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Norwegian (OSEAX) Tech Sector Analysis

UpdatedFeb 10, 2026
DataAggregated Company Financials
Companies32
  • 7D1.8%
  • 3M7.9%
  • 1Y18.4%
  • YTD1.9%

The Tech industry is up 1.4% in the last week, with Nordic Semiconductor up 18%. During this same period, the LINK Mobility Group Holding underperformed, falling 21%. This takes the industry's 12 month performance to a gain of 18%. As for the next few years, earnings are expected to grow by 32% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Feb 2026NOK 124.0bNOK 76.3bNOK 2.1b33.1x60.2x1.6x
Thu, 08 Jan 2026NOK 124.0bNOK 76.0bNOK 1.9b41.7x66.3x1.6x
Sat, 06 Dec 2025NOK 118.1bNOK 76.0bNOK 1.9b37x63.2x1.6x
Mon, 03 Nov 2025NOK 118.9bNOK 75.5bNOK 1.8b36x66.2x1.6x
Wed, 01 Oct 2025NOK 112.7bNOK 74.4bNOK 1.8b33.4x64.2x1.5x
Fri, 29 Aug 2025NOK 116.8bNOK 74.5bNOK 1.7b34.4x67.4x1.6x
Sun, 27 Jul 2025NOK 111.2bNOK 74.0bNOK 1.2b38.6x96.2x1.5x
Tue, 24 Jun 2025NOK 122.0bNOK 79.9bNOK 1.4b38.6x86.3x1.5x
Thu, 22 May 2025NOK 115.1bNOK 79.5bNOK 1.3b38.4x88.1x1.4x
Sat, 19 Apr 2025NOK 100.4bNOK 78.0bNOK 1.1b32.8x93.5x1.3x
Mon, 17 Mar 2025NOK 102.6bNOK 77.9bNOK 1.0b31.2x98.3x1.3x
Wed, 12 Feb 2025NOK 104.8bNOK 78.3bNOK 768.7m36.6x136.4x1.3x
Fri, 10 Jan 2025NOK 98.9bNOK 76.8bNOK 786.4m32.8x125.8x1.3x
Sun, 08 Dec 2024NOK 96.5bNOK 76.7bNOK 808.5m33.3x119.3x1.3x
Tue, 05 Nov 2024NOK 102.3bNOK 77.8bNOK 693.9m28.3x147.4x1.3x
Thu, 03 Oct 2024NOK 104.3bNOK 80.9bNOK 719.7m31.4x144.9x1.3x
Sat, 31 Aug 2024NOK 116.5bNOK 80.9bNOK 727.7m35.7x160.1x1.4x
Mon, 29 Jul 2024NOK 113.3bNOK 82.6bNOK 1.4b20.7x79.8x1.4x
Wed, 26 Jun 2024NOK 111.5bNOK 82.9bNOK 1.6b21.1x71.2x1.3x
Fri, 24 May 2024NOK 110.8bNOK 83.1bNOK 1.6b20.9x70.3x1.3x
Sun, 21 Apr 2024NOK 92.6bNOK 84.6bNOK 1.6b22.2x58.5x1.1x
Tue, 19 Mar 2024NOK 92.1bNOK 85.0bNOK 1.7b20.4x55.4x1.1x
Thu, 15 Feb 2024NOK 97.0bNOK 83.1bNOK 1.6b18.5x61.2x1.2x
Sat, 13 Jan 2024NOK 104.5bNOK 85.8bNOK 940.3m17.3x111.2x1.2x
Mon, 11 Dec 2023NOK 101.0bNOK 86.6bNOK 968.0m16.7x104.3x1.2x
Wed, 08 Nov 2023NOK 99.6bNOK 87.7b-NOK 189,211,394.0017.3x-526.6x1.1x
Fri, 06 Oct 2023NOK 103.2bNOK 87.6bNOK 3.3m17.5x31655.9x1.2x
Sun, 03 Sep 2023NOK 114.2bNOK 87.4b-NOK 21,355,848.0022.8x-5346.9x1.3x
Tue, 01 Aug 2023NOK 122.3bNOK 85.1b-NOK 383,509,531.0021.4x-318.8x1.4x
Thu, 29 Jun 2023NOK 115.0bNOK 84.9b-NOK 319,646,853.0021.1x-359.9x1.4x
Sat, 27 May 2023NOK 116.6bNOK 85.2b-NOK 428,900,190.0022.8x-271.8x1.4x
Mon, 24 Apr 2023NOK 106.6bNOK 80.6b-NOK 213,533,663.0022.8x-499.4x1.3x
Wed, 22 Mar 2023NOK 112.7bNOK 81.0b-NOK 373,992,794.0023.6x-301.3x1.4x
Fri, 17 Feb 2023NOK 115.2bNOK 80.3bNOK 206.3m25.2x558.7x1.4x
Price to Earnings Ratio

558.7x


Total Market Cap: NOK 115.2bTotal Earnings: NOK 206.3mTotal Revenue: NOK 80.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 274.8x202420252026
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 60.0x which is lower than its 3-year average PE of 275x.
  • The 3-year average PS ratio of 1.4x 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 115% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

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

NO Market3.32%
Tech1.77%
Semiconductors17.45%
Electronic Equipment and Components4.07%
Communications0.072%
Tech Hardware-0.54%
IT-3.37%
Software-11.88%
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 31.3%, 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 18% 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 153.2022.6%
+NOK 5.6b		6.4%PE193.5x
NORBT NorbitNOK 205.0015.7%
+NOK 1.8b		97.9%PE34.5x
KIT KitronNOK 85.702.9%
+NOK 535.8m		125.2%PE52.5x
APR AppearNOK 73.706.3%
+NOK 179.5m		n/aPE24.3x
HDLY HuddlyNOK 23.9019.5%
+NOK 106.5m		3.9%PS3.3x

Latest News

NORBT
NOK 205.00
Norbit
7D
15.7%
1Y
97.9%
RECSI
NOK 0.51
REC Silicon
7D
-52.7%
1Y
-64.5%
KIT
NOK 85.70
Kitron
7D
2.9%
1Y
125.2%

KIT: Defence And Energy Contracts And Equity Raise Will Shape Outlook

Analysts have lifted their price target on Kitron to €83.30 from €77.34, citing updated assumptions around slightly higher revenue growth, a modestly higher discount rate, a lower profit margin and a higher future P/E multiple. What's in the News Kitron issued 2026 earnings guidance including DeltaNordic, with expected revenue of €855 million to €943 million and EBIT of €77 million to €93 million.
LINK
NOK 25.85
LINK Mobility Group Holding
7D
-2.5%
1Y
13.6%

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 153.20
Nordic Semiconductor
7D
22.6%
1Y
6.4%

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 4.65
Elliptic Laboratories
7D
3.1%
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).
PEXIP
NOK 73.40
Pexip Holding
7D
-1.5%
1Y
63.1%

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.
TECH
NOK 12.05
Techstep
7D
1.7%
1Y
-13.3%
HDLY
NOK 23.90
Huddly
7D
19.5%
1Y
3.9%

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
XPLRA
NOK 52.80
Xplora Technologies
7D
-3.3%
1Y
73.1%

XPLRA: Expanding Subscriptions Will Support Stronger Future Profitability Expectations

Analysts have raised their price target on Xplora Technologies to US$80.00 from US$80.00, citing slightly revised assumptions for the discount rate, revenue growth, profit margin and future P/E as the main reasons for the updated view. What's in the News Xplora Technologies AS reported a subscriptions update for December 2025, with 39,000 new subscriptions (gross) for the month.
PLT
NOK 5.95
poLight
7D
-8.6%
1Y
66.2%
AIRX
NOK 0.13
Airthings
7D
-39.2%
1Y
-94.0%
SMCRT
NOK 17.75
SmartCraft
7D
-13.4%
1Y
-36.2%
ATEA
NOK 146.00
Atea
7D
-2.0%
1Y
10.6%
WSTEP
NOK 19.10
Webstep
7D
2.1%
1Y
-17.0%
APR
NOK 73.70
Appear
7D
6.3%
1Y
n/a