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Norwegian (OSEAX) Metals and Mining Industry Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies4
  • 7D4.1%
  • 3M16.9%
  • 1Y28.4%
  • YTD2.6%

In the last week, the Metals and Mining industry is up 6.3%, with Norsk Hydro up 6.6%. In the last 12 months, the industry was up 31%. As for the next few years, earnings are expected to grow by 11% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 09 Jan 2026NOK 166.2bNOK 217.4bNOK 11.0b11.7x15.1x0.8x
Sun, 07 Dec 2025NOK 150.6bNOK 217.4bNOK 11.0b10.4x13.7x0.7x
Tue, 04 Nov 2025NOK 139.2bNOK 217.4bNOK 11.0b10.1x12.7x0.6x
Thu, 02 Oct 2025NOK 140.2bNOK 216.9bNOK 9.7b11.3x14.4x0.6x
Sat, 30 Aug 2025NOK 133.4bNOK 217.0bNOK 9.8b10x13.6x0.6x
Mon, 28 Jul 2025NOK 131.5bNOK 217.0bNOK 9.9b10.2x13.3x0.6x
Wed, 25 Jun 2025NOK 114.7bNOK 214.8bNOK 10.0b9.2x11.5x0.5x
Fri, 23 May 2025NOK 115.5bNOK 214.8bNOK 9.9b9.2x11.6x0.5x
Sun, 20 Apr 2025NOK 109.4bNOK 205.3bNOK 6.0b12.5x18.3x0.5x
Tue, 18 Mar 2025NOK 141.0bNOK 205.3bNOK 6.0b15.2x23.5x0.7x
Thu, 13 Feb 2025NOK 135.2bNOK 197.2bNOK 1.7b51.2x81.1x0.7x
Sat, 11 Jan 2025NOK 132.9bNOK 197.2bNOK 1.8b50.2x74.6x0.7x
Mon, 09 Dec 2024NOK 139.1bNOK 197.2bNOK 1.8b52.6x78.1x0.7x
Wed, 06 Nov 2024NOK 145.6bNOK 197.3bNOK 1.8b54.8x79.2x0.7x
Fri, 04 Oct 2024NOK 140.3bNOK 191.9bNOK 669.6m353.9x209.4x0.7x
Sun, 01 Sep 2024NOK 124.1bNOK 191.9bNOK 669.6m312.6x185.3x0.6x
Tue, 30 Jul 2024NOK 124.9bNOK 191.7bNOK 642.5m315.3x194.4x0.7x
Thu, 27 Jun 2024NOK 136.4bNOK 194.4bNOK 3.7b22.8x36.8x0.7x
Sat, 25 May 2024NOK 143.6bNOK 194.4bNOK 3.7b23.8x38.7x0.7x
Mon, 22 Apr 2024NOK 147.3bNOK 195.6bNOK 4.0b22.8x36.9x0.8x
Wed, 20 Mar 2024NOK 121.3bNOK 195.6bNOK 4.0b19.1x30.4x0.6x
Fri, 16 Feb 2024NOK 117.3bNOK 200.0bNOK 4.1b18.3x28.8x0.6x
Sun, 14 Jan 2024NOK 133.5bNOK 192.6bNOK 6.8b12.5x19.6x0.7x
Tue, 12 Dec 2023NOK 128.9bNOK 192.6bNOK 6.8b12.3x18.9x0.7x
Thu, 09 Nov 2023NOK 130.7bNOK 192.4bNOK 6.7b12.3x19.4x0.7x
Sat, 07 Oct 2023NOK 127.9bNOK 200.1bNOK 14.0b6.6x9.2x0.6x
Mon, 04 Sep 2023NOK 128.9bNOK 200.1bNOK 14.0b6.5x9.2x0.6x
Wed, 02 Aug 2023NOK 139.0bNOK 200.1bNOK 14.1b6.9x9.9x0.7x
Fri, 30 Jun 2023NOK 133.9bNOK 211.2bNOK 20.2b5.1x6.6x0.6x
Sun, 28 May 2023NOK 145.7bNOK 209.3bNOK 24.6b4.8x5.9x0.7x
Tue, 25 Apr 2023NOK 169.0bNOK 209.4bNOK 24.7b6.2x6.8x0.8x
Thu, 23 Mar 2023NOK 154.3bNOK 209.4bNOK 24.7b6.1x6.2x0.7x
Sat, 18 Feb 2023NOK 161.5bNOK 209.4bNOK 24.8b4.7x6.5x0.8x
Mon, 16 Jan 2023NOK 159.7bNOK 211.6bNOK 31.4b5x5.1x0.8x
Price to Earnings Ratio

5.1x


Total Market Cap: NOK 159.7bTotal 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 15.4x 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-0.54%
Materials0.67%
Metals and Mining4.13%
Aluminum4.32%
Gold0%0
Steel-0.13%
Diversified Metals and Mining-4.46%
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 10.9%, which is lower than the prior year's growth of 719.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Steel industry, expecting annual earnings growth of 12% over the next 5 years.
  • This is better than its past earnings decline of 33% per year.
  • In contrast, the Aluminum industry is expected to see its earnings grow by 11% 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 80.142.5%
+NOK 3.8b		24.3%PE14.4x
AKOBO Akobo MineralsNOK 2.2510.3%
+NOK 48.2m		21.6%PS27.2x
GEM Green MineralsNOK 1.5114.4%
+NOK 3.8m		-60.4%PS5065.1x

Latest News

RANA
NOK 77.20
Rana Gruber
7D
-0.3%
1Y
3.2%

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).
NHY
NOK 80.14
Norsk Hydro
7D
2.5%
1Y
24.3%

NHY: Rising Aluminum Price Hopes Will Likely Prove Overly Optimistic

The analyst fair value estimate for Norsk Hydro has been raised from approximately NOK 46.0 to NOK 50.3. This change reflects analysts' upward revisions to price targets following continued Overweight and Outperform ratings, as well as a stronger outlook for profitability despite modestly weaker revenue growth assumptions. Analyst Commentary Recent research updates have generally reflected a constructive stance on Norsk Hydro, with multiple price target increases signalling confidence in the companys earnings resilience and balance sheet strength.
AKOBO
NOK 2.25
Akobo Minerals
7D
10.3%
1Y
21.6%
NOM
NOK 16.92
Nordic Mining
7D
-7.2%
1Y
-30.0%
GEM
NOK 1.51
Green Minerals
7D
14.4%
1Y
-60.4%