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Norwegian (OSEAX) Tech Sector Analysis

UpdatedDec 12, 2025
DataAggregated Company Financials
Companies32
  • 7D2.1%
  • 3M-1.0%
  • 1Y24.2%
  • YTD22.9%

In the last week, the Tech industry is up 3.1%, with Kitron leading the way, up 10%. This means that the industry has gained 24% over the past year. As for the next few years, earnings are expected to grow by 39% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 12 Dec 2025NOK 119.3bNOK 76.0bNOK 1.9b39.3x63.8x1.6x
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
Price to Earnings Ratio

355.5x


Total Market Cap: NOK 116.0bTotal Earnings: NOK 326.2mTotal Revenue: NOK 111.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 290.5x202320242025
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 63.8x which is lower than its 3-year average PE of 291x.
  • 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 Market0.74%
Tech2.12%
Software7.25%
IT3.53%
Communications3.21%
Electronic Equipment and Components3.11%
Tech Hardware0.27%
Semiconductors-4.86%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 356x.
    • 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 17% 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 68.2510.1%
+NOK 1.4b		112.1%PE39.6x
PEXIP Pexip HoldingNOK 74.2018.9%
+NOK 1.2b		62.4%PE38.9x
ATEA AteaNOK 159.204.3%
+NOK 735.6m		12.3%PE22.2x
LINK LINK Mobility Group HoldingNOK 32.304.2%
+NOK 369.0m		31.8%PE87.3x
APR AppearNOK 83.1210.9%
+NOK 332.9m		n/an/a

Latest News

XPLRA
NOK 54.00
Xplora Technologies
7D
-5.3%
1Y
66.7%
PEXIP
NOK 74.20
Pexip Holding
7D
18.9%
1Y
62.4%
KIT
NOK 68.25
Kitron
7D
10.1%
1Y
112.1%
NOD
NOK 130.10
Nordic Semiconductor
7D
-4.9%
1Y
25.2%

NOD: Future Demand Recovery Will Support Shares Amid Mixed Sector Sentiment

Analysts have slightly reduced their price target on Nordic Semiconductor, with our fair value estimate decreasing from NOK 146.77 to NOK 145.70. This revision reflects modestly lower assumptions for top line growth and adjusted sector multiples, while long term profitability and valuation frameworks remain supportive.
NORBT
NOK 177.60
Norbit
7D
-0.9%
1Y
84.4%

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Dec 10
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ELABS
NOK 6.42
Elliptic Laboratories
7D
-4.3%
1Y
-38.5%

ELABS: Improved Margins And Smartphone Model Wins Will Drive Future Upside

Analysts have lowered their price target for Elliptic Laboratories from NOK 16 to NOK 13, citing tempered revenue growth expectations, which are partly offset by stronger projected profit margins and a more attractive future earnings multiple. What's in the News Long time CEO Laila Danielsen will step down after 12 years at Elliptic Labs, with SVP Product Development and IR Ola Sandstad appointed interim CEO effective 6 November 2025 (company announcement).
PLT
NOK 6.95
poLight
7D
-7.3%
1Y
24.8%
AIRX
NOK 0.12
Airthings
7D
-53.8%
1Y
-95.1%
BOUV
NOK 62.40
Bouvet
7D
2.3%
1Y
-16.8%

Bouvet ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Nov 14
Bouvet ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
LINK
NOK 32.30
LINK Mobility Group Holding
7D
4.2%
1Y
31.8%
ATEA
NOK 159.20
Atea
7D
4.3%
1Y
12.3%
APR
NOK 83.12
Appear
7D
10.9%
1Y
n/a
NAPA
NOK 32.50
Napatech
7D
-2.4%
1Y
44.4%
SMCRT
NOK 25.10
SmartCraft
7D
2.9%
1Y
-15.5%
SMOP
NOK 30.30
Smartoptics Group
7D
3.1%
1Y
62.0%
RECSI
NOK 1.14
REC Silicon
7D
-4.0%
1Y
-80.0%