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Norwegian (OSEAX) Tech Sector Analysis

UpdatedJan 02, 2026
DataAggregated Company Financials
Companies32
  • 7D1.8%
  • 3M2.9%
  • 1Y25.6%
  • YTDn/a

The Tech industry is up 1.8% in the last week, with Nordic Semiconductor up 2.6%. This means that the industry has gained 26% over the past year. Earnings are forecast to grow by 35% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 02 Jan 2026NOK 122.3bNOK 76.0bNOK 1.9b41.2x65.4x1.6x
Sun, 30 Nov 2025NOK 113.6bNOK 76.0bNOK 1.9b33.1x60.8x1.5x
Tue, 28 Oct 2025NOK 122.6bNOK 75.1bNOK 1.8b36.5x66.7x1.6x
Thu, 25 Sep 2025NOK 115.7bNOK 74.4bNOK 1.8b34.9x65.9x1.6x
Sat, 23 Aug 2025NOK 116.2bNOK 74.6bNOK 1.9b34.1x61.9x1.6x
Mon, 21 Jul 2025NOK 114.5bNOK 73.9bNOK 1.2b39x99.2x1.5x
Wed, 18 Jun 2025NOK 121.5bNOK 79.6bNOK 1.4b38.5x86x1.5x
Fri, 16 May 2025NOK 113.4bNOK 79.7bNOK 1.3b35.1x85.9x1.4x
Sun, 13 Apr 2025NOK 95.7bNOK 78.2bNOK 1.1b30.7x89.2x1.2x
Tue, 11 Mar 2025NOK 99.9bNOK 78.0bNOK 968.4m30.6x103.2x1.3x
Thu, 06 Feb 2025NOK 100.4bNOK 76.7bNOK 800.7m36.6x125.4x1.3x
Sat, 04 Jan 2025NOK 99.4bNOK 76.8bNOK 786.5m34x126.3x1.3x
Mon, 02 Dec 2024NOK 95.2bNOK 76.6bNOK 823.1m34x115.6x1.2x
Wed, 30 Oct 2024NOK 104.1bNOK 77.7bNOK 603.2m28.7x172.6x1.3x
Fri, 27 Sep 2024NOK 106.8bNOK 80.9bNOK 728.5m31.7x146.6x1.3x
Sun, 25 Aug 2024NOK 113.1bNOK 80.4bNOK 654.9m34.7x172.8x1.4x
Tue, 23 Jul 2024NOK 117.6bNOK 82.5bNOK 1.4b20.7x82.9x1.4x
Thu, 20 Jun 2024NOK 113.0bNOK 82.8bNOK 1.6b21.4x72.2x1.4x
Sat, 18 May 2024NOK 109.3bNOK 83.2bNOK 1.6b21.1x69.3x1.3x
Mon, 15 Apr 2024NOK 95.8bNOK 84.4bNOK 1.6b22.5x60.9x1.1x
Wed, 13 Mar 2024NOK 93.3bNOK 84.8bNOK 1.7b20.7x56.3x1.1x
Fri, 09 Feb 2024NOK 95.8bNOK 83.2bNOK 1.6b18.5x59.6x1.2x
Sun, 07 Jan 2024NOK 103.2bNOK 85.8bNOK 940.6m17.7x109.8x1.2x
Tue, 05 Dec 2023NOK 96.7bNOK 86.5bNOK 953.7m16.7x101.4x1.1x
Thu, 02 Nov 2023NOK 95.9bNOK 87.5b-NOK 264,278,322.0019.3x-362.8x1.1x
Sat, 30 Sep 2023NOK 106.7bNOK 87.2bNOK 14.9m18.4x7157.9x1.2x
Mon, 28 Aug 2023NOK 111.9bNOK 87.2b-NOK 28,840,603.0022.7x-3880.7x1.3x
Wed, 26 Jul 2023NOK 121.9bNOK 85.0b-NOK 380,460,471.0020.7x-320.5x1.4x
Fri, 23 Jun 2023NOK 118.7bNOK 84.6b-NOK 311,803,659.0022.4x-380.8x1.4x
Sun, 21 May 2023NOK 115.3bNOK 84.4b-NOK 316,585,454.0025.8x-364.2x1.4x
Tue, 18 Apr 2023NOK 115.9bNOK 80.9b-NOK 405,014,186.0023.9x-286.1x1.4x
Thu, 16 Mar 2023NOK 111.0bNOK 81.2b-NOK 356,604,123.0022.7x-311.2x1.4x
Sat, 11 Feb 2023NOK 112.2bNOK 101.2bNOK 355.0m24.9x316x1.1x
Mon, 09 Jan 2023NOK 115.6bNOK 112.0bNOK 320.5m25.6x360.7x1x
Price to Earnings Ratio

360.7x


Total Market Cap: NOK 115.6bTotal Earnings: NOK 320.5mTotal Revenue: NOK 112.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 285.2x202420252026
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 65.4x which is lower than its 3-year average PE of 285x.
  • 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 80% 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 Market1.39%
Tech1.77%
Semiconductors2.56%
Software2.40%
Communications1.54%
IT1.33%
Electronic Equipment and Components1.16%
Tech Hardware-0.37%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 364x.
    • Analysts are expecting annual earnings growth of 41.6% 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 15% 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 133.302.6%
+NOK 669.9m		28.5%PE316x
PEXIP Pexip HoldingNOK 77.903.6%
+NOK 276.7m		73.1%PE40.8x
LINK LINK Mobility Group HoldingNOK 33.902.9%
+NOK 275.2m		45.2%PE93.5x
ATEA AteaNOK 157.801.4%
+NOK 245.1m		11.9%PE22x
NORBT NorbitNOK 187.202.1%
+NOK 242.5m		94.4%PE31.5x

Latest News

ATEA
NOK 157.80
Atea
7D
1.4%
1Y
11.9%
RECSI
NOK 1.03
REC Silicon
7D
-1.9%
1Y
-28.6%
XPLRA
NOK 52.00
Xplora Technologies
7D
-1.5%
1Y
59.0%

XPLRA: Subscription Momentum Will Drive Future Upside From Current Levels

Analysts have raised their price target for Xplora Technologies to NOK 70.13 per share, citing modestly lower perceived risk, slightly stronger long term growth and margin assumptions, and a higher expected future earnings multiple. What's in the News Xplora Technologies reported 15,000 gross new subscriptions in October 2025, bringing total subscriptions to 446,000, up 118,000 from October 2024 (company operating results update).
NOD
NOK 133.30
Nordic Semiconductor
7D
2.6%
1Y
28.5%

NOD: Earnings Recovery Pace Will Likely Disappoint Amid Softer Demand

Analysts have trimmed their fair value estimate for Nordic Semiconductor from NOK 109.0 to NOK 105.0, reflecting slightly higher discount rate assumptions and lower margin expectations, in line with recent modest price target cuts from the Street. Analyst Commentary Recent Street commentary has turned incrementally cautious, with bearish analysts trimming price targets despite maintaining largely unchanged ratings.
NAPA
NOK 30.80
Napatech
7D
3.0%
1Y
11.6%
KIT
NOK 72.70
Kitron
7D
1.0%
1Y
99.9%

KIT: Defence And Aerospace Orders Will Drive Future Earnings Upside

Analysts have raised their price target for Kitron from approximately NOK 75 to NOK 77 per share, citing expectations of stronger revenue growth, slightly higher profit margins, and a lower assumed future price-to-earnings multiple. Together, these factors support a higher fair value despite a modestly reduced discount rate.
LINK
NOK 33.90
LINK Mobility Group Holding
7D
2.9%
1Y
45.2%
WSTEP
NOK 18.50
Webstep
7D
-2.1%
1Y
-15.9%
PEXIP
NOK 77.90
Pexip Holding
7D
3.6%
1Y
73.1%

PEXIP: Future Outlook Will Balance Margin Gains With Higher Earnings Multiple Assumptions

Analysts have raised their price target on Pexip Holding to NOK 77.50 from NOK 68.33, citing slightly lower growth expectations, which are offset by improved profit margin assumptions and a higher anticipated future P/E multiple. Valuation Changes Fair Value Estimate has risen moderately, from NOK 68.33 to NOK 77.50.
OTEC
NOK 18.15
Otello
7D
-0.5%
1Y
138.8%
BOUV
NOK 61.60
Bouvet
7D
1.0%
1Y
-19.2%
PLT
NOK 6.59
poLight
7D
-1.1%
1Y
39.5%
TECH
NOK 12.60
Techstep
7D
-3.4%
1Y
-6.0%

What Techstep ASA's (OB:TECH) P/S Is Not Telling You

Dec 17
What Techstep ASA's (OB:TECH) P/S Is Not Telling You
NORBT
NOK 187.20
Norbit
7D
2.1%
1Y
94.4%

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

Dec 10
Estimating The Intrinsic Value Of Norbit ASA (OB:NORBT)
STRO
NOK 10.05
StrongPoint
7D
-2.0%
1Y
-14.1%

Is StrongPoint (OB:STRO) Using Too Much Debt?

Dec 10
Is StrongPoint (OB:STRO) Using Too Much Debt?
AIX
NOK 3.75
Ayfie International
7D
-5.8%
1Y
-8.5%