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Norwegian (OSEAX) Tech Sector Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies32
  • 7D1.4%
  • 3M7.5%
  • 1Y16.3%
  • YTD1.5%

Over the last 7 days, the Tech industry has dropped 4.0%, driven by LINK Mobility Group Holding declining 24%. Meanwhile, Nordic Semiconductor actually outperformed within the industry, gaining 17% in the last week. This takes the industry's 12 month performance to a gain of 11%. As for the next few years, earnings are expected to grow by 33% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Feb 2026NOK 123.5bNOK 76.4bNOK 2.1b32.1x60x1.6x
Mon, 05 Jan 2026NOK 121.5bNOK 76.0bNOK 1.9b40.3x65x1.6x
Wed, 03 Dec 2025NOK 112.9bNOK 76.0bNOK 1.9b33.1x60.4x1.5x
Fri, 31 Oct 2025NOK 117.8bNOK 75.3bNOK 1.8b35.4x65.9x1.6x
Sun, 28 Sep 2025NOK 112.8bNOK 74.4bNOK 1.8b33.7x64.3x1.5x
Tue, 26 Aug 2025NOK 116.5bNOK 74.6bNOK 1.9b34.5x62x1.6x
Thu, 24 Jul 2025NOK 111.6bNOK 73.9bNOK 1.2b37.9x96.3x1.5x
Sat, 21 Jun 2025NOK 122.0bNOK 79.9bNOK 1.4b39x86.4x1.5x
Mon, 19 May 2025NOK 114.3bNOK 79.7bNOK 1.3b36.8x88.4x1.4x
Wed, 16 Apr 2025NOK 99.9bNOK 78.2bNOK 1.1b32.6x94.1x1.3x
Fri, 14 Mar 2025NOK 100.4bNOK 77.9bNOK 966.4m28.2x103.9x1.3x
Sun, 09 Feb 2025NOK 105.8bNOK 78.3bNOK 765.6m36.7x138.2x1.4x
Tue, 07 Jan 2025NOK 100.5bNOK 76.7bNOK 796.4m33.5x126.2x1.3x
Thu, 05 Dec 2024NOK 97.0bNOK 76.5bNOK 820.9m34.1x118.1x1.3x
Sat, 02 Nov 2024NOK 102.1bNOK 77.8bNOK 693.8m28.2x147.2x1.3x
Mon, 30 Sep 2024NOK 106.2bNOK 80.8bNOK 730.0m32.4x145.5x1.3x
Wed, 28 Aug 2024NOK 111.4bNOK 80.4bNOK 654.9m33.9x170.1x1.4x
Fri, 26 Jul 2024NOK 113.7bNOK 82.6bNOK 1.4b20.7x80.1x1.4x
Sun, 23 Jun 2024NOK 112.2bNOK 82.8bNOK 1.6b21.5x71.8x1.4x
Tue, 21 May 2024NOK 109.7bNOK 83.0bNOK 1.6b21.1x69.5x1.3x
Thu, 18 Apr 2024NOK 93.5bNOK 84.6bNOK 1.6b22.3x59.1x1.1x
Sat, 16 Mar 2024NOK 92.3bNOK 84.9bNOK 1.7b20.6x55.5x1.1x
Mon, 12 Feb 2024NOK 96.8bNOK 83.1bNOK 1.6b18.4x60x1.2x
Wed, 10 Jan 2024NOK 103.6bNOK 85.8bNOK 942.3m17.6x110x1.2x
Fri, 08 Dec 2023NOK 99.0bNOK 86.6bNOK 960.3m16.6x103.1x1.1x
Sun, 05 Nov 2023NOK 98.8bNOK 87.5b-NOK 150,062,004.0017.4x-658.2x1.1x
Tue, 03 Oct 2023NOK 106.7bNOK 87.4bNOK 6.3m18.5x16840.3x1.2x
Thu, 31 Aug 2023NOK 113.1bNOK 87.2b-NOK 22,117,257.0022.4x-5113.5x1.3x
Sat, 29 Jul 2023NOK 122.2bNOK 85.2b-NOK 385,173,338.0021.4x-317.3x1.4x
Mon, 26 Jun 2023NOK 118.0bNOK 84.9b-NOK 322,106,510.0021.6x-366.4x1.4x
Wed, 24 May 2023NOK 117.4bNOK 84.5b-NOK 292,142,080.0025.3x-401.8x1.4x
Fri, 21 Apr 2023NOK 108.4bNOK 80.6b-NOK 737,195,008.0024.5x-147.1x1.3x
Sun, 19 Mar 2023NOK 112.4bNOK 81.2b-NOK 385,690,571.0023.4x-291.3x1.4x
Tue, 14 Feb 2023NOK 111.9bNOK 101.4bNOK 347.5m24.5x322x1.1x
Price to Earnings Ratio

322x


Total Market Cap: NOK 111.9bTotal Earnings: NOK 347.5mTotal Revenue: NOK 101.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 275.5x202420252026
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 59.5x which is lower than its 3-year average PE of 276x.
  • The 3-year average PS ratio of 1.4x 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 80% per year over the last three years.
  • Meanwhile revenues for these companies have declined 9.0% 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 Market2.65%
Tech1.38%
Semiconductors19.34%
Electronic Equipment and Components2.93%
Communications-1.98%
Tech Hardware-3.28%
IT-3.70%
Software-13.01%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 377x.
    • Analysts are expecting annual earnings growth of 42.8% 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 43% over the next 5 years.
  • In contrast, the IT industry is expected to see its earnings grow by 19% 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 155.2019.8%
+NOK 5.0b		7.6%PE193x
KIT KitronNOK 85.003.1%
+NOK 557.7m		121.2%PE51.7x
NORBT NorbitNOK 190.803.6%
+NOK 421.1m		83.5%PE32.1x
HDLY HuddlyNOK 22.0046.7%
+NOK 191.2m		-1.8%PS3x
AIRX AirthingsNOK 0.1528.4%
+NOK 40.6m		-93.2%PS0.6x

Latest News

ARR
NOK 9.32
Arribatec Group
7D
-1.3%
1Y
319.8%
NOD
NOK 155.20
Nordic Semiconductor
7D
19.8%
1Y
7.6%

NOD: Edge AI Rollout Will Support Re Rated Long Term Earnings Potential

Analysts have raised their price target on Nordic Semiconductor to €200.00, pointing to updated assumptions for slightly higher revenue growth and a modest adjustment in the discount rate and future P/E expectations following a more positive stance in recent research. Analyst Commentary Bullish analysts are leaning into a more constructive view on Nordic Semiconductor, using the recent research update to justify a higher price target and a more supportive stance on the shares.
PEXIP
NOK 73.20
Pexip Holding
7D
-5.3%
1Y
60.4%

PEXIP: Future Outlook Will Emphasize Fair Value Margins And Earnings Multiple

Analysts have adjusted their price target for Pexip Holding to reflect updated assumptions around slightly higher revenue growth, a lower profit margin profile, and a higher future P/E multiple. Valuation Changes Fair Value: Kept unchanged at 77.5, indicating no revision to the central value estimate.
HDLY
NOK 22.00
Huddly
7D
46.7%
1Y
-1.8%

Optimistic Investors Push Huddly AS (OB:HDLY) Shares Up 33% But Growth Is Lacking

Feb 04
Optimistic Investors Push Huddly AS (OB:HDLY) Shares Up 33% But Growth Is Lacking
LINK
NOK 26.05
LINK Mobility Group Holding
7D
-22.4%
1Y
14.5%
KIT
NOK 85.00
Kitron
7D
3.1%
1Y
121.2%

Defense Aerospace Backlog And Capacity Expansion Will Support Strong Long Term Potential

Catalysts About Kitron Kitron is an electronics manufacturing services company focused on sectors such as Defense Aerospace, Industry, Electrification, Connectivity and Medical Devices. What are the underlying business or industry changes driving this perspective?
NORBT
NOK 190.80
Norbit
7D
3.6%
1Y
83.5%

Future European Electronics Demand And GNSS Transition Will Support A Fairly Priced Outlook

Catalysts About Norbit Norbit develops and manufactures technology solutions for oceans, connectivity and contract manufacturing customers, with production mainly based in Europe. What are the underlying business or industry changes driving this perspective?
XPLRA
NOK 54.40
Xplora Technologies
7D
1.1%
1Y
71.6%

XPLRA: Expanding Subscriptions Will Support Stronger Future Profitability Expectations

Analysts have raised their price target on Xplora Technologies to US$80.00 from US$80.00, citing slightly revised assumptions for the discount rate, revenue growth, profit margin and future P/E as the main reasons for the updated view. What's in the News Xplora Technologies AS reported a subscriptions update for December 2025, with 39,000 new subscriptions (gross) for the month.
AIRX
NOK 0.15
Airthings
7D
28.4%
1Y
-93.2%
SMCRT
NOK 18.85
SmartCraft
7D
-13.1%
1Y
-31.9%
NAPA
NOK 32.40
Napatech
7D
-3.7%
1Y
27.1%
IDEX
NOK 6.00
IDEX Biometrics
7D
2.7%
1Y
-25.0%
ATEA
NOK 146.20
Atea
7D
-5.1%
1Y
7.2%
OTEC
NOK 17.25
Otello
7D
-5.5%
1Y
127.6%
SMOP
NOK 28.40
Smartoptics Group
7D
-3.7%
1Y
27.4%
APR
NOK 68.80
Appear
7D
-4.8%
1Y
n/a