
+NOK 5.6b		88.8%PE10.7x
BRG BorregaardNOK 175.204.3%
+NOK 719.6m		7.7%PE28.2x
NSKOG Norske SkogNOK 39.756.9%
+NOK 216.3m		126.4%PE7.6x
ELO ElopakNOK 36.300.8%
+NOK 80.6m		-2.6%PE14.1x

Latest News

NHY
NOK 102.60
Norsk Hydro
7D
10.8%
1Y
90.4%

NHY: Extrusion Restructuring And Dividend Will Support Higher Future Earnings Multiples

Norsk Hydro's updated fair value estimate moves to NOK 120 from NOK 110, as analysts factor in slightly higher assumed revenue growth, modestly stronger profit margins, a lower discount rate, and a higher future P/E multiple, supported by a recent series of price target increases and rating upgrades across the Street. Analyst Commentary Recent research on Norsk Hydro shows a mixed set of opinions, but there has been a clear cluster of more constructive views alongside the latest fair value update.
NSKOG
NOK 39.75
Norske Skog
7D
6.9%
1Y
126.4%
RANA
NOK 78.30
Rana Gruber
7D
-0.1%
1Y
22.9%
YAR
NOK 561.00
Yara International
7D
4.1%
1Y
88.8%
ELK
NOK 28.14
Elkem
7D
-0.5%
1Y
48.5%

ELK: New Structure And Cost Cuts Will Support Future Upside

Analysts have kept their Elkem price target steady at NOK 32.83. They cite essentially unchanged assumptions for the discount rate, revenue growth, profit margin and future P/E as the basis for reaffirming their view.
ELO
NOK 36.30
Elopak
7D
0.8%
1Y
-2.6%

ELO: Future Upside Will Depend On CEO Transition Stability

Analysts have trimmed their price target on Elopak from NOK 56.37 to NOK 54.03, reflecting updated assumptions around revenue growth, profit margins, the discount rate, and future P/E multiples. What's in the News CEO Thomas Körmendi has decided to step down from his position due to personal reasons related to his planned relocation to Denmark, and the Board of Directors has begun the search for a new CEO (Key Developments).
BRG
NOK 175.20
Borregaard
7D
4.3%
1Y
7.7%

BRG: Dividend Support And Stable Earnings Profile Will Drive Future Upside

Analysts kept the fair value estimate for Borregaard steady at NOK 200, with only very small tweaks to inputs like the discount rate, revenue growth, profit margin, and future P/E, reflecting recent price target cuts and more cautious views in Street research. Analyst Commentary Bullish Takeaways Bullish analysts view the unchanged NOK 200 fair value estimate as a sign that the long term earnings and cash flow assumptions remain intact despite recent target cuts.
ABTEC
NOK 7.01
Aqua Bio Technology
7D
-3.2%
1Y
-75.4%
NOM
NOK 11.96
Nordic Mining
7D
2.6%
1Y
-34.1%
BOR
NOK 16.60
Borgestad
7D
4.1%
1Y
-0.7%
BEWI
NOK 14.00
BEWI
7D
1.2%
1Y
-33.6%

Circular Model And Automotive Exposure Will Reshape Long Term Earnings Power

Catalysts About BEWI BEWI produces protective packaging, insulation solutions and circular recycling services for industries such as construction, automotive and food. What are the underlying business or industry changes driving this perspective?
TEKNA
NOK 3.38
Tekna Holding
7D
-2.0%
1Y
-33.7%