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Norwegian (OSEAX) Tech Sector Analysis

UpdatedDec 16, 2025
DataAggregated Company Financials
Companies32
  • 7D1.2%
  • 3M-1.9%
  • 1Y25.8%
  • YTD23.2%

Over the last 7 days, the Tech industry has risen 1.6%, driven by gains from Kitron of 7.5%. This means that the industry has gained 27% over the past year. 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
Tue, 16 Dec 2025NOK 119.7bNOK 76.1bNOK 1.9b39.7x63.9x1.6x
Thu, 13 Nov 2025NOK 114.6bNOK 75.5bNOK 1.8b32x63.1x1.5x
Sat, 11 Oct 2025NOK 114.9bNOK 74.5bNOK 1.8b32.8x65.4x1.5x
Mon, 08 Sep 2025NOK 113.9bNOK 74.5bNOK 1.7b34.1x66.1x1.5x
Wed, 06 Aug 2025NOK 111.6bNOK 74.0bNOK 1.2b37.7x97x1.5x
Fri, 04 Jul 2025NOK 123.2bNOK 80.0bNOK 1.4b39.1x86.9x1.5x
Sun, 01 Jun 2025NOK 115.8bNOK 79.9bNOK 1.4b36.5x82.6x1.4x
Tue, 29 Apr 2025NOK 104.8bNOK 77.7bNOK 1.1b33.9x97.1x1.3x
Thu, 27 Mar 2025NOK 103.3bNOK 77.7bNOK 1.0b32.6x98.8x1.3x
Sat, 22 Feb 2025NOK 108.6bNOK 78.2bNOK 900.0m30.8x120.7x1.4x
Mon, 20 Jan 2025NOK 98.8bNOK 76.9bNOK 782.3m32.8x126.3x1.3x
Wed, 18 Dec 2024NOK 97.2bNOK 76.7bNOK 804.5m32.5x120.8x1.3x
Fri, 15 Nov 2024NOK 94.5bNOK 76.6bNOK 758.8m27.2x124.6x1.2x
Sun, 13 Oct 2024NOK 105.2bNOK 80.9bNOK 709.3m34.7x148.3x1.3x
Tue, 10 Sep 2024NOK 110.8bNOK 81.2bNOK 693.3m33.3x159.9x1.4x
Thu, 08 Aug 2024NOK 112.4bNOK 82.3bNOK 1.4b21x79.3x1.4x
Sat, 06 Jul 2024NOK 115.7bNOK 82.9bNOK 1.6b20.6x73.8x1.4x
Mon, 03 Jun 2024NOK 111.8bNOK 82.8bNOK 1.6b20.5x71.7x1.4x
Wed, 01 May 2024NOK 103.4bNOK 82.7bNOK 1.3b22.4x80.3x1.3x
Fri, 29 Mar 2024NOK 95.1bNOK 84.4bNOK 1.6b22.3x59.3x1.1x
Sun, 25 Feb 2024NOK 94.3bNOK 84.5bNOK 1.5b20.3x60.8x1.1x
Tue, 23 Jan 2024NOK 106.9bNOK 86.1bNOK 951.0m18.4x112.4x1.2x
Thu, 21 Dec 2023NOK 104.7bNOK 85.8bNOK 941.5m17.2x111.2x1.2x
Sat, 18 Nov 2023NOK 98.4bNOK 86.4bNOK 1.1b17.1x93.3x1.1x
Mon, 16 Oct 2023NOK 107.0bNOK 87.6bNOK 4.1m17.7x26035.3x1.2x
Wed, 13 Sep 2023NOK 109.3bNOK 87.5b-NOK 20,176,633.0021.7x-5416.6x1.2x
Fri, 11 Aug 2023NOK 120.6bNOK 85.4b-NOK 369,100,349.0023.8x-326.7x1.4x
Sun, 09 Jul 2023NOK 116.4bNOK 84.7b-NOK 324,046,727.0021.2x-359.1x1.4x
Tue, 06 Jun 2023NOK 120.0bNOK 85.1b-NOK 395,089,846.0022.6x-303.8x1.4x
Thu, 04 May 2023NOK 109.4bNOK 83.6b-NOK 30,944,057.0022.4x-3535.2x1.3x
Sat, 01 Apr 2023NOK 116.7bNOK 80.9b-NOK 386,085,906.0024.6x-302.2x1.4x
Mon, 27 Feb 2023NOK 113.3bNOK 80.8b-NOK 292,308,626.0024.3x-387.5x1.4x
Wed, 25 Jan 2023NOK 115.6bNOK 111.8bNOK 329.0m26.6x351.3x1x
Fri, 23 Dec 2022NOK 113.5bNOK 111.8bNOK 326.8m25.4x347.3x1x
Price to Earnings Ratio

347.3x


Total Market Cap: NOK 113.5bTotal Earnings: NOK 326.8mTotal Revenue: NOK 111.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 289.6x202320242025
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 64.2x which is lower than its 3-year average PE of 290x.
  • 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 79% 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 Market0.23%
Tech1.20%
Tech Hardware5.54%
IT4.30%
Communications3.30%
Software2.42%
Electronic Equipment and Components1.58%
Semiconductors-4.22%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 358x.
    • 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 17% 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 67.707.5%
+NOK 1.0b		107.7%PE39x
ATEA AteaNOK 161.404.0%
+NOK 690.9m		15.8%PE22.5x
APR AppearNOK 88.2114.7%
+NOK 461.4m		n/an/a
BOUV BouvetNOK 64.506.1%
+NOK 380.8m		-14.0%PE17.4x
PEXIP Pexip HoldingNOK 77.104.9%
+NOK 368.9m		70.8%PE40.4x

Latest News

ELABS
NOK 6.11
Elliptic Laboratories
7D
-10.0%
1Y
-41.8%
LINK
NOK 32.65
LINK Mobility Group Holding
7D
2.8%
1Y
36.3%

LINK: Higher Margins Are Expected To Drive Stronger Future Earnings Potential

Analysts have lifted their price target on LINK Mobility Group Holding from NOK 29.00 to NOK 40.00, citing expectations of faster revenue growth, higher profit margins, and a modestly lower discount rate that together support a richer future earnings multiple. Valuation Changes Fair Value: The price target was increased significantly from NOK 29.00 to NOK 40.00, implying a notably higher assessed equity value.
NOD
NOK 129.00
Nordic Semiconductor
7D
-4.5%
1Y
27.2%
XPLRA
NOK 51.80
Xplora Technologies
7D
-5.5%
1Y
57.9%

XPLRA: Subscription Momentum Will Support Moderately Stronger Profitability Expectations Ahead

Analysts have raised their price target on Xplora Technologies from $48.50 to $55.50, citing expectations of stronger long term profitability and a slightly lower valuation multiple, despite moderating revenue growth and a marginally higher discount rate. What's in the News Reported a subscriptions update for October 2025, adding 15,000 gross new subscriptions and reaching 446,000 total subscriptions, up 118,000 from October 2024 (company announcement) Previously disclosed a subscriptions update for September 2025, adding 22,000 gross new subscriptions and reaching 443,000 total subscriptions, up 116,000 from September 2024 (company announcement) Scheduled an Analyst and Investor Day focused on third quarter 2025 financial results and a broader Capital Markets Update (company announcement) Valuation Changes Fair Value: Raised from NOK 48.50 to NOK 55.50, reflecting a moderate upward revision in the analyst price target.
PEXIP
NOK 77.10
Pexip Holding
7D
4.9%
1Y
70.8%
KIT
NOK 67.70
Kitron
7D
7.5%
1Y
107.7%
NORBT
NOK 176.20
Norbit
7D
-1.5%
1Y
86.5%

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

Dec 10
Estimating The Intrinsic Value Of Norbit ASA (OB:NORBT)
PLT
NOK 6.46
poLight
7D
-10.5%
1Y
22.3%
AIRX
NOK 0.10
Airthings
7D
-50.7%
1Y
-95.7%
BOUV
NOK 64.50
Bouvet
7D
6.1%
1Y
-14.0%

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

Nov 14
Bouvet ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
ATEA
NOK 161.40
Atea
7D
4.0%
1Y
15.8%
APR
NOK 88.21
Appear
7D
14.7%
1Y
n/a
NAPA
NOK 31.65
Napatech
7D
-4.2%
1Y
40.7%
SMCRT
NOK 25.00
SmartCraft
7D
-1.2%
1Y
-15.5%
LOKO
NOK 0.82
Lokotech Group
7D
12.9%
1Y
-55.1%
OTEC
NOK 18.80
Otello
7D
5.3%
1Y
144.8%