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Norwegian (OSEAX) Tech Sector Analysis

UpdatedNov 11, 2025
DataAggregated Company Financials
Companies32
  • 7D-5.6%
  • 3M-6.7%
  • 1Y21.4%
  • YTD17.6%

Over the last 7 days, the Tech industry has dropped 5.8%, driven by a pullback from Nordic Semiconductor of 6.0%. Meanwhile, poLight actually outperformed within the industry, gaining 9.0% in the last week. Over the past 12 months, the industry was up 24%. 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
Wed, 12 Nov 2025NOK 115.1bNOK 75.6bNOK 1.9b31.4x61.9x1.5x
Fri, 10 Oct 2025NOK 113.7bNOK 74.4bNOK 1.8b32.6x64.8x1.5x
Sun, 07 Sep 2025NOK 113.9bNOK 74.5bNOK 1.7b34.1x66.1x1.5x
Tue, 05 Aug 2025NOK 110.9bNOK 74.0bNOK 1.2b38x96.4x1.5x
Thu, 03 Jul 2025NOK 123.1bNOK 80.0bNOK 1.4b38.5x86.8x1.5x
Sat, 31 May 2025NOK 115.8bNOK 79.9bNOK 1.4b36.5x82.6x1.4x
Mon, 28 Apr 2025NOK 103.8bNOK 77.9bNOK 1.1b35.4x98x1.3x
Wed, 26 Mar 2025NOK 103.2bNOK 77.6bNOK 1.0b32.2x98.4x1.3x
Fri, 21 Feb 2025NOK 107.9bNOK 78.2bNOK 900.5m30.1x119.8x1.4x
Sun, 19 Jan 2025NOK 98.8bNOK 76.9bNOK 782.3m32.8x126.3x1.3x
Tue, 17 Dec 2024NOK 97.2bNOK 76.7bNOK 807.3m33.3x120.4x1.3x
Thu, 14 Nov 2024NOK 93.5bNOK 76.6bNOK 761.7m27.8x122.7x1.2x
Sat, 12 Oct 2024NOK 105.3bNOK 80.9bNOK 709.3m34.7x148.4x1.3x
Mon, 09 Sep 2024NOK 110.1bNOK 81.1bNOK 702.4m33.4x156.7x1.4x
Wed, 07 Aug 2024NOK 110.4bNOK 82.5bNOK 1.4b20.6x77.7x1.3x
Fri, 05 Jul 2024NOK 113.6bNOK 82.9bNOK 1.6b20.3x72.5x1.4x
Sun, 02 Jun 2024NOK 111.8bNOK 82.8bNOK 1.6b20.5x71.7x1.4x
Tue, 30 Apr 2024NOK 102.1bNOK 82.5bNOK 1.2b20.9x85.2x1.2x
Thu, 28 Mar 2024NOK 95.7bNOK 85.1bNOK 1.7b21x57.4x1.1x
Sat, 24 Feb 2024NOK 94.3bNOK 84.5bNOK 1.5b20.3x61.4x1.1x
Mon, 22 Jan 2024NOK 105.1bNOK 86.0bNOK 950.1m17.9x110.6x1.2x
Wed, 20 Dec 2023NOK 105.1bNOK 85.8bNOK 940.2m17x111.8x1.2x
Fri, 17 Nov 2023NOK 104.2bNOK 87.7b-NOK 77,567,018.0017.2x-1343.6x1.2x
Sun, 15 Oct 2023NOK 107.0bNOK 87.6bNOK 4.1m17.7x26035.3x1.2x
Tue, 12 Sep 2023NOK 109.4bNOK 87.5b-NOK 18,744,955.0021.7x-5833.8x1.2x
Thu, 10 Aug 2023NOK 119.4bNOK 85.2b-NOK 395,732,450.0021.7x-301.7x1.4x
Sat, 08 Jul 2023NOK 116.4bNOK 84.7b-NOK 323,697,855.0021.2x-359.4x1.4x
Mon, 05 Jun 2023NOK 119.5bNOK 85.1b-NOK 395,237,295.0022.7x-302.4x1.4x
Wed, 03 May 2023NOK 109.4bNOK 83.7b-NOK 32,777,342.0022.4x-3338.1x1.3x
Fri, 31 Mar 2023NOK 116.5bNOK 80.8b-NOK 374,252,699.0024.7x-311.3x1.4x
Sun, 26 Feb 2023NOK 113.3bNOK 80.8b-NOK 292,308,626.0024.3x-387.5x1.4x
Tue, 24 Jan 2023NOK 114.4bNOK 111.8bNOK 331.6m26.6x344.9x1x
Thu, 22 Dec 2022NOK 115.6bNOK 111.7bNOK 327.8m24.9x352.7x1x
Sat, 19 Nov 2022NOK 117.9bNOK 112.0bNOK 615.2m23.6x191.6x1.1x
Price to Earnings Ratio

191.6x


Total Market Cap: NOK 117.9bTotal Earnings: NOK 615.2mTotal Revenue: NOK 112.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 295.8x202320242025
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 61.9x which is lower than its 3-year average PE of 296x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 56% 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 Market0.80%
Tech-5.64%
Software-3.59%
IT-4.62%
Electronic Equipment and Components-5.34%
Semiconductors-5.92%
Tech Hardware-14.15%
Communications-14.67%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 344x.
    • Analysts are expecting annual earnings growth of 51.1% 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 22% 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
PLT poLightNOK 7.739.0%
+NOK 136.0m		86.3%PS125.8x
XPLRA Xplora TechnologiesNOK 47.302.4%
+NOK 49.2m		67.1%PS1.6x
OTEC OtelloNOK 15.803.6%
+NOK 44.7m		103.1%PE3.2x
ITERA IteraNOK 7.903.9%
+NOK 24.5m		-12.2%PE25.2x
SPIR Spir GroupNOK 6.722.8%
+NOK 23.9m		-21.9%PE30x

Latest News

BOUV
NOK 58.20
Bouvet
7D
-9.8%
1Y
-19.1%
NOD
NOK 134.30
Nordic Semiconductor
7D
-6.0%
1Y
33.4%
PEXIP
NOK 58.60
Pexip Holding
7D
-7.1%
1Y
36.9%

Pexip Holding ASA Beat Analyst Estimates: See What The Consensus Is Forecasting For Next Year

Nov 11
Pexip Holding ASA Beat Analyst Estimates: See What The Consensus Is Forecasting For Next Year
HDLY
NOK 11.50
Huddly
7D
4.5%
1Y
-78.1%
NAPA
NOK 26.20
Napatech
7D
-22.3%
1Y
4.0%
KIT
NOK 69.40
Kitron
7D
-6.3%
1Y
128.3%

KIT: Defence Orders And Share Buybacks Expected To Support Balanced Outlook

Analysts have raised Kitron's fair value estimate by approximately NOK 5.28, citing improved profit margins, sustained revenue growth, and a slight adjustment in discount and future price-to-earnings expectations. What's in the News Kitron ASA has revised its earnings guidance for 2025, now expecting revenue between EUR 700 and 740 million and operating profit (EBIT) between EUR 59 and 66 million.
PLT
NOK 7.73
poLight
7D
9.0%
1Y
86.3%
SMOP
NOK 26.60
Smartoptics Group
7D
-6.7%
1Y
42.2%
ATEA
NOK 148.80
Atea
7D
-2.7%
1Y
8.5%

Atea's (OB:ATEA) Dividend Will Be NOK3.50

Oct 29
Atea's (OB:ATEA) Dividend Will Be NOK3.50
ITERA
NOK 7.90
Itera
7D
3.9%
1Y
-12.2%

Itera ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Oct 29
Itera ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
XPLRA
NOK 47.30
Xplora Technologies
7D
2.4%
1Y
67.1%
SPIR
NOK 6.72
Spir Group
7D
2.8%
1Y
-21.9%
LOKO
NOK 0.65
Lokotech Group
7D
1.2%
1Y
-35.0%
NORBT
NOK 188.00
Norbit
7D
-7.4%
1Y
102.8%

Innomar Acquisition And GNSS Unit Will Expand Market Opportunities

The significant upward revision in Norbit’s analyst price target is primarily driven by a notable increase in net profit margin, which has outweighed a slight moderation in consensus revenue growth forecasts, resulting in a new fair value estimate of NOK240.00. Valuation Changes Summary of Valuation Changes for Norbit The Consensus Analyst Price Target has significantly risen from NOK152.70 to NOK240.00.
RECSI
NOK 1.26
REC Silicon
7D
3.7%
1Y
-70.7%
OTEC
NOK 15.80
Otello
7D
3.6%
1Y
103.1%