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Norwegian (OSEAX) Metals and Mining Industry Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies4
  • 7D2.6%
  • 3M29.2%
  • 1Y29.7%
  • YTD9.2%

The Metals and Mining industry is up 4.4% in the last week, with Norsk Hydro up 4.5%. During this same period, the Green Minerals underperformed, falling 12%. This takes the industry's 12 month performance to a gain of 30%. As for the next few years, earnings are expected to grow by 14% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 29 Jan 2026NOK 177.2bNOK 217.4bNOK 11.0b12.2x16.1x0.8x
Sat, 27 Dec 2025NOK 158.9bNOK 217.4bNOK 11.0b11.3x14.4x0.7x
Mon, 24 Nov 2025NOK 143.6bNOK 217.4bNOK 11.0b10x13x0.7x
Wed, 22 Oct 2025NOK 142.3bNOK 216.9bNOK 9.7b11.1x14.6x0.7x
Fri, 19 Sep 2025NOK 136.5bNOK 216.9bNOK 9.7b11x14x0.6x
Sun, 17 Aug 2025NOK 134.7bNOK 217.0bNOK 9.9b10.4x13.6x0.6x
Tue, 15 Jul 2025NOK 125.2bNOK 214.8bNOK 10.0b9.6x12.5x0.6x
Thu, 12 Jun 2025NOK 117.8bNOK 214.8bNOK 9.9b9.5x11.8x0.5x
Sat, 10 May 2025NOK 117.7bNOK 214.8bNOK 9.9b9.4x11.9x0.5x
Mon, 07 Apr 2025NOK 111.0bNOK 205.3bNOK 6.0b12.4x18.5x0.5x
Wed, 05 Mar 2025NOK 130.9bNOK 205.3bNOK 6.0b14.3x21.8x0.6x
Fri, 31 Jan 2025NOK 136.5bNOK 197.2bNOK 1.8b52.7x76.6x0.7x
Sun, 29 Dec 2024NOK 130.3bNOK 197.2bNOK 1.8b49.2x73.2x0.7x
Tue, 26 Nov 2024NOK 149.8bNOK 197.2bNOK 1.8b56.5x84.1x0.8x
Thu, 24 Oct 2024NOK 141.6bNOK 191.9bNOK 669.6m357.8x211.4x0.7x
Sat, 21 Sep 2024NOK 128.8bNOK 191.9bNOK 669.6m325.3x192.4x0.7x
Mon, 19 Aug 2024NOK 120.9bNOK 191.7bNOK 643.0m305.2x188x0.6x
Wed, 17 Jul 2024NOK 136.7bNOK 194.4bNOK 3.7b22.7x36.9x0.7x
Fri, 14 Jun 2024NOK 140.5bNOK 194.4bNOK 3.7b23x37.9x0.7x
Sun, 12 May 2024NOK 139.3bNOK 194.6bNOK 3.7b23.7x37.9x0.7x
Tue, 09 Apr 2024NOK 141.5bNOK 195.6bNOK 4.0b22x35.5x0.7x
Thu, 07 Mar 2024NOK 113.2bNOK 195.6bNOK 4.0b17.8x28.4x0.6x
Sat, 03 Feb 2024NOK 127.4bNOK 192.6bNOK 6.8b12.1x18.7x0.7x
Mon, 01 Jan 2024NOK 142.8bNOK 192.6bNOK 6.8b13.4x21x0.7x
Wed, 29 Nov 2023NOK 134.5bNOK 192.6bNOK 6.8b12.7x19.8x0.7x
Fri, 27 Oct 2023NOK 127.5bNOK 191.2bNOK 6.7b11.8x18.9x0.7x
Sun, 24 Sep 2023NOK 131.3bNOK 200.1bNOK 14.0b6.8x9.4x0.7x
Tue, 22 Aug 2023NOK 124.4bNOK 200.1bNOK 14.0b6.3x8.9x0.6x
Thu, 20 Jul 2023NOK 129.1bNOK 211.2bNOK 20.2b5x6.4x0.6x
Sat, 17 Jun 2023NOK 150.6bNOK 211.2bNOK 20.2b5.6x7.5x0.7x
Mon, 15 May 2023NOK 143.9bNOK 209.3bNOK 24.6b4.8x5.9x0.7x
Wed, 12 Apr 2023NOK 164.3bNOK 209.4bNOK 24.7b6.1x6.6x0.8x
Fri, 10 Mar 2023NOK 162.6bNOK 209.4bNOK 24.8b6.3x6.6x0.8x
Sun, 05 Feb 2023NOK 168.2bNOK 211.6bNOK 31.4b5.3x5.4x0.8x
Price to Earnings Ratio

5.4x


Total Market Cap: NOK 168.2bTotal Earnings: NOK 31.4bTotal Revenue: NOK 211.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Metals and Mining Industry Price to Earnings3Y Average 38.3x202420252026
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 15.9x which is lower than its 3-year average PE of 38.3x.
  • The industry is trading close to its 3-year average PS ratio of 0.67x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 29% 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 Market0.79%
Materials2.81%
Metals and Mining2.64%
Diversified Metals and Mining4.53%
Aluminum2.66%
Steel0.78%
Gold0%0
Industry PE
  • Investors are most optimistic about the Aluminum industry even though it's trading below its 3-year average PE ratio of 79.2x.
    • Analysts are expecting annual earnings growth of 14.2%, which is lower than the prior year's growth of 719.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Aluminum industry, expecting annual earnings growth of 14% over the next 5 years.
  • In contrast, the Steel industry is expected to see its earnings grow by 12% 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 88.725.5%
+NOK 9.2b		30.9%PE16x
NOM Nordic MiningNOK 11.962.9%
+NOK 40.0m		-45.6%PS388x
RANA Rana GruberNOK 78.001.0%
+NOK 29.7m		6.4%PE8.8x
AKOBO Akobo MineralsNOK 2.485.1%
+NOK 27.5m		19.2%PS30.3x
GEM Green MineralsNOK 1.506.4%
+NOK 1.8m		-61.4%PS5031.6x

Latest News

GEM
NOK 1.50
Green Minerals
7D
6.4%
1Y
-61.4%
NHY
NOK 88.72
Norsk Hydro
7D
5.5%
1Y
30.9%

NHY: Restructuring And Hydropower Investment Will Shape Balanced Returns Ahead

Narrative Update Analysts have lifted their implied fair value estimate for Norsk Hydro from NOK 74.13 to NOK 79.25, reflecting higher Street price targets in the NOK 75 to NOK 99 range and updated assumptions on discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Street research on Norsk Hydro has leaned constructive in recent months, with several firms adjusting their price targets upward into the NOK 75 to NOK 99 range.
RANA
NOK 78.00
Rana Gruber
7D
1.0%
1Y
6.4%

RANA: Cash Offer And Unchanged Outlook Will Cap Future Share Upside

Analysts have kept their price target for Rana Gruber broadly unchanged at about NOK 68. This reflects only minor tweaks to inputs like discount rate, revenue growth, profit margin and future P/E assumptions, rather than a shift in their overall view of the company.
NOM
NOK 11.96
Nordic Mining
7D
2.9%
1Y
-45.6%
AKOBO
NOK 2.48
Akobo Minerals
7D
5.1%
1Y
19.2%