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Norwegian (OSEAX) Tech Sector Analysis

UpdatedFeb 13, 2026
DataAggregated Company Financials
Companies32
  • 7D-0.5%
  • 3M5.1%
  • 1Y14.7%
  • YTD-1.3%

Over the last 7 days, the Tech industry has risen 2.4%, driven by gains from Kitron of 8.0%. In the same time, LINK Mobility Group Holding was down 9.5%. In the last 12 months, the industry was up 16%. Earnings are forecast to grow by 30% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Feb 2026NOK 120.1bNOK 77.0bNOK 2.2b29x55.6x1.6x
Sun, 11 Jan 2026NOK 124.4bNOK 76.0bNOK 1.9b41.1x66.6x1.6x
Tue, 09 Dec 2025NOK 118.2bNOK 76.0bNOK 1.9b37.6x63.2x1.6x
Thu, 06 Nov 2025NOK 117.4bNOK 75.6bNOK 1.8b34.6x65.3x1.6x
Sat, 04 Oct 2025NOK 114.1bNOK 74.3bNOK 1.8b32.5x65x1.5x
Mon, 01 Sep 2025NOK 116.8bNOK 74.5bNOK 1.7b34.5x67.8x1.6x
Wed, 30 Jul 2025NOK 112.6bNOK 73.9bNOK 1.2b37.9x97.7x1.5x
Fri, 27 Jun 2025NOK 123.7bNOK 80.0bNOK 1.4b39.3x87.3x1.5x
Sun, 25 May 2025NOK 113.7bNOK 79.5bNOK 1.5b36.6x75.8x1.4x
Tue, 22 Apr 2025NOK 100.4bNOK 78.0bNOK 1.1b32.8x93.1x1.3x
Thu, 20 Mar 2025NOK 104.5bNOK 77.8bNOK 1.0b32.5x99.7x1.3x
Sat, 15 Feb 2025NOK 105.6bNOK 78.0bNOK 1.1b26.1x97.9x1.4x
Mon, 13 Jan 2025NOK 98.2bNOK 76.0bNOK 739.2m37.8x132.9x1.3x
Wed, 11 Dec 2024NOK 97.2bNOK 76.7bNOK 806.5m33.7x120.5x1.3x
Fri, 08 Nov 2024NOK 99.7bNOK 77.7bNOK 746.5m27.4x133.6x1.3x
Sun, 06 Oct 2024NOK 103.9bNOK 80.9bNOK 713.7m33.1x145.6x1.3x
Tue, 03 Sep 2024NOK 114.7bNOK 80.9bNOK 721.1m34.4x159.1x1.4x
Thu, 01 Aug 2024NOK 115.8bNOK 82.4bNOK 1.4b21.3x81.8x1.4x
Sat, 29 Jun 2024NOK 113.5bNOK 83.0bNOK 1.6b20.9x72.5x1.4x
Mon, 27 May 2024NOK 110.8bNOK 83.0bNOK 1.6b20.6x70.4x1.3x
Wed, 24 Apr 2024NOK 94.0bNOK 84.5bNOK 1.6b22x59.5x1.1x
Fri, 22 Mar 2024NOK 93.6bNOK 85.0bNOK 1.7b20.8x56.2x1.1x
Sun, 18 Feb 2024NOK 97.8bNOK 84.4bNOK 1.7b20.4x56.2x1.2x
Tue, 16 Jan 2024NOK 103.7bNOK 85.9bNOK 944.5m17.4x109.8x1.2x
Thu, 14 Dec 2023NOK 102.0bNOK 86.7bNOK 970.6m16.5x105.1x1.2x
Sat, 11 Nov 2023NOK 100.5bNOK 88.0b-NOK 76,369,632.0016.4x-1315.9x1.1x
Mon, 09 Oct 2023NOK 103.3bNOK 87.6bNOK 8.0m17.2x12838.8x1.2x
Wed, 06 Sep 2023NOK 112.4bNOK 87.4b-NOK 23,869,224.0021.7x-4708.8x1.3x
Fri, 04 Aug 2023NOK 120.3bNOK 85.2b-NOK 392,637,551.0021.6x-306.4x1.4x
Sun, 02 Jul 2023NOK 119.3bNOK 84.8b-NOK 317,588,390.0021.6x-375.7x1.4x
Tue, 30 May 2023NOK 116.6bNOK 85.3b-NOK 371,968,295.0022x-313.4x1.4x
Thu, 27 Apr 2023NOK 105.3bNOK 80.7b-NOK 217,553,905.0023.6x-483.9x1.3x
Sat, 25 Mar 2023NOK 111.6bNOK 80.9b-NOK 387,619,863.0023.2x-288x1.4x
Mon, 20 Feb 2023NOK 115.4bNOK 80.7b-NOK 178,675,039.0026.1x-646.1x1.4x
Price to Earnings Ratio

-646.1x


Total Market Cap: NOK 115.4bTotal Earnings: -NOK 178,675,039.00Total Revenue: NOK 80.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 274.1x202420252026
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 56.6x which is lower than its 3-year average PE of 274x.
  • The 3-year average PS ratio of 1.4x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • Total earnings for the Information Technology industry have gone up over the last three years, and the industry is now profitable.
  • Revenues have remained mostly flat. This means that the industry has become more efficient since profits are increasing while sales have been flat.

Industry Trends

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

NO Market4.09%
Tech-0.54%
Communications5.00%
Electronic Equipment and Components3.53%
Semiconductors-0.55%
IT-3.00%
Tech Hardware-3.14%
Software-6.74%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 30.2%, which is lower than the prior year's growth of 49.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Communications industry, expecting annual earnings growth of 39% over the next 5 years.
  • However this is lower than its past earnings growth rate of 67% per year.
  • In contrast, the IT 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
KIT KitronNOK 87.508.0%
+NOK 1.4b		135.1%PE53.7x
NAPA NapatechNOK 33.406.7%
+NOK 231.2m		37.4%PS18.2x
SMOP Smartoptics GroupNOK 29.606.9%
+NOK 186.3m		34.5%PE73.5x
HDLY HuddlyNOK 24.807.8%
+NOK 49.2m		1.5%PS3.4x
OTEC OtelloNOK 18.353.4%
+NOK 42.1m		142.1%PE3.4x

Latest News

ATEA
NOK 141.80
Atea
7D
-3.1%
1Y
7.8%

Atea ASA (OB:ATEA) Just Released Its Yearly Results And Analysts Are Updating Their Estimates

Feb 13
Atea ASA (OB:ATEA) Just Released Its Yearly Results And Analysts Are Updating Their Estimates
NORBT
NOK 184.00
Norbit
7D
-0.9%
1Y
73.6%
KIT
NOK 87.50
Kitron
7D
8.0%
1Y
135.1%
RECSI
NOK 0.44
REC Silicon
7D
-58.7%
1Y
-68.4%
LINK
NOK 22.95
LINK Mobility Group Holding
7D
-9.5%
1Y
-4.2%

LINK: Steady Fair Value And Higher Future P/E Will Support Upside

Analysts have kept their fair value estimate for LINK Mobility Group Holding steady at €40.00, while updating their assumptions to reflect a slightly higher discount rate, a lower revenue growth outlook, a reduced profit margin and a higher future P/E multiple, which together explain the unchanged price target. What's in the News An extraordinary general meeting is scheduled for February 3, 2026, at 10:00 W.
NOD
NOK 148.70
Nordic Semiconductor
7D
-0.6%
1Y
4.9%

NOD: Edge AI Rollout Will Support Re Rated Long Term Earnings Potential

Analysts have raised their price target on Nordic Semiconductor to €200.00, pointing to updated assumptions for slightly higher revenue growth and a modest adjustment in the discount rate and future P/E expectations following a more positive stance in recent research. Analyst Commentary Bullish analysts are leaning into a more constructive view on Nordic Semiconductor, using the recent research update to justify a higher price target and a more supportive stance on the shares.
ELABS
NOK 4.46
Elliptic Laboratories
7D
3.7%
1Y
-53.0%

ELABS: New Smartphone Licensing Wins Will Support Future Upside Potential

Analysts have maintained their price target for Elliptic Laboratories at €13.0. Their updated assumptions reflect a slightly higher discount rate and a small adjustment to the future P/E multiple, while revenue growth and profit margin expectations remain unchanged. What's in the News Elliptic Labs shipped its AI Virtual Smart Sensor Platform on seven smartphone models in December 2025, including five models from Vivo and two from HONOR, contributing to a total of 65 smartphone models using its technology in 2025 (Key Developments).
PEXIP
NOK 68.50
Pexip Holding
7D
-5.9%
1Y
53.1%

PEXIP: Future Outlook Will Emphasize Fair Value Margins And Earnings Multiple

Analysts have adjusted their price target for Pexip Holding to reflect updated assumptions around slightly higher revenue growth, a lower profit margin profile, and a higher future P/E multiple. Valuation Changes Fair Value: Kept unchanged at 77.5, indicating no revision to the central value estimate.
BOUV
NOK 54.40
Bouvet
7D
-3.0%
1Y
-32.0%
HDLY
NOK 24.80
Huddly
7D
7.8%
1Y
1.5%

Optimistic Investors Push Huddly AS (OB:HDLY) Shares Up 33% But Growth Is Lacking

Feb 04
Optimistic Investors Push Huddly AS (OB:HDLY) Shares Up 33% But Growth Is Lacking
LOKO
NOK 0.73
Lokotech Group
7D
2.8%
1Y
-65.5%
SMCRT
NOK 17.00
SmartCraft
7D
-10.5%
1Y
-35.1%
NAPA
NOK 33.40
Napatech
7D
6.7%
1Y
37.4%
OTEC
NOK 18.35
Otello
7D
3.4%
1Y
142.1%
SMOP
NOK 29.60
Smartoptics Group
7D
6.9%
1Y
34.5%
APR
NOK 70.00
Appear
7D
0.5%
1Y
n/a