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Norwegian (OSEAX) Materials Sector Analysis

UpdatedFeb 17, 2026
DataAggregated Company Financials
Companies15
  • 7D-4.4%
  • 3M17.8%
  • 1Y22.0%
  • YTD4.0%

Over the last 7 days, the Materials industry has dropped 4.4%, driven by a pullback from Norsk Hydro of 5.7%. This takes the industry's 12 month performance to a gain of 22%. As for the next few years, earnings are expected to grow by 12% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Feb 2026NOK 340.2bNOK 415.7bNOK 21.0b22.5x16.2x0.8x
Fri, 16 Jan 2026NOK 341.7bNOK 428.2bNOK 19.8b18.9x17.2x0.8x
Sun, 14 Dec 2025NOK 313.0bNOK 428.8bNOK 19.8b17.4x15.8x0.7x
Tue, 11 Nov 2025NOK 290.8bNOK 428.5bNOK 19.8b16.6x14.7x0.7x
Thu, 09 Oct 2025NOK 292.3bNOK 420.9bNOK 18.0b21.2x16.2x0.7x
Sat, 06 Sep 2025NOK 285.0bNOK 422.4bNOK 18.2b21.4x15.7x0.7x
Mon, 04 Aug 2025NOK 281.6bNOK 425.7bNOK 18.5b20.2x15.2x0.7x
Wed, 02 Jul 2025NOK 269.6bNOK 417.0bNOK 15.9b19.9x16.9x0.6x
Fri, 30 May 2025NOK 263.2bNOK 416.9bNOK 15.9b19x16.6x0.6x
Sun, 27 Apr 2025NOK 251.0bNOK 412.6bNOK 12.0b17.4x21x0.6x
Tue, 25 Mar 2025NOK 271.9bNOK 409.1bNOK 8.4b15x32.3x0.7x
Thu, 20 Feb 2025NOK 274.9bNOK 418.5bNOK 8.4b20.6x32.7x0.7x
Sat, 18 Jan 2025NOK 275.5bNOK 433.4bNOK 9.4b17.7x29.5x0.6x
Mon, 16 Dec 2024NOK 267.8bNOK 429.5bNOK 9.1b17.8x29.4x0.6x
Wed, 13 Nov 2024NOK 265.8bNOK 428.7bNOK 9.0b15.4x29.4x0.6x
Fri, 11 Oct 2024NOK 287.2bNOK 420.8bNOK 4.4b20.5x65.3x0.7x
Sun, 08 Sep 2024NOK 243.0bNOK 420.9bNOK 4.4b18.7x55.2x0.6x
Tue, 06 Aug 2024NOK 241.7bNOK 425.8bNOK 4.5b16.8x53.2x0.6x
Thu, 04 Jul 2024NOK 269.2bNOK 425.5bNOK 3.3b11.7x81.5x0.6x
Sat, 01 Jun 2024NOK 285.1bNOK 424.8bNOK 3.3b11.4x86.2x0.7x
Mon, 29 Apr 2024NOK 279.2bNOK 434.2bNOK 3.3b11.3x84.1x0.6x
Wed, 27 Mar 2024NOK 265.5bNOK 442.4bNOK 6.2b21.6x43.1x0.6x
Fri, 23 Feb 2024NOK 257.1bNOK 438.0bNOK 6.1b20.9x42.2x0.6x
Sun, 21 Jan 2024NOK 262.0bNOK 458.4bNOK 16.1b10.8x16.3x0.6x
Tue, 19 Dec 2023NOK 281.9bNOK 456.8bNOK 16.0b10x17.6x0.6x
Thu, 16 Nov 2023NOK 279.6bNOK 464.0bNOK 16.2b9.2x17.2x0.6x
Sat, 14 Oct 2023NOK 278.3bNOK 503.4bNOK 31.5b8.8x8.8x0.6x
Mon, 11 Sep 2023NOK 278.3bNOK 497.9bNOK 31.2b8.9x8.9x0.6x
Wed, 09 Aug 2023NOK 290.9bNOK 489.4bNOK 31.1b9.7x9.4x0.6x
Fri, 07 Jul 2023NOK 283.8bNOK 540.9bNOK 51.8b5.6x5.5x0.5x
Sun, 04 Jun 2023NOK 314.6bNOK 544.8bNOK 56.7b5.5x5.6x0.6x
Tue, 02 May 2023NOK 337.7bNOK 477.4bNOK 56.1b6.6x6x0.7x
Thu, 30 Mar 2023NOK 337.2bNOK 548.9bNOK 66.2b6.1x5.1x0.6x
Sat, 25 Feb 2023NOK 346.0bNOK 547.1bNOK 66.1b4.8x5.2x0.6x
Price to Earnings Ratio

5.2x


Total Market Cap: NOK 346.0bTotal Earnings: NOK 66.1bTotal Revenue: NOK 547.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Materials Sector Price to Earnings3Y Average 27.7x202420252026
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 16.2x which is lower than its 3-year average PE of 27.7x.
  • 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 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 Market0.32%
Materials-4.38%
Packaging4.18%
Basic Materials-1.10%
Paper and Forestry Products-2.72%
Chemicals-3.81%
Metals and Mining-5.56%
Industry PE
  • Investors are most optimistic about the Basic Materials industry which is trading above its 3-year average PE ratio of 13.0x.
    • 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 below its 3-year average of 13.3x.
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 70% 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
BRG BorregaardNOK 176.200.7%
+NOK 119.9m		-11.5%PE28.3x
NOM Nordic MiningNOK 10.82-3.2%
NOK 38.8m		-53.7%PS283.5x
BCS Bergen Carbon SolutionsNOK 3.886.3%
+NOK 9.7m		15.6%PB1.1x
ABTEC Aqua Bio TechnologyNOK 0.164.4%
+NOK 1.1m		-92.6%PS0.2x

Latest News

TEKNA
NOK 3.80
Tekna Holding
7D
-5.0%
1Y
-30.1%
ABTEC
NOK 0.16
Aqua Bio Technology
7D
4.4%
1Y
-92.6%
BEWI
NOK 16.00
BEWI
7D
-1.2%
1Y
-44.0%
NHY
NOK 82.02
Norsk Hydro
7D
-8.5%
1Y
24.5%
ELO
NOK 51.60
Elopak
7D
-1.1%
1Y
26.2%

Analysts Have Made A Financial Statement On Elopak ASA's (OB:ELO) Annual Report

Feb 13
Analysts Have Made A Financial Statement On Elopak ASA's (OB:ELO) Annual Report
YAR
NOK 445.00
Yara International
7D
-4.6%
1Y
35.0%
NOM
NOK 10.82
Nordic Mining
7D
-3.2%
1Y
-53.7%
DSRT
NOK 1.55
Desert Control
7D
-16.5%
1Y
-69.2%
NSKOG
NOK 20.95
Norske Skog
7D
-3.9%
1Y
-10.2%
ELK
NOK 28.16
Elkem
7D
-2.2%
1Y
21.4%

ELK: Safety Reforms After Saint Fons Incident Will Support Upbeat Outlook

Narrative Update on Elkem Analysts have kept their fair value estimate for Elkem steady at NOK 31.85. They explain the unchanged price target by slightly adjusting their assumptions for discount rate, revenue growth, profit margin and future P/E expectations, rather than changing their overall view of the company’s valuation.
BRG
NOK 176.20
Borregaard
7D
0.7%
1Y
-11.5%

BRG: Dividend Policy And Higher Margins Will Support Future Fair Value

Analysts have reduced their fair value estimate for Borregaard from NOK 211.40 to NOK 200.00, reflecting updated assumptions on the discount rate, revenue growth, profit margin and future P/E following recent research, including a downgrade from SEB Equities. Analyst Commentary Bullish Takeaways Bullish analysts see the revised fair value of NOK 200.00 as still implying room for execution on revenue growth and margins, even after accounting for a higher discount rate and more cautious P/E assumptions.
BCS
NOK 3.88
Bergen Carbon Solutions
7D
6.3%
1Y
15.6%