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Norwegian (OSEAX) Tech Sector Analysis

UpdatedFeb 23, 2026
DataAggregated Company Financials
Companies31
  • 7D5.0%
  • 3M12.4%
  • 1Y19.3%
  • YTD2.6%

The Tech industry is up 5.0% in the last week, with Kitron up 13%. During this same period, the Elliptic Laboratories underperformed, falling 9.6%. This takes the industry's 12 month performance to a gain of 19%. Earnings are forecast to grow by 28% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Feb 2026NOK 125.1bNOK 77.4bNOK 2.6b27x48.1x1.6x
Thu, 22 Jan 2026NOK 122.5bNOK 75.8bNOK 1.9b39.6x65.7x1.6x
Sat, 20 Dec 2025NOK 119.1bNOK 76.1bNOK 1.9b39.5x63.6x1.6x
Mon, 17 Nov 2025NOK 112.9bNOK 75.6bNOK 1.8b30.2x62.1x1.5x
Wed, 15 Oct 2025NOK 112.7bNOK 74.6bNOK 1.8b32.5x64.1x1.5x
Fri, 12 Sep 2025NOK 116.9bNOK 74.2bNOK 1.7b37.4x69.2x1.6x
Sun, 10 Aug 2025NOK 110.9bNOK 74.1bNOK 1.1b35.7x97x1.5x
Tue, 08 Jul 2025NOK 125.6bNOK 80.1bNOK 1.4b39.4x88.7x1.6x
Thu, 05 Jun 2025NOK 119.1bNOK 79.8bNOK 1.4b37.3x84.7x1.5x
Sat, 03 May 2025NOK 106.1bNOK 79.5bNOK 1.3b35.2x80.4x1.3x
Mon, 31 Mar 2025NOK 101.8bNOK 77.6bNOK 1.1b31.9x96.8x1.3x
Wed, 26 Feb 2025NOK 105.9bNOK 78.2bNOK 943.5m29x112.2x1.4x
Fri, 24 Jan 2025NOK 101.4bNOK 76.7bNOK 797.8m35.1x127.1x1.3x
Sun, 22 Dec 2024NOK 95.8bNOK 76.8bNOK 794.8m32.6x120.6x1.2x
Tue, 19 Nov 2024NOK 92.4bNOK 76.6bNOK 811.6m31.7x113.8x1.2x
Thu, 17 Oct 2024NOK 104.8bNOK 81.2bNOK 692.8m34.6x151.3x1.3x
Sat, 14 Sep 2024NOK 111.4bNOK 81.0bNOK 705.7m34.7x157.9x1.4x
Mon, 12 Aug 2024NOK 109.5bNOK 80.4bNOK 819.8m25.2x133.6x1.4x
Wed, 10 Jul 2024NOK 117.6bNOK 82.9bNOK 1.6b20.4x75x1.4x
Fri, 07 Jun 2024NOK 111.1bNOK 82.9bNOK 1.6b20.4x71.3x1.3x
Sun, 05 May 2024NOK 105.1bNOK 82.4bNOK 1.3b23.4x82.8x1.3x
Tue, 02 Apr 2024NOK 95.1bNOK 84.4bNOK 1.6b22.3x59.2x1.1x
Thu, 29 Feb 2024NOK 92.9bNOK 84.6bNOK 1.6b20.7x59.8x1.1x
Sat, 27 Jan 2024NOK 106.9bNOK 85.9bNOK 943.7m18.9x113.2x1.2x
Mon, 25 Dec 2023NOK 105.2bNOK 85.7bNOK 938.2m17.2x112.1x1.2x
Wed, 22 Nov 2023NOK 96.4bNOK 86.1bNOK 1.0b16.3x92.3x1.1x
Fri, 20 Oct 2023NOK 101.0bNOK 87.1b-NOK 249,921,213.0019.6x-404.2x1.2x
Sun, 17 Sep 2023NOK 110.6bNOK 87.6b-NOK 25,050,270.0021x-4415.2x1.3x
Tue, 15 Aug 2023NOK 120.5bNOK 85.7b-NOK 293,545,115.0023.3x-410.3x1.4x
Thu, 13 Jul 2023NOK 119.5bNOK 83.4b-NOK 471,624,551.0022x-253.5x1.4x
Sat, 10 Jun 2023NOK 121.2bNOK 84.7b-NOK 383,165,146.0023.4x-316.4x1.4x
Mon, 08 May 2023NOK 110.7bNOK 83.3bNOK 48.0m22.6x2307.6x1.3x
Wed, 05 Apr 2023NOK 116.8bNOK 80.7b-NOK 375,376,682.0024.9x-311.2x1.4x
Fri, 03 Mar 2023NOK 117.2bNOK 80.8b-NOK 347,056,510.0025.6x-337.6x1.4x
Price to Earnings Ratio

-337.6x


Total Market Cap: NOK 117.2bTotal Earnings: -NOK 347,056,510.00Total Revenue: NOK 80.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 277.3x202420252026
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 48.1x which is lower than its 3-year average PE of 277x.
  • 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 Market3.08%
Tech5.03%
Communications12.35%
Electronic Equipment and Components9.80%
IT2.60%
Semiconductors2.42%
Software-0.85%
Tech Hardware-2.05%
Industry PE
  • Investors are most optimistic about the Semiconductors industry even though it's trading below its 3-year average PE ratio of 380x.
    • 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 13% 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 107.0012.6%
+NOK 2.6b		158.1%PE47.3x
SMOP Smartoptics GroupNOK 38.6024.9%
+NOK 755.0m		72.3%PE84.6x
NAPA NapatechNOK 35.108.0%
+NOK 286.2m		40.4%PS19.2x
ATEA AteaNOK 144.601.7%
+NOK 254.6m		5.5%PE18.4x
BOUV BouvetNOK 49.902.8%
+NOK 139.5m		-29.8%PE13.5x

Latest News

SMOP
NOK 38.60
Smartoptics Group
7D
24.9%
1Y
72.3%
LINK
NOK 21.35
LINK Mobility Group Holding
7D
1.4%
1Y
-7.2%

LINK: Cash Generation And Measured P/E Will Frame Balanced Return Potential

Analysts have revised their price target for LINK Mobility Group Holding from NOK 40 to NOK 21, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News Management reports NOK 400 million in free cash flow, with CEO Thomas Berge highlighting strong cash conversion across the business as a support for ongoing capital allocation plans (Key Developments).
SMCRT
NOK 17.50
SmartCraft
7D
6.1%
1Y
-32.7%
ELABS
NOK 4.90
Elliptic Laboratories
7D
-9.6%
1Y
-51.7%

ELABS: New Laptop And Smartphone Deals Will Support Future Upside

Analysts now set their price target for Elliptic Laboratories at NOK 13.00, in line with the prior NOK 13. This reflects updated model inputs around a slightly higher discount rate and unchanged assumptions for revenue growth, profit margin, and future P/E.
KIT
NOK 107.00
Kitron
7D
12.6%
1Y
158.1%
PEXIP
NOK 63.50
Pexip Holding
7D
-0.3%
1Y
45.1%

PEXIP: Future Outlook Will Highlight Dividend Visibility And Earnings Multiple Support

Analysts have trimmed their price target on Pexip Holding from NOK 77.50 to NOK 75.00, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E. 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).
APR
NOK 67.00
Appear
7D
-1.2%
1Y
n/a
ENSU
NOK 0.75
Ensurge Micropower
7D
-4.0%
1Y
-33.7%
BOUV
NOK 49.90
Bouvet
7D
2.8%
1Y
-29.8%
ATEA
NOK 144.60
Atea
7D
1.7%
1Y
5.5%

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 0.36
REC Silicon
7D
-20.6%
1Y
-71.0%
XPLRA
NOK 55.60
Xplora Technologies
7D
4.9%
1Y
74.8%

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.
ARR
NOK 8.01
Arribatec Group
7D
-8.8%
1Y
151.9%
PLT
NOK 6.58
poLight
7D
-1.6%
1Y
101.2%
NAPA
NOK 35.10
Napatech
7D
8.0%
1Y
40.4%
OTEC
NOK 17.65
Otello
7D
-2.8%
1Y
136.0%