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Norwegian (OSEAX) Tech Sector Analysis

UpdatedDec 21, 2025
DataAggregated Company Financials
Companies32
  • 7D-1.0%
  • 3M-2.3%
  • 1Y27.0%
  • YTD22.5%

Over the last 7 days, the Tech industry has dropped 1.0%, driven by Nordic Semiconductor declining 2.4%. Over the past 12 months, the industry was up 27%. Earnings are forecast to grow by 38% annually.

Sector Valuation and Performance

Has the Norwegian Tech Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 21 Dec 2025NOK 119.2bNOK 76.1bNOK 1.9b39.5x63.7x1.6x
Tue, 18 Nov 2025NOK 112.2bNOK 75.6bNOK 1.8b32.8x61.5x1.5x
Thu, 16 Oct 2025NOK 115.1bNOK 74.5bNOK 1.8b33.1x65.4x1.5x
Sat, 13 Sep 2025NOK 115.6bNOK 74.3bNOK 1.7b36.1x67.6x1.6x
Mon, 11 Aug 2025NOK 110.9bNOK 74.1bNOK 1.1b35.7x97x1.5x
Wed, 09 Jul 2025NOK 124.9bNOK 80.0bNOK 1.4b39.6x88.2x1.6x
Fri, 06 Jun 2025NOK 119.5bNOK 79.8bNOK 1.4b38x84.9x1.5x
Sun, 04 May 2025NOK 106.1bNOK 79.5bNOK 1.3b35.2x80.4x1.3x
Tue, 01 Apr 2025NOK 100.8bNOK 77.7bNOK 1.0b31.3x96.1x1.3x
Thu, 27 Feb 2025NOK 105.7bNOK 78.2bNOK 943.3m29.2x112x1.4x
Sat, 25 Jan 2025NOK 101.4bNOK 76.7bNOK 806.0m35.4x125.8x1.3x
Mon, 23 Dec 2024NOK 95.8bNOK 76.8bNOK 794.8m32.6x120.6x1.2x
Wed, 20 Nov 2024NOK 92.3bNOK 76.5bNOK 820.7m33.2x112.5x1.2x
Fri, 18 Oct 2024NOK 100.9bNOK 77.6bNOK 592.5m27.6x170.3x1.3x
Sun, 15 Sep 2024NOK 111.3bNOK 81.0bNOK 705.7m34.7x157.8x1.4x
Tue, 13 Aug 2024NOK 110.2bNOK 80.4bNOK 820.3m26x134.3x1.4x
Thu, 11 Jul 2024NOK 118.3bNOK 83.1bNOK 1.6b20.5x75.2x1.4x
Sat, 08 Jun 2024NOK 111.8bNOK 83.1bNOK 1.6b20.9x71.1x1.3x
Mon, 06 May 2024NOK 105.1bNOK 82.4bNOK 1.3b23.4x82.3x1.3x
Wed, 03 Apr 2024NOK 94.3bNOK 84.4bNOK 1.6b22.2x59.2x1.1x
Fri, 01 Mar 2024NOK 93.7bNOK 84.8bNOK 1.6b20.7x59.4x1.1x
Sun, 28 Jan 2024NOK 106.9bNOK 85.9bNOK 943.7m18.9x113.3x1.2x
Tue, 26 Dec 2023NOK 105.2bNOK 85.7bNOK 938.2m17.2x112.1x1.2x
Thu, 23 Nov 2023NOK 96.7bNOK 86.3bNOK 1.1b16.3x91.9x1.1x
Sat, 21 Oct 2023NOK 99.2bNOK 86.7b-NOK 263,531,989.0019.8x-376.6x1.1x
Mon, 18 Sep 2023NOK 110.6bNOK 87.6b-NOK 25,050,270.0021x-4415.2x1.3x
Wed, 16 Aug 2023NOK 119.9bNOK 85.8b-NOK 294,794,472.0024.6x-406.8x1.4x
Fri, 14 Jul 2023NOK 119.0bNOK 83.2b-NOK 460,024,037.0020.8x-258.6x1.4x
Sun, 11 Jun 2023NOK 121.2bNOK 84.7b-NOK 383,641,447.0023.4x-316x1.4x
Tue, 09 May 2023NOK 110.8bNOK 83.2bNOK 48.5m22.1x2283x1.3x
Thu, 06 Apr 2023NOK 116.8bNOK 80.7b-NOK 375,376,682.0024.9x-311.2x1.4x
Sat, 04 Mar 2023NOK 118.4bNOK 80.8b-NOK 344,995,974.0026.2x-343.2x1.5x
Mon, 30 Jan 2023NOK 116.2bNOK 111.8bNOK 328.1m26.3x354x1x
Wed, 28 Dec 2022NOK 112.7bNOK 111.8bNOK 330.0m25.3x341.7x1x
Price to Earnings Ratio

341.7x


Total Market Cap: NOK 112.7bTotal Earnings: NOK 330.0mTotal Revenue: NOK 111.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 288.3x202320242025
Current Industry PE
  • Investors are pessimistic on the Norwegian Information Technology 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 63.7x which is lower than its 3-year average PE of 288x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 78% per year over the last three years.
  • Meanwhile revenues for these companies have declined 12% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

Which industries have driven the changes within the Norwegian Tech sector?

NO Market0.84%
Tech-1.05%
Electronic Equipment and Components1.03%
Tech Hardware0.16%
Software-0.63%
IT-1.12%
Semiconductors-2.14%
Communications-5.41%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 359x.
    • Analysts are expecting annual earnings growth of 52.1% and investors are willing to pay a premium for that growth.
Forecasted Growth
  • Analysts are most optimistic on the Communications industry, expecting annual earnings growth of 55% over the next 5 years.
  • This is better than its past earnings growth rate of 28% per year.
  • In contrast, the IT 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
KIT KitronNOK 69.201.8%
+NOK 259.7m		108.4%PE40x
LOKO Lokotech GroupNOK 0.8214.8%
+NOK 66.7m		-56.5%PS57.7x
NORBT NorbitNOK 178.200.5%
+NOK 51.0m		92.9%PE30x
TECH TechstepNOK 13.357.7%
+NOK 32.7m		1.9%PS0.4x
ELABS Elliptic LaboratoriesNOK 6.584.1%
+NOK 27.4m		-36.6%PS4.9x

Latest News

NAPA
NOK 30.00
Napatech
7D
-6.3%
1Y
22.4%
WSTEP
NOK 18.40
Webstep
7D
4.0%
1Y
-16.7%
PEXIP
NOK 74.40
Pexip Holding
7D
-1.6%
1Y
69.1%

PEXIP: Future Outlook Will Balance Margin Gains With Higher Earnings Multiple Assumptions

Analysts have raised their price target on Pexip Holding to NOK 77.50 from NOK 68.33, citing slightly lower growth expectations, which are offset by improved profit margin assumptions and a higher anticipated future P/E multiple. Valuation Changes Fair Value Estimate has risen moderately, from NOK 68.33 to NOK 77.50.
ELABS
NOK 6.58
Elliptic Laboratories
7D
4.1%
1Y
-36.6%

ELABS: Smartphone Deployment Momentum Will Drive Future Upside Despite Leadership Changes

Narrative Update on Elliptic Laboratories Analysts have modestly revised their price target on Elliptic Laboratories to NOK 13.00, reflecting largely unchanged expectations for growth, profitability, and valuation multiples, with only minor model adjustments. What's in the News CEO transition: long-time CEO Laila Danielsen will step down after 12 years, with SVP Product Development and IR Ola Sandstad appointed interim CEO from 6 November 2025 (company announcement) CFO change: CFO Lars Holmøy has resigned after more than four years, with Senior Finance Manager Mathias Norderud named interim CFO effective 24 September 2025, while Holmøy remains to 30 November to support the handover (company announcement) Client momentum: Elliptic Labs shipped its AI Virtual Smart Sensor Platform on nine new smartphone models in September 2025 across HONOR, vivo and Transsion, taking year-to-date launches to 54 models (company announcement) New OEM relationship: the company expanded its reach in October 2025 by debuting on TCL smartphone NxtPaper 60 Ultra, alongside launches with vivo and Xiaomi, lifting year-to-date deployments to 58 models (company announcement) Valuation Changes Fair value: unchanged at NOK 13.0 per share, indicating stable overall valuation assumptions.
OTEC
NOK 18.15
Otello
7D
-3.2%
1Y
142.6%
BOUV
NOK 62.40
Bouvet
7D
-1.6%
1Y
-16.9%
PLT
NOK 6.80
poLight
7D
1.5%
1Y
33.9%
TECH
NOK 13.35
Techstep
7D
7.7%
1Y
1.9%

What Techstep ASA's (OB:TECH) P/S Is Not Telling You

Dec 17
What Techstep ASA's (OB:TECH) P/S Is Not Telling You
NOD
NOK 128.30
Nordic Semiconductor
7D
-2.4%
1Y
31.5%
SMOP
NOK 28.50
Smartoptics Group
7D
-5.0%
1Y
54.1%
KIT
NOK 69.20
Kitron
7D
1.8%
1Y
108.4%
NORBT
NOK 178.20
Norbit
7D
0.5%
1Y
92.9%

Estimating The Intrinsic Value Of Norbit ASA (OB:NORBT)

Dec 10
Estimating The Intrinsic Value Of Norbit ASA (OB:NORBT)
IDEX
NOK 4.20
IDEX Biometrics
7D
9.1%
1Y
-66.7%
ATEA
NOK 159.60
Atea
7D
-1.2%
1Y
15.2%
APR
NOK 83.97
Appear
7D
-4.6%
1Y
n/a
LOKO
NOK 0.82
Lokotech Group
7D
14.8%
1Y
-56.5%