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Norwegian (OSEAX) Metals and Mining Industry Analysis

UpdatedMar 21, 2026
DataAggregated Company Financials
Companies4
  • 7D-10.3%
  • 3M10.0%
  • 1Y28.3%
  • YTD7.4%

Over the last 7 days, the Metals and Mining industry has dropped 11%, driven by Norsk Hydro declining 11%. Over the past 12 months, the industry was up 24%. As for the next few years, earnings are expected to grow by 20% per annum.

Industry Valuation and Performance

Has the Norwegian Metals and Mining Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Mar 2026NOK 173.3bNOK 209.5bNOK 6.6b17.4x26.3x0.8x
Mon, 16 Feb 2026NOK 174.1bNOK 214.9bNOK 6.6b17x26.4x0.8x
Wed, 14 Jan 2026NOK 168.4bNOK 217.4bNOK 11.0b11.8x15.3x0.8x
Fri, 12 Dec 2025NOK 154.5bNOK 217.4bNOK 11.0b10.7x14x0.7x
Sun, 09 Nov 2025NOK 142.1bNOK 217.4bNOK 11.0b10.3x12.9x0.7x
Tue, 07 Oct 2025NOK 142.1bNOK 216.9bNOK 9.7b11.4x14.6x0.7x
Thu, 04 Sep 2025NOK 134.0bNOK 217.0bNOK 9.8b10x13.7x0.6x
Sat, 02 Aug 2025NOK 127.0bNOK 217.0bNOK 9.9b9.9x12.8x0.6x
Mon, 30 Jun 2025NOK 119.1bNOK 214.8bNOK 10.0b9.3x11.9x0.6x
Wed, 28 May 2025NOK 117.3bNOK 214.8bNOK 9.9b9.3x11.8x0.5x
Fri, 25 Apr 2025NOK 114.6bNOK 205.3bNOK 6.0b13x19.1x0.6x
Sun, 23 Mar 2025NOK 135.6bNOK 205.3bNOK 6.0b14.7x22.6x0.7x
Tue, 18 Feb 2025NOK 138.9bNOK 205.3bNOK 6.0b15.2x23.2x0.7x
Thu, 16 Jan 2025NOK 137.8bNOK 197.2bNOK 1.8b52x77.4x0.7x
Sat, 14 Dec 2024NOK 135.0bNOK 197.2bNOK 1.8b51.1x75.8x0.7x
Mon, 11 Nov 2024NOK 143.8bNOK 197.3bNOK 1.8b54.2x78.6x0.7x
Wed, 09 Oct 2024NOK 137.5bNOK 191.9bNOK 669.6m347.1x205.4x0.7x
Fri, 06 Sep 2024NOK 118.0bNOK 191.9bNOK 669.6m297.7x176.3x0.6x
Sun, 04 Aug 2024NOK 120.0bNOK 191.7bNOK 642.5m302.4x186.8x0.6x
Tue, 02 Jul 2024NOK 138.8bNOK 194.4bNOK 3.7b23.1x37.4x0.7x
Thu, 30 May 2024NOK 144.9bNOK 194.4bNOK 3.7b24.1x39.1x0.7x
Sat, 27 Apr 2024NOK 145.8bNOK 194.6bNOK 3.7b24.6x39.8x0.7x
Mon, 25 Mar 2024NOK 127.1bNOK 195.6bNOK 4.0b19.9x31.8x0.6x
Wed, 21 Feb 2024NOK 118.2bNOK 195.6bNOK 4.0b18.6x29.6x0.6x
Fri, 19 Jan 2024NOK 125.8bNOK 192.6bNOK 6.8b11.9x18.5x0.7x
Sun, 17 Dec 2023NOK 138.9bNOK 192.6bNOK 6.8b13.1x20.4x0.7x
Tue, 14 Nov 2023NOK 125.8bNOK 192.4bNOK 6.7b12x18.7x0.7x
Thu, 12 Oct 2023NOK 130.2bNOK 200.1bNOK 14.0b6.8x9.3x0.7x
Sat, 09 Sep 2023NOK 123.5bNOK 200.1bNOK 14.0b6.5x8.9x0.6x
Mon, 07 Aug 2023NOK 136.4bNOK 200.1bNOK 14.1b6.8x9.7x0.7x
Wed, 05 Jul 2023NOK 136.3bNOK 211.2bNOK 20.2b5.2x6.8x0.6x
Fri, 02 Jun 2023NOK 139.7bNOK 209.3bNOK 24.6b4.6x5.7x0.7x
Sun, 30 Apr 2023NOK 163.3bNOK 209.4bNOK 24.7b6.2x6.6x0.8x
Tue, 28 Mar 2023NOK 154.0bNOK 209.4bNOK 24.7b6.1x6.2x0.7x
Price to Earnings Ratio

6.2x


Total Market Cap: NOK 154.0bTotal Earnings: NOK 24.7bTotal Revenue: NOK 209.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Metals and Mining Industry Price to Earnings3Y Average 39.1x202420252026
Current Industry PE
  • Investors are pessimistic on the Norwegian Metals and Mining 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 26.2x which is lower than its 3-year average PE of 39.1x.
  • The industry is trading close to its 3-year average PS ratio of 0.68x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 36% 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 Materials industry?

NO Market1.87%
Materials-9.31%
Metals and Mining-10.34%
Diversified Metals and Mining1.53%
Steel0.26%
Gold0%0
Aluminum-10.59%
Industry PE
  • Investors are most optimistic about the Aluminum industry even though it's trading below its 3-year average PE ratio of 80.0x.
    • Analysts are expecting annual earnings growth of 19.6%, which is higher than its past year's earnings growth of 16.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Aluminum industry, expecting annual earnings growth of 20% over the next 5 years.
  • This is better than its past earnings growth rate of 16% per year.
  • In contrast, the Steel industry is expected to see its earnings grow by 15% 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
NOM Nordic MiningNOK 11.601.2%
+NOK 17.5m		-44.3%PS303.9x
RANA Rana GruberNOK 78.600.3%
+NOK 7.4m		14.7%PE9.7x
GEM Green MineralsNOK 1.5518.3%
+NOK 4.8m		-45.2%PB4.3x

Latest News

NOM
NOK 11.60
Nordic Mining
7D
1.2%
1Y
-44.3%
RANA
NOK 78.60
Rana Gruber
7D
0.3%
1Y
14.7%

RANA: Cash Offer Will Likely Limit Future Upside Versus Standalone Fundamentals

Analysts have maintained their NOK 68.0 price target for Rana Gruber, citing only minor adjustments to the discount rate, long-term growth, and expected future P/E as the main reasons for keeping their view unchanged. What's in the News Champion Iron Limited agreed to acquire Rana Gruber ASA for cash consideration of NOK 79 per share, implying total equity value of about NOK 2.93b, with funding from a NOK 1.01b private placement, a NOK 1.52b term loan, and remaining cash and undrawn credit facilities (Key Developments).
NHY
NOK 85.92
Norsk Hydro
7D
-10.6%
1Y
30.0%

NHY: Restructuring And Upstream Exposure Will Shape Balanced Returns Ahead

The updated analyst price target for Norsk Hydro moves to NOK 82.63 from NOK 79.25, with the change broadly supported by recent Street research. Several firms increased their NOK-based targets, while others flagged demand and downstream recovery risks.
GEM
NOK 1.55
Green Minerals
7D
18.3%
1Y
-45.2%
AKOBO
NOK 1.69
Akobo Minerals
7D
-8.6%
1Y
16.6%