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Norwegian (OSEAX) Metals and Mining Industry Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies4
  • 7D2.6%
  • 3M17.0%
  • 1Y25.3%
  • YTD2.6%

Over the last 7 days, the Metals and Mining industry has risen 2.6%, driven by gains from Norsk Hydro of 2.8%. Meanwhile, Nordic Mining actually underperformed within the industry, shrinking 5.5% in the last week. This means that the industry has gained 25% over the past year. Earnings are forecast to grow by 12% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026NOK 166.3bNOK 217.4bNOK 11.0b11.7x15.1x0.8x
Tue, 09 Dec 2025NOK 151.3bNOK 217.4bNOK 11.0b10.4x13.7x0.7x
Thu, 06 Nov 2025NOK 138.3bNOK 217.4bNOK 11.0b10x12.6x0.6x
Sat, 04 Oct 2025NOK 141.4bNOK 216.9bNOK 9.7b11.3x14.5x0.7x
Mon, 01 Sep 2025NOK 133.4bNOK 217.0bNOK 9.8b10x13.6x0.6x
Wed, 30 Jul 2025NOK 131.1bNOK 217.0bNOK 9.9b10.2x13.3x0.6x
Fri, 27 Jun 2025NOK 117.4bNOK 214.8bNOK 10.0b9.2x11.8x0.5x
Sun, 25 May 2025NOK 115.2bNOK 214.8bNOK 9.9b9.2x11.6x0.5x
Tue, 22 Apr 2025NOK 109.4bNOK 205.3bNOK 6.0b12.5x18.3x0.5x
Thu, 20 Mar 2025NOK 142.3bNOK 205.3bNOK 6.0b15.3x23.7x0.7x
Sat, 15 Feb 2025NOK 135.7bNOK 197.2bNOK 1.7b51.4x81.4x0.7x
Mon, 13 Jan 2025NOK 132.8bNOK 197.2bNOK 1.8b50.1x74.6x0.7x
Wed, 11 Dec 2024NOK 138.8bNOK 197.2bNOK 1.8b52.5x77.9x0.7x
Fri, 08 Nov 2024NOK 148.8bNOK 197.3bNOK 1.8b56.1x81x0.8x
Sun, 06 Oct 2024NOK 143.4bNOK 191.9bNOK 669.6m362.2x214.2x0.7x
Tue, 03 Sep 2024NOK 124.1bNOK 191.9bNOK 669.6m312.8x185.3x0.6x
Thu, 01 Aug 2024NOK 126.0bNOK 191.7bNOK 642.5m318x196.1x0.7x
Sat, 29 Jun 2024NOK 138.2bNOK 194.4bNOK 3.7b23.1x37.2x0.7x
Mon, 27 May 2024NOK 143.6bNOK 194.4bNOK 3.7b23.8x38.7x0.7x
Wed, 24 Apr 2024NOK 141.7bNOK 195.6bNOK 4.0b22x35.5x0.7x
Fri, 22 Mar 2024NOK 126.7bNOK 195.6bNOK 4.0b19.8x31.8x0.6x
Sun, 18 Feb 2024NOK 122.0bNOK 195.6bNOK 4.0b19.4x30.6x0.6x
Tue, 16 Jan 2024NOK 130.8bNOK 192.6bNOK 6.8b12.3x19.2x0.7x
Thu, 14 Dec 2023NOK 133.0bNOK 192.6bNOK 6.8b12.7x19.6x0.7x
Sat, 11 Nov 2023NOK 126.5bNOK 192.4bNOK 6.7b12x18.8x0.7x
Mon, 09 Oct 2023NOK 127.9bNOK 200.1bNOK 14.0b6.6x9.2x0.6x
Wed, 06 Sep 2023NOK 130.7bNOK 200.1bNOK 14.0b6.7x9.4x0.7x
Fri, 04 Aug 2023NOK 136.8bNOK 200.1bNOK 14.1b6.8x9.7x0.7x
Sun, 02 Jul 2023NOK 133.6bNOK 211.2bNOK 20.2b5.2x6.6x0.6x
Tue, 30 May 2023NOK 145.7bNOK 209.3bNOK 24.6b4.8x5.9x0.7x
Thu, 27 Apr 2023NOK 165.2bNOK 209.4bNOK 24.7b6.1x6.7x0.8x
Sat, 25 Mar 2023NOK 149.9bNOK 209.4bNOK 24.7b6x6.1x0.7x
Mon, 20 Feb 2023NOK 161.5bNOK 209.4bNOK 24.8b4.7x6.5x0.8x
Wed, 18 Jan 2023NOK 166.8bNOK 211.6bNOK 31.4b5.3x5.3x0.8x
Price to Earnings Ratio

5.3x


Total Market Cap: NOK 166.8bTotal 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 38.1x202420252026
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 15.1x which is lower than its 3-year average PE of 38.1x.
  • 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 Market-0.15%
Materials0.12%
Metals and Mining2.65%
Aluminum2.79%
Steel0.13%
Gold0%0
Diversified Metals and Mining-5.25%
Industry PE
  • Investors are most optimistic about the Aluminum industry even though it's trading below its 3-year average PE ratio of 79.0x.
    • Analysts are expecting annual earnings growth of 12.3%, 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 12% 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 81.682.8%
+NOK 4.4b		26.9%PE14.7x
AKOBO Akobo MineralsNOK 2.2711.8%
+NOK 55.1m		22.0%PS27.4x
RANA Rana GruberNOK 77.200.1%
+NOK 3.7m		8.0%PE8.7x
GEM Green MineralsNOK 1.5210.9%
+NOK 3.0m		-59.8%PS5098.7x

Latest News

NHY
NOK 81.68
Norsk Hydro
7D
2.8%
1Y
26.9%

NHY: Restructuring And Hydropower Expansion Are Expected To Support Higher Multiples

Narrative Update The analyst price target for Norsk Hydro has moved to NOK 99 from NOK 79. Analysts attribute this change to updated views on long-term fair value, margins and future P/E support, as reflected in recent target increases across the Street.
RANA
NOK 77.20
Rana Gruber
7D
0.1%
1Y
8.0%

RANA: Acquisition Terms And Higher Discount Rate Will Limit Future Upside

Analysts now see lower implied upside for Rana Gruber, cutting their fair value estimate from NOK 80 to NOK 68 as they apply a higher discount rate, adjust revenue growth and margin assumptions, and factor in a lower forward P/E multiple. What's in the News Champion Iron Limited agreed to acquire Rana Gruber ASA in a cash transaction valued at NOK 2.9b, with part of the consideration allocated to common equity in Rana Gruber (Key Developments).
AKOBO
NOK 2.27
Akobo Minerals
7D
11.8%
1Y
22.0%
NOM
NOK 16.90
Nordic Mining
7D
-5.5%
1Y
-30.7%
GEM
NOK 1.52
Green Minerals
7D
10.9%
1Y
-59.8%