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Norwegian (OSEAX) Tech Sector Analysis

UpdatedFeb 15, 2026
DataAggregated Company Financials
Companies32
  • 7D-3.8%
  • 3M4.7%
  • 1Y12.5%
  • YTD-2.3%

Over the last 7 days, the Tech industry has dropped 3.8%, driven by Nordic Semiconductor declining 8.4%. In contrast, Kitron has gained 9.3%. In the past year, the industry has gained 12%. As for the next few years, earnings are expected to grow by 30% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 15 Feb 2026NOK 119.3bNOK 77.1bNOK 2.2b27.1x54.1x1.5x
Tue, 13 Jan 2026NOK 123.3bNOK 75.9bNOK 1.9b40.8x66x1.6x
Thu, 11 Dec 2025NOK 117.9bNOK 76.0bNOK 1.9b39.1x63.1x1.6x
Sat, 08 Nov 2025NOK 113.4bNOK 75.6bNOK 1.8b31.5x61.7x1.5x
Mon, 06 Oct 2025NOK 114.1bNOK 74.3bNOK 1.8b32.5x65x1.5x
Wed, 03 Sep 2025NOK 112.9bNOK 74.5bNOK 1.7b34.1x65.6x1.5x
Fri, 01 Aug 2025NOK 113.2bNOK 74.0bNOK 1.1b38.6x98.8x1.5x
Sun, 29 Jun 2025NOK 123.4bNOK 80.0bNOK 1.4b38.6x87.1x1.5x
Tue, 27 May 2025NOK 114.8bNOK 79.8bNOK 1.4b36.7x80.5x1.4x
Thu, 24 Apr 2025NOK 102.0bNOK 78.0bNOK 1.1b34.5x95.4x1.3x
Sat, 22 Mar 2025NOK 103.7bNOK 77.7bNOK 1.0b32.8x98.9x1.3x
Mon, 17 Feb 2025NOK 105.6bNOK 78.1bNOK 880.2m28.8x120x1.4x
Wed, 15 Jan 2025NOK 97.1bNOK 76.8bNOK 786.0m33.1x123.5x1.3x
Fri, 13 Dec 2024NOK 98.9bNOK 76.6bNOK 809.2m34x122.2x1.3x
Sun, 10 Nov 2024NOK 93.5bNOK 76.4bNOK 732.0m27.7x127.8x1.2x
Tue, 08 Oct 2024NOK 103.6bNOK 80.9bNOK 713.9m32.9x145.1x1.3x
Thu, 05 Sep 2024NOK 111.5bNOK 81.0bNOK 706.6m33.5x157.8x1.4x
Sat, 03 Aug 2024NOK 112.0bNOK 82.5bNOK 1.4b21x78.9x1.4x
Mon, 01 Jul 2024NOK 113.5bNOK 83.0bNOK 1.6b20.9x72.5x1.4x
Wed, 29 May 2024NOK 110.9bNOK 82.8bNOK 1.6b20.5x71.1x1.3x
Fri, 26 Apr 2024NOK 100.5bNOK 82.7bNOK 1.3b20.6x78.1x1.2x
Sun, 24 Mar 2024NOK 94.1bNOK 85.1bNOK 1.7b20.7x56.4x1.1x
Tue, 20 Feb 2024NOK 97.3bNOK 84.4bNOK 1.5b20.2x63.5x1.2x
Thu, 18 Jan 2024NOK 102.8bNOK 86.1bNOK 950.9m17.9x108.1x1.2x
Sat, 16 Dec 2023NOK 105.8bNOK 86.0bNOK 948.3m16.8x111.6x1.2x
Mon, 13 Nov 2023NOK 100.5bNOK 88.0b-NOK 95,015,596.0016.2x-1057.3x1.1x
Wed, 11 Oct 2023NOK 106.2bNOK 87.4bNOK 11.9m17.8x8892.1x1.2x
Fri, 08 Sep 2023NOK 110.6bNOK 87.6b-NOK 21,789,800.0021.3x-5075.6x1.3x
Sun, 06 Aug 2023NOK 120.9bNOK 85.1b-NOK 385,411,133.0021.6x-313.8x1.4x
Tue, 04 Jul 2023NOK 119.5bNOK 84.7b-NOK 315,331,275.0022x-378.9x1.4x
Thu, 01 Jun 2023NOK 117.4bNOK 85.3b-NOK 401,551,405.0022.2x-292.3x1.4x
Sat, 29 Apr 2023NOK 109.9bNOK 82.5b-NOK 173,603,559.0023.4x-633x1.3x
Mon, 27 Mar 2023NOK 111.6bNOK 80.9b-NOK 385,674,428.0023.3x-289.4x1.4x
Wed, 22 Feb 2023NOK 114.3bNOK 80.8b-NOK 175,699,705.0025.2x-650.7x1.4x
Price to Earnings Ratio

-650.7x


Total Market Cap: NOK 114.3bTotal Earnings: -NOK 175,699,705.00Total Revenue: NOK 80.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 273.6x202420252026
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 55.7x 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 1.5x.
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 Market0.59%
Tech-3.75%
Electronic Equipment and Components4.87%
Communications1.69%
Tech Hardware-3.61%
IT-6.38%
Semiconductors-8.22%
Software-11.10%
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 30.9%, which is higher than its past year's earnings growth of 27.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Communications industry, expecting annual earnings growth of 40% 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 92.909.3%
+NOK 1.7b		141.5%PE57.2x
NORBT NorbitNOK 193.601.5%
+NOK 195.5m		76.0%PE30.6x
SMOP Smartoptics GroupNOK 29.905.3%
+NOK 147.1m		30.0%PE74.5x
HDLY HuddlyNOK 24.7012.3%
+NOK 73.7m		1.2%PS3.4x
OTEC OtelloNOK 18.155.2%
+NOK 63.1m		140.7%PE3.3x

Latest News

KIT
NOK 92.90
Kitron
7D
9.3%
1Y
141.5%

This Just In: Analysts Are Boosting Their Kitron ASA (OB:KIT) Outlook for This Year

Feb 15
This Just In: Analysts Are Boosting Their Kitron ASA (OB:KIT) Outlook for This Year
LINK
NOK 21.90
LINK Mobility Group Holding
7D
-15.9%
1Y
-11.5%

LINK Mobility Group Holding ASA Just Missed Earnings - But Analysts Have Updated Their Models

Feb 15
LINK Mobility Group Holding ASA Just Missed Earnings - But Analysts Have Updated Their Models
PEXIP
NOK 65.20
Pexip Holding
7D
-10.9%
1Y
47.2%
BOUV
NOK 49.10
Bouvet
7D
-15.2%
1Y
-38.5%

Bouvet ASA (OB:BOUV) Shares Could Be 33% Below Their Intrinsic Value Estimate

Feb 14
Bouvet ASA (OB:BOUV) Shares Could Be 33% Below Their Intrinsic Value Estimate
SMCRT
NOK 16.35
SmartCraft
7D
-13.3%
1Y
-37.6%

SMCRT: New Business Segments And Merger Plan Will Support Future Upside

Analysts have trimmed their SmartCraft price target from NOK 32.50 to NOK 27.25, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E that collectively point to a more cautious valuation framework. What's in the News SmartCraft is shifting from a country-based setup to a business area driven structure with four business areas and matching financial segments as of 1 October 2025.
NORBT
NOK 193.60
Norbit
7D
1.5%
1Y
76.0%
ATEA
NOK 141.20
Atea
7D
-3.4%
1Y
7.1%

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
RECSI
NOK 0.45
REC Silicon
7D
-58.0%
1Y
-67.1%
XPLRA
NOK 52.40
Xplora Technologies
7D
-3.7%
1Y
67.4%

XPLRA: Subscription Expansion Will Drive Future Upside From Current Levels

Analysts have trimmed their price target on Xplora Technologies to reflect a modestly lower assumed future P/E ratio. At the same time, they have kept fair value around $70.13, based on expectations for slightly higher revenue growth and profit margins.
NOD
NOK 142.20
Nordic Semiconductor
7D
-8.4%
1Y
-0.7%

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 4.50
Elliptic Laboratories
7D
2.7%
1Y
-53.9%

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).
HDLY
NOK 24.70
Huddly
7D
12.3%
1Y
1.2%

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 0.72
Lokotech Group
7D
2.6%
1Y
-67.2%
OTEC
NOK 18.15
Otello
7D
5.2%
1Y
140.7%
SMOP
NOK 29.90
Smartoptics Group
7D
5.3%
1Y
30.0%
AIX
NOK 4.46
Ayfie International
7D
10.7%
1Y
10.4%