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Norwegian (OSEAX) Tech Sector Analysis

UpdatedNov 09, 2025
DataAggregated Company Financials
Companies32
  • 7D-7.2%
  • 3M-2.2%
  • 1Y22.3%
  • YTD17.6%

Over the last 7 days, the Tech industry has dropped 7.2%, driven by Nordic Semiconductor declining 10.0%. Meanwhile, poLight actually outperformed within the industry, gaining 13% in the last week. This takes the industry's 12 month performance to a gain of 22%. 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
Sun, 09 Nov 2025NOK 113.4bNOK 75.6bNOK 1.9b31.5x60.9x1.5x
Tue, 07 Oct 2025NOK 114.7bNOK 74.3bNOK 1.8b32.6x65.4x1.5x
Thu, 04 Sep 2025NOK 113.5bNOK 74.5bNOK 1.7b34x65.9x1.5x
Sat, 02 Aug 2025NOK 111.7bNOK 74.0bNOK 1.2b37.7x97x1.5x
Mon, 30 Jun 2025NOK 123.4bNOK 80.0bNOK 1.4b38.6x87.1x1.5x
Wed, 28 May 2025NOK 116.0bNOK 79.8bNOK 1.4b37.3x81.5x1.5x
Fri, 25 Apr 2025NOK 102.5bNOK 77.9bNOK 1.1b34.7x95.1x1.3x
Sun, 23 Mar 2025NOK 103.7bNOK 77.7bNOK 1.0b32.8x98.9x1.3x
Tue, 18 Feb 2025NOK 105.5bNOK 78.1bNOK 880.6m29.3x119.7x1.4x
Thu, 16 Jan 2025NOK 97.6bNOK 76.7bNOK 788.4m33.1x123.8x1.3x
Sat, 14 Dec 2024NOK 98.1bNOK 76.6bNOK 807.5m34x121.5x1.3x
Mon, 11 Nov 2024NOK 93.5bNOK 76.4bNOK 732.0m27.7x127.8x1.2x
Wed, 09 Oct 2024NOK 103.1bNOK 81.0bNOK 710.7m33.5x145.1x1.3x
Fri, 06 Sep 2024NOK 111.0bNOK 81.0bNOK 708.1m33.2x156.8x1.4x
Sun, 04 Aug 2024NOK 112.0bNOK 82.5bNOK 1.4b21x78.9x1.4x
Tue, 02 Jul 2024NOK 112.7bNOK 83.0bNOK 1.6b20.6x72x1.4x
Thu, 30 May 2024NOK 110.0bNOK 82.9bNOK 1.6b20.5x70.5x1.3x
Sat, 27 Apr 2024NOK 100.3bNOK 82.8bNOK 1.3b21.1x78.5x1.2x
Mon, 25 Mar 2024NOK 94.1bNOK 85.1bNOK 1.7b20.7x56.4x1.1x
Wed, 21 Feb 2024NOK 95.1bNOK 84.4bNOK 1.5b20.3x62x1.1x
Fri, 19 Jan 2024NOK 105.0bNOK 86.1bNOK 951.8m18x110.3x1.2x
Sun, 17 Dec 2023NOK 105.8bNOK 86.0bNOK 948.3m16.8x111.6x1.2x
Tue, 14 Nov 2023NOK 100.0bNOK 88.0b-NOK 107,552,395.0016.5x-929.5x1.1x
Thu, 12 Oct 2023NOK 106.0bNOK 87.5bNOK 10.6m17.9x9978.2x1.2x
Sat, 09 Sep 2023NOK 110.9bNOK 87.5b-NOK 20,701,716.0021.8x-5357.6x1.3x
Mon, 07 Aug 2023NOK 120.9bNOK 85.1b-NOK 385,411,133.0021.6x-313.8x1.4x
Wed, 05 Jul 2023NOK 119.2bNOK 84.6b-NOK 315,134,909.0022.8x-378.4x1.4x
Fri, 02 Jun 2023NOK 117.9bNOK 85.2b-NOK 395,303,454.0022.4x-298.2x1.4x
Sun, 30 Apr 2023NOK 109.9bNOK 82.6b-NOK 165,616,936.0023.4x-663.5x1.3x
Tue, 28 Mar 2023NOK 114.0bNOK 80.9b-NOK 386,418,832.0024.2x-295x1.4x
Thu, 23 Feb 2023NOK 113.0bNOK 80.8b-NOK 155,538,410.0024.9x-726.2x1.4x
Sat, 21 Jan 2023NOK 112.3bNOK 111.8bNOK 327.5m24.9x342.9x1x
Mon, 19 Dec 2022NOK 116.0bNOK 111.8bNOK 326.2m25.2x355.5x1x
Wed, 16 Nov 2022NOK 121.9bNOK 111.6bNOK 623.9m24.2x195.4x1.1x
Price to Earnings Ratio

195.4x


Total Market Cap: NOK 121.9bTotal Earnings: NOK 623.9mTotal Revenue: NOK 111.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 296.2x202320242025
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 61.7x which is lower than its 3-year average PE of 296x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 43% 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 Market-0.80%
Tech-7.16%
IT-3.61%
Software-5.73%
Electronic Equipment and Components-6.33%
Semiconductors-9.95%
Tech Hardware-13.53%
Communications-15.86%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 343x.
    • Analysts are expecting annual earnings growth of 51.1% 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 22% 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
PLT poLightNOK 7.2412.9%
+NOK 176.4m		89.5%PS117.8x
SPIR Spir GroupNOK 6.702.1%
+NOK 18.6m		-16.3%PE29.9x
HDLY HuddlyNOK 11.005.8%
+NOK 16.4m		-78.6%PS1.5x
OTEC OtelloNOK 15.351.3%
+NOK 16.2m		96.8%PE3x
XPLRA Xplora TechnologiesNOK 45.800.4%
+NOK 9.0m		55.8%PS1.6x

Latest News

HDLY
NOK 11.00
Huddly
7D
5.8%
1Y
-78.6%
NAPA
NOK 26.60
Napatech
7D
-18.9%
1Y
4.3%
KIT
NOK 69.15
Kitron
7D
-8.4%
1Y
131.0%

KIT: Defence Orders And Share Buybacks Expected To Support Balanced Outlook

Analysts have raised Kitron's fair value estimate by approximately NOK 5.28, citing improved profit margins, sustained revenue growth, and a slight adjustment in discount and future price-to-earnings expectations. What's in the News Kitron ASA has revised its earnings guidance for 2025, now expecting revenue between EUR 700 and 740 million and operating profit (EBIT) between EUR 59 and 66 million.
NOD
NOK 132.30
Nordic Semiconductor
7D
-10.0%
1Y
31.6%

NOD: Share Buyback And Equity Raise Will Drive Long-Term Upside

Nordic Semiconductor's analyst price target has been trimmed from NOK 149.14 to NOK 147.30, as analysts cite more cautious growth assumptions and moderating profit forecasts. Analyst Commentary Recent street research on Nordic Semiconductor reflects a mix of optimism and caution among analysts.
PLT
NOK 7.24
poLight
7D
12.9%
1Y
89.5%
LINK
NOK 28.60
LINK Mobility Group Holding
7D
-4.7%
1Y
21.2%
SMCRT
NOK 22.60
SmartCraft
7D
-11.7%
1Y
-22.3%
SMOP
NOK 27.00
Smartoptics Group
7D
-14.3%
1Y
44.4%
ATEA
NOK 148.60
Atea
7D
-3.8%
1Y
8.5%

Atea's (OB:ATEA) Dividend Will Be NOK3.50

Oct 29
Atea's (OB:ATEA) Dividend Will Be NOK3.50
XPLRA
NOK 45.80
Xplora Technologies
7D
0.4%
1Y
55.8%
SPIR
NOK 6.70
Spir Group
7D
2.1%
1Y
-16.3%
TECH
NOK 12.20
Techstep
7D
1.7%
1Y
0%
NORBT
NOK 189.80
Norbit
7D
-7.2%
1Y
103.4%

Innomar Acquisition And GNSS Unit Will Expand Market Opportunities

The significant upward revision in Norbit’s analyst price target is primarily driven by a notable increase in net profit margin, which has outweighed a slight moderation in consensus revenue growth forecasts, resulting in a new fair value estimate of NOK240.00. Valuation Changes Summary of Valuation Changes for Norbit The Consensus Analyst Price Target has significantly risen from NOK152.70 to NOK240.00.
AIX
NOK 4.34
Ayfie International
7D
1.4%
1Y
-27.2%
OTEC
NOK 15.35
Otello
7D
1.3%
1Y
96.8%