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Norwegian (OSEAX) Tech Sector Analysis

UpdatedMar 11, 2026
DataAggregated Company Financials
Companies30
  • 7D1.9%
  • 3M3.7%
  • 1Y28.7%
  • YTD0.7%

Over the last 7 days, the Tech industry has dropped 2.8%, driven by Kitron declining 7.6%. Meanwhile, Nordic Semiconductor actually outperformed within the industry, gaining 8.2% in the last week. Over the past 12 months, the industry was up 24%. As for the next few years, earnings are expected to grow by 27% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Mar 2026NOK 121.6bNOK 76.8bNOK 2.6b25.7x46.7x1.6x
Fri, 06 Feb 2026NOK 120.7bNOK 76.3bNOK 2.0b31.5x60.9x1.6x
Sun, 04 Jan 2026NOK 121.5bNOK 76.0bNOK 1.9b40.3x65x1.6x
Tue, 02 Dec 2025NOK 112.5bNOK 76.0bNOK 1.9b32.8x60.2x1.5x
Thu, 30 Oct 2025NOK 121.0bNOK 75.1bNOK 1.8b36.7x65.8x1.6x
Sat, 27 Sep 2025NOK 112.8bNOK 74.4bNOK 1.8b33.7x64.3x1.5x
Mon, 25 Aug 2025NOK 116.3bNOK 74.6bNOK 1.9b34.1x61.9x1.6x
Wed, 23 Jul 2025NOK 112.7bNOK 73.8bNOK 1.2b37.9x97.2x1.5x
Fri, 20 Jun 2025NOK 122.0bNOK 79.8bNOK 1.4b39.3x86.6x1.5x
Sun, 18 May 2025NOK 114.3bNOK 79.7bNOK 1.3b36.8x88.4x1.4x
Tue, 15 Apr 2025NOK 98.6bNOK 78.1bNOK 1.1b32.3x92.3x1.3x
Thu, 13 Mar 2025NOK 99.9bNOK 77.9bNOK 970.9m28x102.9x1.3x
Sat, 08 Feb 2025NOK 105.8bNOK 78.3bNOK 764.9m36.7x138.3x1.4x
Mon, 06 Jan 2025NOK 99.3bNOK 76.8bNOK 788.6m34x126x1.3x
Wed, 04 Dec 2024NOK 95.6bNOK 76.6bNOK 819.9m34.1x116.6x1.2x
Fri, 01 Nov 2024NOK 104.5bNOK 77.8bNOK 698.2m28.7x149.6x1.3x
Sun, 29 Sep 2024NOK 106.2bNOK 80.8bNOK 730.0m32.4x145.5x1.3x
Tue, 27 Aug 2024NOK 112.9bNOK 80.5bNOK 649.0m34.2x174x1.4x
Thu, 25 Jul 2024NOK 116.5bNOK 82.6bNOK 1.4b20.7x82.1x1.4x
Sat, 22 Jun 2024NOK 112.2bNOK 82.8bNOK 1.6b21.5x71.8x1.4x
Mon, 20 May 2024NOK 109.6bNOK 83.1bNOK 1.6b21.1x69.5x1.3x
Wed, 17 Apr 2024NOK 94.0bNOK 84.5bNOK 1.6b22.5x59.6x1.1x
Fri, 15 Mar 2024NOK 93.1bNOK 84.8bNOK 1.7b21x56.2x1.1x
Sun, 11 Feb 2024NOK 96.8bNOK 83.1bNOK 1.6b18.4x60x1.2x
Tue, 09 Jan 2024NOK 103.7bNOK 85.9bNOK 945.4m17.5x109.7x1.2x
Thu, 07 Dec 2023NOK 99.2bNOK 86.7bNOK 964.3m16.6x102.9x1.1x
Sat, 04 Nov 2023NOK 98.8bNOK 87.3b-NOK 235,809,289.0019.1x-418.9x1.1x
Mon, 02 Oct 2023NOK 106.7bNOK 87.2bNOK 13.4m18.4x7957.9x1.2x
Wed, 30 Aug 2023NOK 112.4bNOK 87.3b-NOK 27,646,707.0022.4x-4065.5x1.3x
Fri, 28 Jul 2023NOK 120.9bNOK 85.0b-NOK 374,767,430.0021.4x-322.5x1.4x
Sun, 25 Jun 2023NOK 118.0bNOK 84.9b-NOK 322,106,510.0021.6x-366.4x1.4x
Tue, 23 May 2023NOK 115.9bNOK 84.4b-NOK 317,953,609.0025.4x-364.6x1.4x
Thu, 20 Apr 2023NOK 114.7bNOK 81.0b-NOK 411,231,396.0024x-278.9x1.4x
Sat, 18 Mar 2023NOK 112.4bNOK 81.1b-NOK 346,765,896.0023.4x-324x1.4x
Price to Earnings Ratio

-324x


Total Market Cap: NOK 112.4bTotal Earnings: -NOK 346,765,896.00Total Revenue: NOK 81.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 282.6x202420252026
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 46.5x which is lower than its 3-year average PE of 282x.
  • The 3-year average PS ratio of 1.4x is lower than the industry's current PS ratio of 1.5x.
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 Market0.97%
Tech1.87%
Semiconductors8.10%
Software4.00%
Communications1.32%
IT0.80%
Electronic Equipment and Components-2.31%
Tech Hardware-2.83%
Industry PE
  • Investors are most optimistic about the Semiconductors industry even though it's trading below its 3-year average PE ratio of 381x.
    • Analysts are expecting annual earnings growth of 36.7% and investors are willing to pay a premium for that growth.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 37% over the next 5 years.
  • 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
NOD Nordic SemiconductorNOK 147.108.2%
+NOK 2.2b		16.9%PE185.3x
NORBT NorbitNOK 206.003.8%
+NOK 485.6m		95.4%PE32.6x
LINK LINK Mobility Group HoldingNOK 21.655.6%
+NOK 333.2m		2.1%PE72x
IDEX IDEX BiometricsNOK 10.6570.2%
+NOK 326.4m		166.9%PS299.7x
PEXIP Pexip HoldingNOK 63.204.5%
+NOK 281.8m		55.9%PE26.6x

Latest News

NOD
NOK 147.10
Nordic Semiconductor
7D
8.2%
1Y
16.9%
KIT
NOK 99.80
Kitron
7D
-7.6%
1Y
123.8%

KIT: Defence Orders And Energy Demand Will Support Steady Earnings And Dividend

Analysts have kept their NOK 101.50 price target for Kitron broadly unchanged, with only small adjustments to inputs such as the discount rate and assumed future P/E. This reflects fine tuning of their valuation rather than a shift in overall conviction.
LINK
NOK 21.65
LINK Mobility Group Holding
7D
5.6%
1Y
2.1%

LINK: Future Cash Generation And M&A Pipeline Will Drive Upside Potential

Analysts have reset their price target for LINK Mobility Group Holding to NOK30.25 from NOK43.75, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E. These revisions point to a more cautious outlook on the shares.
ELABS
NOK 2.99
Elliptic Laboratories
7D
-15.1%
1Y
-70.3%
IDEX
NOK 10.65
IDEX Biometrics
7D
70.2%
1Y
166.9%
PEXIP
NOK 63.20
Pexip Holding
7D
4.5%
1Y
55.9%

PEXIP: Future Outlook Will Emphasize Dividend Visibility And Margin Expansion Potential

Analysts have adjusted their price target for Pexip Holding to NOK 75.0 from NOK 75, citing updated assumptions around slightly higher long term revenue growth, improved profit margins and a modestly lower future P/E multiple. What's in the News Pexip Holding ASA announced an annual dividend of NOK 3.0000 per share, with payment scheduled for April 28, 2026 (Key Developments).
CYVIZ
NOK 36.30
Cyviz
7D
-0.8%
1Y
24.3%
SMCRT
NOK 17.25
SmartCraft
7D
4.2%
1Y
-33.9%

AI Workflow Adoption And New Markets Will Drive This Construction Software Specialist Forward

Catalysts About SmartCraft SmartCraft provides software solutions that help smaller construction and property management companies plan work, communicate and run projects more efficiently. What are the underlying business or industry changes driving this perspective?
ATEA
NOK 141.00
Atea
7D
-0.1%
1Y
7.0%

ATEA: High Dividend And New Tradebroker Contract Will Drive Upside

Narrative update on Atea The analyst price target for Atea is held at NOK 165, with modest adjustments to the discount rate, revenue growth assumptions, profit margin outlook and future P/E to reflect analysts' refreshed views on the company’s risk profile and earnings potential. What's in the News The Board plans to propose to the 2026 AGM an annual dividend of NOK 7.50 per share for 2025, representing a payout of about 95% of net profit after tax, citing higher profit, strong cash flow and a healthy balance sheet (company announcement).
NORBT
NOK 206.00
Norbit
7D
3.8%
1Y
95.4%

NORBT: Defence Contracts And Dividend Policy Will Shape A Measured Forward Outlook

Analysts have raised their Norbit price target from NOK 207.50 to NOK 214.00, citing new coverage and supportive views on the company's earnings profile and valuation assumptions. Analyst Commentary Recent research initiation and the higher price target frame Norbit as a name where analysts see upside potential, but also clear execution checkpoints investors should watch.
XPLRA
NOK 53.00
Xplora Technologies
7D
-1.5%
1Y
100.8%

XPLRA: Subscription Gains And Margin Outlook Will Support Balanced Return Expectations

Analysts have kept their NOK 55.50 price target for Xplora Technologies unchanged. They point to updated assumptions around a slightly higher discount rate, revenue growth of 18.09%, a profit margin of 8.71% and a lower future P/E of 14.32x to support their view.
SMOP
NOK 36.90
Smartoptics Group
7D
2.5%
1Y
80.9%

SMOP: Future Margin Strength And DWDM Wins Will Drive Repricing

Analysts have lifted their price target for Smartoptics Group from around NOK 24 to roughly NOK 50, citing updated assumptions for revenue growth, profit margins, the discount rate, and a higher future P/E multiple. What's in the News Teraco, a Digital Realty company in South Africa, has deployed redundant 100G DWDM links between its CT1 and CT2 Cape Town data centers using Smartoptics equipment, aiming to support cloud, content, connectivity and financial ecosystems along a high demand bandwidth corridor (Client announcement).
INDCT
NOK 3.64
Induct
7D
-3.2%
1Y
4.0%
ENSU
NOK 0.69
Ensurge Micropower
7D
-4.8%
1Y
-41.0%
BOUV
NOK 50.10
Bouvet
7D
2.6%
1Y
-29.1%
RIVER
NOK 3.30
River Tech
7D
-2.4%
1Y
-80.4%