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Norwegian (OSEAX) Tech Sector Analysis

UpdatedJan 22, 2026
DataAggregated Company Financials
Companies32
  • 7D0.5%
  • 3M-0.4%
  • 1Y22.0%
  • YTD0.7%

Over the last 7 days, the Tech industry has remained flat, although notably Kitron gained 5.0%. As for the the longer term, the industry is up 22% over the past 12 months. As for the next few years, earnings are expected to grow by 35% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 23 Jan 2026NOK 122.5bNOK 75.8bNOK 1.9b39.6x65.7x1.6x
Sun, 21 Dec 2025NOK 119.2bNOK 76.1bNOK 1.9b39.5x63.7x1.6x
Tue, 18 Nov 2025NOK 112.2bNOK 75.6bNOK 1.8b32.8x61.5x1.5x
Thu, 16 Oct 2025NOK 115.1bNOK 74.5bNOK 1.8b33.1x65.4x1.5x
Sat, 13 Sep 2025NOK 115.6bNOK 74.3bNOK 1.7b36.1x67.6x1.6x
Mon, 11 Aug 2025NOK 110.9bNOK 74.1bNOK 1.1b35.7x97x1.5x
Wed, 09 Jul 2025NOK 124.9bNOK 80.0bNOK 1.4b39.6x88.2x1.6x
Fri, 06 Jun 2025NOK 119.5bNOK 79.8bNOK 1.4b38x84.9x1.5x
Sun, 04 May 2025NOK 106.1bNOK 79.5bNOK 1.3b35.2x80.4x1.3x
Tue, 01 Apr 2025NOK 100.8bNOK 77.7bNOK 1.0b31.3x96.1x1.3x
Thu, 27 Feb 2025NOK 105.7bNOK 78.2bNOK 943.3m29.2x112x1.4x
Sat, 25 Jan 2025NOK 101.4bNOK 76.7bNOK 806.0m35.4x125.8x1.3x
Mon, 23 Dec 2024NOK 95.8bNOK 76.8bNOK 794.8m32.6x120.6x1.2x
Wed, 20 Nov 2024NOK 92.3bNOK 76.5bNOK 820.7m33.2x112.5x1.2x
Fri, 18 Oct 2024NOK 100.9bNOK 77.6bNOK 592.5m27.6x170.3x1.3x
Sun, 15 Sep 2024NOK 111.3bNOK 81.0bNOK 705.7m34.7x157.8x1.4x
Tue, 13 Aug 2024NOK 110.2bNOK 80.4bNOK 820.3m26x134.3x1.4x
Thu, 11 Jul 2024NOK 118.3bNOK 83.1bNOK 1.6b20.5x75.2x1.4x
Sat, 08 Jun 2024NOK 111.8bNOK 83.1bNOK 1.6b20.9x71.1x1.3x
Mon, 06 May 2024NOK 105.1bNOK 82.4bNOK 1.3b23.4x82.3x1.3x
Wed, 03 Apr 2024NOK 94.3bNOK 84.4bNOK 1.6b22.2x59.2x1.1x
Fri, 01 Mar 2024NOK 93.7bNOK 84.8bNOK 1.6b20.7x59.4x1.1x
Sun, 28 Jan 2024NOK 106.9bNOK 85.9bNOK 943.7m18.9x113.3x1.2x
Tue, 26 Dec 2023NOK 105.2bNOK 85.7bNOK 938.2m17.2x112.1x1.2x
Thu, 23 Nov 2023NOK 96.7bNOK 86.3bNOK 1.1b16.3x91.9x1.1x
Sat, 21 Oct 2023NOK 99.2bNOK 86.7b-NOK 263,531,989.0019.8x-376.6x1.1x
Mon, 18 Sep 2023NOK 110.6bNOK 87.6b-NOK 25,050,270.0021x-4415.2x1.3x
Wed, 16 Aug 2023NOK 119.9bNOK 85.8b-NOK 294,794,472.0024.6x-406.8x1.4x
Fri, 14 Jul 2023NOK 119.0bNOK 83.2b-NOK 460,024,037.0020.8x-258.6x1.4x
Sun, 11 Jun 2023NOK 121.2bNOK 84.7b-NOK 383,641,447.0023.4x-316x1.4x
Tue, 09 May 2023NOK 110.8bNOK 83.2bNOK 48.5m22.1x2283x1.3x
Thu, 06 Apr 2023NOK 116.8bNOK 80.7b-NOK 375,376,682.0024.9x-311.2x1.4x
Sat, 04 Mar 2023NOK 118.4bNOK 80.8b-NOK 344,995,974.0026.2x-343.2x1.5x
Mon, 30 Jan 2023NOK 116.2bNOK 111.8bNOK 328.1m26.3x354x1x
Price to Earnings Ratio

354x


Total Market Cap: NOK 116.2bTotal Earnings: NOK 328.1mTotal Revenue: NOK 111.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 279.6x202420252026
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 65.7x which is lower than its 3-year average PE of 280x.
  • 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 78% 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 Market0.25%
Tech0.53%
Electronic Equipment and Components3.65%
Semiconductors0.78%
Software-0.065%
Communications-0.47%
Tech Hardware-1.82%
IT-2.59%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 371x.
    • Analysts are expecting annual earnings growth of 42.9% 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 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
KIT KitronNOK 82.204.8%
+NOK 831.0m		110.4%PE49.2x
NAPA NapatechNOK 33.355.5%
+NOK 192.6m		28.3%PS17.8x
NORBT NorbitNOK 183.401.6%
+NOK 178.7m		84.5%PE30.9x
XPLRA Xplora TechnologiesNOK 50.603.7%
+NOK 80.6m		69.2%PS1.4x
PEXIP Pexip HoldingNOK 75.600.8%
+NOK 61.5m		74.8%PE39.6x

Latest News

LOKO
NOK 0.74
Lokotech Group
7D
-6.1%
1Y
-66.2%
ELABS
NOK 5.34
Elliptic Laboratories
7D
-8.2%
1Y
-52.2%

ELABS: Smartphone Platform Wins And New Licensing Pipeline Will Support Upside

Analysts kept their fair value estimate for Elliptic Laboratories steady at €13.00, citing only very small tweaks to their discount rate, revenue growth, profit margin and future P/E assumptions rather than any shift in the core outlook. What's in the News Shipped the AI Virtual Smart Sensor Platform on seven smartphone models in December 2025, including five models from Vivo and two from HONOR, with a total of 65 smartphone models using Elliptic Labs' technology in 2025 (company announcement).
STRO
NOK 10.90
StrongPoint
7D
7.4%
1Y
-0.5%
BOUV
NOK 58.30
Bouvet
7D
-3.2%
1Y
-29.0%
PEXIP
NOK 75.60
Pexip Holding
7D
0.8%
1Y
74.8%

PEXIP: Future Outlook Will Emphasize Stable Margins And Earnings Multiple Assumptions

Analysts have kept their price target for Pexip Holding steady, citing only marginal tweaks to inputs such as the discount rate, revenue growth assumptions, profit margin outlook, and future P/E that together do not materially shift their view on fair value at about $77.50. Valuation Changes Fair Value: Kept unchanged at NOK 77.50 per share, indicating no alteration to the overall valuation anchor.
SMCRT
NOK 24.80
SmartCraft
7D
-2.0%
1Y
-13.9%
LINK
NOK 33.75
LINK Mobility Group Holding
7D
0.4%
1Y
52.0%

Is LINK Mobility Group Holding (OB:LINK) Using Too Much Debt?

Jan 15
Is LINK Mobility Group Holding (OB:LINK) Using Too Much Debt?
KIT
NOK 82.20
Kitron
7D
4.8%
1Y
110.4%
NORBT
NOK 183.40
Norbit
7D
1.6%
1Y
84.5%

NORBT: Future Defence And Connectivity Contracts Will Support A Balanced Outlook

Narrative Update on Norbit Analysts have trimmed their price target on Norbit from €240 to about €207.50, reflecting updated assumptions for slightly higher discount rates, more moderate revenue growth, and lower profit margins, along with a marginally adjusted future P/E multiple. What's in the News NORBIT's PIR segment received contract manufacturing orders worth about NOK 170 million from an undisclosed European defence and security client, with most deliveries planned for the first quarter of 2026 (company announcement).
XPLRA
NOK 50.60
Xplora Technologies
7D
3.7%
1Y
69.2%

XPLRA: Rising Subscriptions Will Support Higher Profitability Expectations

Analysts have raised their fair value estimate for Xplora Technologies from $70.00 to $80.00, reflecting updated assumptions around discount rates, revenue growth, profit margins, and future P/E multiples. What's in the News Xplora Technologies AS reported a subscriptions update for December 2025, with 39,000 new subscriptions for the month and a total of 476,000 subscriptions as of December 2025, compared with 358,000 as of December 2024 (company announcement).
NOD
NOK 137.90
Nordic Semiconductor
7D
-0.5%
1Y
16.9%

NOD: Future Edge AI Adoption Will Support Shares Despite More Cautious Sentiment

Nordic Semiconductor's analyst price targets have shifted modestly lower, with recent Street updates moving from NOK 177 to NOK 172 and from NOK 180 to NOK 170, as analysts factor in slightly higher discount rates and a small adjustment to future P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts are maintaining positive recommendations even with slightly lower targets, which suggests they still see room for upside relative to current valuation assumptions.
NAPA
NOK 33.35
Napatech
7D
5.5%
1Y
28.3%
ATEA
NOK 159.00
Atea
7D
-2.0%
1Y
17.1%
NEXT
NOK 1.21
NEXT Biometrics Group
7D
-18.8%
1Y
-82.5%
RECSI
NOK 1.15
REC Silicon
7D
7.5%
1Y
-14.5%
APR
NOK 75.50
Appear
7D
-2.9%
1Y
n/a