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Norwegian (OSEAX) Metals and Mining Industry Analysis

UpdatedMar 22, 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 10%, driven by a pullback from Norsk Hydro of 11%. In the past year, the industry has gained 28%. Looking forward, earnings are forecast to grow by 20% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 22 Mar 2026NOK 173.3bNOK 209.5bNOK 6.6b17.4x26.3x0.8x
Tue, 17 Feb 2026NOK 170.2bNOK 209.6bNOK 6.6b16.7x25.8x0.8x
Thu, 15 Jan 2026NOK 171.6bNOK 217.4bNOK 11.0b11.9x15.6x0.8x
Sat, 13 Dec 2025NOK 154.4bNOK 217.4bNOK 11.0b10.7x14x0.7x
Mon, 10 Nov 2025NOK 142.1bNOK 217.4bNOK 11.0b10.3x12.9x0.7x
Wed, 08 Oct 2025NOK 140.5bNOK 216.9bNOK 9.7b11.2x14.4x0.6x
Fri, 05 Sep 2025NOK 134.3bNOK 217.0bNOK 9.8b10x13.7x0.6x
Sun, 03 Aug 2025NOK 127.0bNOK 217.0bNOK 9.9b9.9x12.8x0.6x
Tue, 01 Jul 2025NOK 119.1bNOK 214.8bNOK 10.0b9.3x11.9x0.6x
Thu, 29 May 2025NOK 116.1bNOK 214.8bNOK 9.9b9.3x11.7x0.5x
Sat, 26 Apr 2025NOK 116.7bNOK 205.3bNOK 6.0b13.3x19.5x0.6x
Mon, 24 Mar 2025NOK 135.6bNOK 205.3bNOK 6.0b14.7x22.6x0.7x
Wed, 19 Feb 2025NOK 135.7bNOK 205.3bNOK 6.0b14.9x22.6x0.7x
Fri, 17 Jan 2025NOK 138.0bNOK 197.2bNOK 1.8b52.2x77.5x0.7x
Sun, 15 Dec 2024NOK 135.0bNOK 197.2bNOK 1.8b51.1x75.8x0.7x
Tue, 12 Nov 2024NOK 141.3bNOK 197.3bNOK 1.8b53.3x77.2x0.7x
Thu, 10 Oct 2024NOK 138.6bNOK 191.9bNOK 669.6m349.8x207x0.7x
Sat, 07 Sep 2024NOK 115.9bNOK 191.9bNOK 669.6m292x173x0.6x
Mon, 05 Aug 2024NOK 120.0bNOK 191.7bNOK 642.5m302.4x186.8x0.6x
Wed, 03 Jul 2024NOK 138.8bNOK 194.4bNOK 3.7b23x37.4x0.7x
Fri, 31 May 2024NOK 145.2bNOK 194.4bNOK 3.7b24.1x39.1x0.7x
Sun, 28 Apr 2024NOK 145.8bNOK 194.6bNOK 3.7b24.6x39.8x0.7x
Tue, 26 Mar 2024NOK 125.5bNOK 195.6bNOK 4.0b19.7x31.5x0.6x
Thu, 22 Feb 2024NOK 119.0bNOK 195.6bNOK 4.0b18.7x29.8x0.6x
Sat, 20 Jan 2024NOK 124.3bNOK 192.6bNOK 6.8b11.8x18.3x0.6x
Mon, 18 Dec 2023NOK 138.9bNOK 192.6bNOK 6.8b13.1x20.4x0.7x
Wed, 15 Nov 2023NOK 130.2bNOK 192.4bNOK 6.7b12.5x19.3x0.7x
Fri, 13 Oct 2023NOK 130.0bNOK 200.1bNOK 14.0b6.8x9.3x0.6x
Sun, 10 Sep 2023NOK 123.5bNOK 200.1bNOK 14.0b6.5x8.9x0.6x
Tue, 08 Aug 2023NOK 134.5bNOK 200.1bNOK 14.1b6.7x9.5x0.7x
Thu, 06 Jul 2023NOK 134.8bNOK 211.2bNOK 20.2b5.2x6.7x0.6x
Sat, 03 Jun 2023NOK 146.1bNOK 209.3bNOK 24.6b4.8x5.9x0.7x
Mon, 01 May 2023NOK 163.3bNOK 209.4bNOK 24.7b6.2x6.6x0.8x
Wed, 29 Mar 2023NOK 157.5bNOK 209.4bNOK 24.7b6.1x6.4x0.8x
Price to Earnings Ratio

6.4x


Total Market Cap: NOK 157.5bTotal 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 39.2x202420252026
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 26.3x 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

NHY
NOK 85.92
Norsk Hydro
7D
-10.6%
1Y
30.0%

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

Norsk Hydro’s analyst fair value estimate has been raised from NOK 102.0 to NOK 110.0, reflecting updated views on revenue growth, profit margins and forward P/E after a mix of recent target hikes and rating changes across the Street. Analyst Commentary Recent Street research on Norsk Hydro shows a split view, but with a clear cluster of bullish analysts lifting price targets and ratings as they reassess the company’s earnings power and valuation.
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).
GEM
NOK 1.55
Green Minerals
7D
18.3%
1Y
-45.2%
AKOBO
NOK 1.69
Akobo Minerals
7D
-8.6%
1Y
16.6%