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Norwegian (OSEAX) Materials Sector Analysis

UpdatedJan 01, 2026
DataAggregated Company Financials
Companies15
  • 7D0.7%
  • 3M12.1%
  • 1Y24.7%
  • YTDn/a

Over the last 7 days, the Materials industry has remained flat, although notably Elopak gained 6.1%. The past year has been better, since the industry has gained 27% in that time. Looking forward, 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
Thu, 01 Jan 2026NOK 327.1bNOK 428.0bNOK 19.8b19.1x16.5x0.8x
Sat, 29 Nov 2025NOK 298.4bNOK 428.3bNOK 19.8b17.3x15x0.7x
Mon, 27 Oct 2025NOK 291.1bNOK 426.1bNOK 19.8b17.4x14.7x0.7x
Wed, 24 Sep 2025NOK 287.1bNOK 419.7bNOK 18.0b21.4x16x0.7x
Fri, 22 Aug 2025NOK 285.7bNOK 424.4bNOK 18.3b21.2x15.6x0.7x
Sun, 20 Jul 2025NOK 279.9bNOK 418.0bNOK 14.3b22.1x19.5x0.7x
Tue, 17 Jun 2025NOK 271.7bNOK 413.9bNOK 15.8b19.2x17.2x0.7x
Thu, 15 May 2025NOK 260.7bNOK 420.9bNOK 15.9b16.3x16.4x0.6x
Sat, 12 Apr 2025NOK 233.9bNOK 412.5bNOK 8.4b13.7x27.8x0.6x
Mon, 10 Mar 2025NOK 280.7bNOK 414.6bNOK 8.4b14.5x33.3x0.7x
Wed, 05 Feb 2025NOK 273.8bNOK 430.8bNOK 9.3b17.3x29.6x0.6x
Fri, 03 Jan 2025NOK 261.2bNOK 432.6bNOK 9.3b18.9x28x0.6x
Sun, 01 Dec 2024NOK 270.5bNOK 427.9bNOK 9.1b17.4x29.9x0.6x
Tue, 29 Oct 2024NOK 281.5bNOK 427.7bNOK 9.0b14.8x31.2x0.7x
Thu, 26 Sep 2024NOK 270.7bNOK 418.8bNOK 4.4b19.1x62.1x0.6x
Sat, 24 Aug 2024NOK 255.9bNOK 416.8bNOK 4.3b18.4x59.7x0.6x
Mon, 22 Jul 2024NOK 266.6bNOK 426.3bNOK 7.6b17.6x35.2x0.6x
Wed, 19 Jun 2024NOK 263.3bNOK 426.0bNOK 3.3b11.7x79.8x0.6x
Fri, 17 May 2024NOK 276.9bNOK 428.9bNOK 3.4b11.6x82.1x0.6x
Sun, 14 Apr 2024NOK 289.2bNOK 444.6bNOK 6.2b22.4x46.9x0.7x
Tue, 12 Mar 2024NOK 250.6bNOK 437.4bNOK 6.1b20.9x40.9x0.6x
Thu, 08 Feb 2024NOK 262.1bNOK 459.9bNOK 16.3b10.4x16x0.6x
Sat, 06 Jan 2024NOK 280.4bNOK 454.5bNOK 16.0b10.7x17.5x0.6x
Mon, 04 Dec 2023NOK 275.7bNOK 461.9bNOK 16.2b9.3x17x0.6x
Wed, 01 Nov 2023NOK 271.5bNOK 470.6bNOK 16.6b11.6x16.3x0.6x
Fri, 29 Sep 2023NOK 290.2bNOK 498.1bNOK 31.2b9.2x9.3x0.6x
Sun, 27 Aug 2023NOK 270.2bNOK 498.1bNOK 31.3b8.8x8.6x0.5x
Tue, 25 Jul 2023NOK 289.3bNOK 485.1bNOK 30.8b9.7x9.4x0.6x
Thu, 22 Jun 2023NOK 288.6bNOK 540.4bNOK 51.7b5.7x5.6x0.5x
Sat, 20 May 2023NOK 315.4bNOK 540.7bNOK 56.3b5.5x5.6x0.6x
Mon, 17 Apr 2023NOK 350.6bNOK 548.7bNOK 66.7b6.3x5.3x0.6x
Wed, 15 Mar 2023NOK 343.8bNOK 551.4bNOK 66.5b6.2x5.2x0.6x
Fri, 10 Feb 2023NOK 356.6bNOK 301.5bNOK 72.3b5.3x4.9x1.2x
Sun, 08 Jan 2023NOK 333.9bNOK 535.5bNOK 65.5b5.7x5.1x0.6x
Price to Earnings Ratio

5.1x


Total Market Cap: NOK 333.9bTotal Earnings: NOK 65.5bTotal Revenue: NOK 535.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Materials Sector Price to Earnings3Y Average 27.2x202420252026
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 16.5x which is lower than its 3-year average PE of 27.2x.
  • The industry is trading close to its 3-year average PS ratio of 0.63x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 33% per year over the last three years,
  • Revenues have also declined 7.3% 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 Market1.39%
Materials0.65%
Packaging6.12%
Basic Materials2.63%
Metals and Mining0.43%
Chemicals0.36%
Paper and Forestry Products0.12%
Industry PE
  • Investors are most optimistic about the Basic Materials industry which is trading above its 3-year average PE ratio of 10.5x.
    • Analysts are expecting annual earnings growth of 69.4%, which is higher than its past year's earnings decline of 55.1% per year.
  • Investors are most pessimistic about the Paper and Forestry Products industry, which is trading close to its 3-year average of 12.9x.
Forecasted Growth
  • Analysts are most optimistic on the Basic Materials industry, expecting annual earnings growth of 69% over the next 5 years.
  • This is better than its past earnings decline of 55% 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
ELO ElopakNOK 55.506.1%
+NOK 859.6m		23.5%PE24.2x
NHY Norsk HydroNOK 78.200.4%
+NOK 633.1m		22.3%PE14.1x
ELK ElkemNOK 30.483.3%
+NOK 621.5m		74.3%PE39.9x
BRG BorregaardNOK 199.401.7%
+NOK 339.1m		9.9%PE24x
BEWI BEWINOK 18.767.3%
+NOK 302.7m		-30.9%PS0.5x

Latest News

ELO
NOK 55.50
Elopak
7D
6.1%
1Y
23.5%

ELO: Future Earnings Multiple And Lower Risk Are Expected To Sustain Upside

Analysts have marginally raised their price target on Elopak to NOK 54.69, citing slightly lower perceived risk and a modestly higher justified future earnings multiple as support for the updated valuation. Valuation Changes Fair Value Estimate: Unchanged at NOK 54.69, indicating no revision to the core intrinsic valuation.
ELK
NOK 30.48
Elkem
7D
3.3%
1Y
74.3%

ELK: Medical Materials Expansion And Ferrosilicon Curtailments Will Shape Measured Outlook

Analysts have raised their price target on Elkem to NOK 31.00 from NOK 29.80, reflecting updated assumptions of a slightly lower discount rate but higher future earnings multiples, despite somewhat softer expectations for revenue growth and profit margins. What's in the News Elkem ASA launched SILBIONE LSR Select EC 70, a next generation medical grade liquid silicone rubber engineered for wearable and diagnostic devices, combining high electrical conductivity, certified biocompatibility and enhanced process control (company announcement).
NHY
NOK 78.20
Norsk Hydro
7D
0.4%
1Y
22.3%

NHY: Rising Aluminum Price Hopes Will Likely Prove Overly Optimistic

The analyst fair value estimate for Norsk Hydro has been raised from approximately NOK 46.0 to NOK 50.3. This change reflects analysts' upward revisions to price targets following continued Overweight and Outperform ratings, as well as a stronger outlook for profitability despite modestly weaker revenue growth assumptions. Analyst Commentary Recent research updates have generally reflected a constructive stance on Norsk Hydro, with multiple price target increases signalling confidence in the companys earnings resilience and balance sheet strength.
YAR
NOK 414.00
Yara International
7D
-0.7%
1Y
35.8%

YAR: Low Carbon Ammonia Projects And Margin Headwinds Will Shape Future Performance

Analysts have nudged their price target for Yara International higher to approximately $386 per share from about $379, reflecting a slightly lower perceived risk profile and marginally richer future valuation multiples, despite softer expectations for revenue growth and profit margins. What's in the News Yara and Air Products entered advanced negotiations to partner on large scale low emission ammonia projects in the United States, aiming to diversify Yara's energy position and enhance competitiveness of its European nitrate operations (Key Developments).
BEWI
NOK 18.76
BEWI
7D
7.3%
1Y
-30.9%
RANA
NOK 77.40
Rana Gruber
7D
0.7%
1Y
0.4%
ABTEC
NOK 0.46
Aqua Bio Technology
7D
-0.3%
1Y
-79.4%
BCS
NOK 3.93
Bergen Carbon Solutions
7D
12.9%
1Y
22.8%
AKOBO
NOK 2.04
Akobo Minerals
7D
-1.9%
1Y
3.0%
BRG
NOK 199.40
Borregaard
7D
1.7%
1Y
9.9%

BRG: Government Support And Bio Project Will Support Stable Future Outlook

Analysts have marginally raised their price target on Borregaard to NOK 212.50, citing slightly lower discount rate assumptions while keeping revenue growth, profit margin, and future P E expectations essentially unchanged. What's in the News Norwegian Research Council awards Borregaard NOK 15 million for its Biomer innovation project, supporting development of bio based alternatives to fossil based polycarboxylates used in agriculture, industry, and household products (Norwegian Research Council) Biomer project to leverage Borregaard’s Sarpsborg biorefinery and wood chemistry expertise to convert Norwegian bioresources into greener polymers with a significantly lower environmental footprint (Norwegian Research Council) Valuation Changes The fair value estimate remains unchanged at NOK 212.50 per share, indicating no revision to the overall intrinsic value assessment.
DSRT
NOK 2.02
Desert Control
7D
-2.9%
1Y
-63.3%
MVW
NOK 6.80
M Vest Water
7D
-2.9%
1Y
-28.4%
NOM
NOK 18.24
Nordic Mining
7D
2.0%
1Y
-30.1%
GEM
NOK 1.32
Green Minerals
7D
-5.4%
1Y
-62.2%