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Norwegian (OSEAX) Tech Sector Analysis

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies32
  • 7D-0.2%
  • 3M-2.2%
  • 1Y26.1%
  • YTD23.0%

Over the last 7 days, the Tech industry has dropped 1.0%, driven by a pullback from Atea of 3.3%. This takes the industry's 12 month performance to a gain of 26%. As for the next few years, earnings are expected to grow by 38% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Dec 2025NOK 119.7bNOK 76.1bNOK 1.9b40.2x63.9x1.6x
Thu, 20 Nov 2025NOK 109.8bNOK 75.7bNOK 1.8b32.2x60.1x1.4x
Sat, 18 Oct 2025NOK 113.6bNOK 74.5bNOK 1.8b32.7x64.7x1.5x
Mon, 15 Sep 2025NOK 115.6bNOK 74.3bNOK 1.7b36.1x67.6x1.6x
Wed, 13 Aug 2025NOK 110.7bNOK 74.0bNOK 1.1b37.3x96.6x1.5x
Fri, 11 Jul 2025NOK 124.9bNOK 80.0bNOK 1.4b39.2x88.2x1.6x
Sun, 08 Jun 2025NOK 119.9bNOK 79.8bNOK 1.4b38.1x85.3x1.5x
Tue, 06 May 2025NOK 105.3bNOK 79.5bNOK 1.3b35.4x79.7x1.3x
Thu, 03 Apr 2025NOK 100.1bNOK 77.5bNOK 1.1b30.7x93.5x1.3x
Sat, 01 Mar 2025NOK 104.6bNOK 78.3bNOK 961.9m32.9x108.7x1.3x
Mon, 27 Jan 2025NOK 101.4bNOK 76.7bNOK 804.2m35.4x126.1x1.3x
Wed, 25 Dec 2024NOK 96.4bNOK 76.8bNOK 792.1m33.2x121.7x1.3x
Fri, 22 Nov 2024NOK 91.2bNOK 76.5bNOK 815.1m33.9x111.9x1.2x
Sun, 20 Oct 2024NOK 100.2bNOK 77.6bNOK 605.7m27.4x165.5x1.3x
Tue, 17 Sep 2024NOK 113.0bNOK 80.9bNOK 711.7m34.1x158.8x1.4x
Thu, 15 Aug 2024NOK 111.6bNOK 80.3bNOK 827.0m26.2x134.9x1.4x
Sat, 13 Jul 2024NOK 119.1bNOK 82.8bNOK 1.5b20.3x78.7x1.4x
Mon, 10 Jun 2024NOK 111.8bNOK 83.1bNOK 1.6b20.9x71.1x1.3x
Wed, 08 May 2024NOK 105.8bNOK 82.7bNOK 1.4b22x75.2x1.3x
Fri, 05 Apr 2024NOK 93.4bNOK 84.3bNOK 1.6b21.9x58.7x1.1x
Sun, 03 Mar 2024NOK 94.8bNOK 84.6bNOK 1.6b20.8x57.8x1.1x
Tue, 30 Jan 2024NOK 106.2bNOK 85.9bNOK 943.1m18.8x112.6x1.2x
Thu, 28 Dec 2023NOK 105.5bNOK 85.5bNOK 933.9m17.8x113x1.2x
Sat, 25 Nov 2023NOK 97.7bNOK 86.2bNOK 1.0b16.9x93.1x1.1x
Mon, 23 Oct 2023NOK 99.2bNOK 86.8b-NOK 264,546,851.0019.8x-375.1x1.1x
Wed, 20 Sep 2023NOK 108.1bNOK 87.6b-NOK 23,392,424.0021.2x-4622.5x1.2x
Fri, 18 Aug 2023NOK 118.3bNOK 85.9b-NOK 179,652,546.0021.7x-658.6x1.4x
Sun, 16 Jul 2023NOK 119.7bNOK 83.8b-NOK 344,466,901.0020.9x-347.4x1.4x
Tue, 13 Jun 2023NOK 122.0bNOK 84.8b-NOK 391,044,093.0024.3x-312.1x1.4x
Thu, 11 May 2023NOK 111.0bNOK 83.4bNOK 70.0m22.3x1587x1.3x
Sat, 08 Apr 2023NOK 115.8bNOK 80.9b-NOK 395,713,809.0024.2x-292.7x1.4x
Mon, 06 Mar 2023NOK 118.4bNOK 80.8b-NOK 384,125,518.0026.2x-308.2x1.5x
Wed, 01 Feb 2023NOK 113.7bNOK 112.0bNOK 321.9m25.5x353.1x1x
Fri, 30 Dec 2022NOK 114.3bNOK 111.8bNOK 327.3m25.5x349.2x1x
Price to Earnings Ratio

349.2x


Total Market Cap: NOK 114.3bTotal Earnings: NOK 327.3mTotal Revenue: NOK 111.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 287.7x202320242025
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 63.7x which is lower than its 3-year average PE of 288x.
  • 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 79% 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 Market0.85%
Tech-0.17%
Electronic Equipment and Components3.85%
Tech Hardware0.47%
Software-0.33%
Semiconductors-0.42%
Communications-3.13%
IT-3.23%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 360x.
    • Analysts are expecting annual earnings growth of 52.1% 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
KIT KitronNOK 70.854.7%
+NOK 681.6m		106.7%PE41x
NORBT NorbitNOK 181.403.0%
+NOK 331.8m		93.0%PE30.6x
LINK LINK Mobility Group HoldingNOK 33.151.5%
+NOK 144.8m		42.9%PE91.5x
PLT poLightNOK 6.754.5%
+NOK 61.7m		40.9%PS110x
IDEX IDEX BiometricsNOK 4.8826.4%
+NOK 58.0m		-60.2%PS131.4x

Latest News

NAPA
NOK 30.15
Napatech
7D
-4.7%
1Y
21.6%
KIT
NOK 70.85
Kitron
7D
4.7%
1Y
106.7%

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 33.15
LINK Mobility Group Holding
7D
1.5%
1Y
42.9%
PEXIP
NOK 75.20
Pexip Holding
7D
-2.5%
1Y
66.0%

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.
ELABS
NOK 6.40
Elliptic Laboratories
7D
4.7%
1Y
-36.8%

ELABS: Smartphone Deployment Momentum Will Drive Future Upside Despite Leadership Changes

Narrative Update on Elliptic Laboratories Analysts have modestly revised their price target on Elliptic Laboratories to NOK 13.00, reflecting largely unchanged expectations for growth, profitability, and valuation multiples, with only minor model adjustments. What's in the News CEO transition: long-time CEO Laila Danielsen will step down after 12 years, with SVP Product Development and IR Ola Sandstad appointed interim CEO from 6 November 2025 (company announcement) CFO change: CFO Lars Holmøy has resigned after more than four years, with Senior Finance Manager Mathias Norderud named interim CFO effective 24 September 2025, while Holmøy remains to 30 November to support the handover (company announcement) Client momentum: Elliptic Labs shipped its AI Virtual Smart Sensor Platform on nine new smartphone models in September 2025 across HONOR, vivo and Transsion, taking year-to-date launches to 54 models (company announcement) New OEM relationship: the company expanded its reach in October 2025 by debuting on TCL smartphone NxtPaper 60 Ultra, alongside launches with vivo and Xiaomi, lifting year-to-date deployments to 58 models (company announcement) Valuation Changes Fair value: unchanged at NOK 13.0 per share, indicating stable overall valuation assumptions.
OTEC
NOK 18.05
Otello
7D
-4.0%
1Y
142.6%
BOUV
NOK 61.60
Bouvet
7D
-4.5%
1Y
-16.2%
PLT
NOK 6.75
poLight
7D
4.5%
1Y
40.9%
NOD
NOK 128.50
Nordic Semiconductor
7D
-0.4%
1Y
29.5%
SMOP
NOK 29.30
Smartoptics Group
7D
1.0%
1Y
60.1%
XPLRA
NOK 52.80
Xplora Technologies
7D
1.9%
1Y
57.6%

XPLRA: Subscription Momentum Will Support Moderately Stronger Profitability Expectations Ahead

Analysts have raised their price target on Xplora Technologies from $48.50 to $55.50, citing expectations of stronger long term profitability and a slightly lower valuation multiple, despite moderating revenue growth and a marginally higher discount rate. What's in the News Reported a subscriptions update for October 2025, adding 15,000 gross new subscriptions and reaching 446,000 total subscriptions, up 118,000 from October 2024 (company announcement) Previously disclosed a subscriptions update for September 2025, adding 22,000 gross new subscriptions and reaching 443,000 total subscriptions, up 116,000 from September 2024 (company announcement) Scheduled an Analyst and Investor Day focused on third quarter 2025 financial results and a broader Capital Markets Update (company announcement) Valuation Changes Fair Value: Raised from NOK 48.50 to NOK 55.50, reflecting a moderate upward revision in the analyst price target.
NORBT
NOK 181.40
Norbit
7D
3.0%
1Y
93.0%

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

Dec 10
Estimating The Intrinsic Value Of Norbit ASA (OB:NORBT)
IDEX
NOK 4.88
IDEX Biometrics
7D
26.4%
1Y
-60.2%
ATEA
NOK 156.00
Atea
7D
-3.3%
1Y
12.4%
APR
NOK 84.00
Appear
7D
-4.8%
1Y
n/a
RECSI
NOK 1.02
REC Silicon
7D
-9.7%
1Y
-70.6%