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Norwegian (OSEAX) Tech Sector Analysis

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies32
  • 7D-1.9%
  • 3M1.2%
  • 1Y27.5%
  • YTD0.1%

Over the last 7 days, the Tech industry has dropped 1.9%, driven by Nordic Semiconductor declining 5.1%. Over the past 12 months, the industry was up 27%. Earnings are forecast to grow by 34% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 15 Jan 2026NOK 121.6bNOK 75.9bNOK 1.9b40.1x65.2x1.6x
Sat, 13 Dec 2025NOK 120.3bNOK 76.1bNOK 1.9b39.4x64.2x1.6x
Mon, 10 Nov 2025NOK 113.4bNOK 75.6bNOK 1.9b31.5x60.9x1.5x
Wed, 08 Oct 2025NOK 113.8bNOK 74.3bNOK 1.8b32.8x64.9x1.5x
Fri, 05 Sep 2025NOK 113.4bNOK 74.6bNOK 1.7b33.9x65.8x1.5x
Sun, 03 Aug 2025NOK 111.7bNOK 74.0bNOK 1.2b37.7x97x1.5x
Tue, 01 Jul 2025NOK 125.2bNOK 80.0bNOK 1.4b39.7x88.3x1.6x
Thu, 29 May 2025NOK 115.8bNOK 79.9bNOK 1.4b36.6x81.8x1.5x
Sat, 26 Apr 2025NOK 103.8bNOK 77.9bNOK 1.1b35.4x97.9x1.3x
Mon, 24 Mar 2025NOK 103.7bNOK 77.7bNOK 1.0b32.8x98.9x1.3x
Wed, 19 Feb 2025NOK 106.3bNOK 78.1bNOK 877.1m29.8x121.2x1.4x
Fri, 17 Jan 2025NOK 97.3bNOK 76.8bNOK 788.7m32.9x123.4x1.3x
Sun, 15 Dec 2024NOK 98.1bNOK 76.6bNOK 806.9m34x121.5x1.3x
Tue, 12 Nov 2024NOK 93.6bNOK 76.3bNOK 728.2m27.6x128.5x1.2x
Thu, 10 Oct 2024NOK 105.4bNOK 81.0bNOK 704.4m33.1x149.7x1.3x
Sat, 07 Sep 2024NOK 110.1bNOK 81.1bNOK 702.4m33.4x156.7x1.4x
Mon, 05 Aug 2024NOK 112.0bNOK 82.5bNOK 1.4b21x78.9x1.4x
Wed, 03 Jul 2024NOK 112.7bNOK 83.0bNOK 1.6b20.5x72x1.4x
Fri, 31 May 2024NOK 110.1bNOK 82.8bNOK 1.6b20.5x70.6x1.3x
Sun, 28 Apr 2024NOK 100.3bNOK 82.6bNOK 1.2b21.1x83.7x1.2x
Tue, 26 Mar 2024NOK 94.5bNOK 85.0bNOK 1.7b20.7x56.8x1.1x
Thu, 22 Feb 2024NOK 93.7bNOK 84.4bNOK 1.5b20.6x61.1x1.1x
Sat, 20 Jan 2024NOK 105.1bNOK 86.0bNOK 950.1m17.9x110.6x1.2x
Mon, 18 Dec 2023NOK 105.8bNOK 86.0bNOK 948.3m16.8x111.6x1.2x
Wed, 15 Nov 2023NOK 102.0bNOK 87.8b-NOK 78,206,616.0016.8x-1304.6x1.2x
Fri, 13 Oct 2023NOK 106.4bNOK 87.7bNOK 3.4m17.6x31646.6x1.2x
Sun, 10 Sep 2023NOK 110.9bNOK 87.5b-NOK 21,414,456.0021.8x-5179.4x1.3x
Tue, 08 Aug 2023NOK 120.3bNOK 85.1b-NOK 386,763,147.0021.6x-310.9x1.4x
Thu, 06 Jul 2023NOK 118.2bNOK 84.6b-NOK 317,659,574.0022.1x-372.2x1.4x
Sat, 03 Jun 2023NOK 119.5bNOK 85.1b-NOK 395,126,202.0022.6x-302.4x1.4x
Mon, 01 May 2023NOK 109.9bNOK 82.6b-NOK 165,616,936.0023.4x-663.5x1.3x
Wed, 29 Mar 2023NOK 111.9bNOK 80.8b-NOK 376,617,384.0023.6x-297.2x1.4x
Fri, 24 Feb 2023NOK 115.5bNOK 80.9b-NOK 156,277,662.0024.3x-738.9x1.4x
Sun, 22 Jan 2023NOK 112.3bNOK 111.8bNOK 329.0m24.9x341.4x1x
Price to Earnings Ratio

341.4x


Total Market Cap: NOK 112.3bTotal Earnings: NOK 329.0mTotal Revenue: NOK 111.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 281.7x202420252026
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 65.2x which is lower than its 3-year average PE of 282x.
  • 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 Market2.73%
Tech-1.87%
IT3.35%
Communications-1.00%
Electronic Equipment and Components-1.78%
Tech Hardware-2.45%
Software-4.02%
Semiconductors-5.03%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 369x.
    • Analysts are expecting annual earnings growth of 42.0% 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 16% 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
ATEA AteaNOK 162.004.4%
+NOK 757.7m		19.3%PE22.6x
KIT KitronNOK 78.251.6%
+NOK 270.5m		118.8%PE45.9x
NAPA NapatechNOK 30.157.1%
+NOK 220.1m		25.6%PS15.9x
PLT poLightNOK 7.047.8%
+NOK 108.5m		81.2%PS114.7x
BOUV BouvetNOK 59.501.2%
+NOK 71.7m		-23.6%PE15.9x

Latest News

LINK
NOK 33.50
LINK Mobility Group Holding
7D
-5.0%
1Y
50.9%
KIT
NOK 78.25
Kitron
7D
1.6%
1Y
118.8%
NORBT
NOK 175.80
Norbit
7D
-7.2%
1Y
87.4%

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).
ELABS
NOK 5.69
Elliptic Laboratories
7D
-9.0%
1Y
-45.9%

Returns At Elliptic Laboratories (OB:ELABS) Are On The Way Up

Jan 09
Returns At Elliptic Laboratories (OB:ELABS) Are On The Way Up
NOD
NOK 133.20
Nordic Semiconductor
7D
-5.1%
1Y
20.8%

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.
PEXIP
NOK 73.40
Pexip Holding
7D
-3.7%
1Y
74.3%

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

Analysts have raised their price target for Pexip Holding slightly to reflect a marginally lower discount rate and a modestly more attractive future earnings multiple, resulting in only a small increase in the company’s valuation in local currency terms. Valuation Changes Fair Value Estimate remains unchanged at NOK 77.5 per share, indicating no revision to the central valuation point.
SMCRT
NOK 25.20
SmartCraft
7D
-3.8%
1Y
-6.7%
NAPA
NOK 30.15
Napatech
7D
7.1%
1Y
25.6%
ATEA
NOK 162.00
Atea
7D
4.4%
1Y
19.3%
BOUV
NOK 59.50
Bouvet
7D
1.2%
1Y
-23.6%
PLT
NOK 7.04
poLight
7D
7.8%
1Y
81.2%
SMOP
NOK 28.80
Smartoptics Group
7D
-7.7%
1Y
56.9%
STRO
NOK 10.40
StrongPoint
7D
3.0%
1Y
-5.9%

Is StrongPoint (OB:STRO) Using Too Much Debt?

Dec 10
Is StrongPoint (OB:STRO) Using Too Much Debt?
HDLY
NOK 14.40
Huddly
7D
2.9%
1Y
-24.4%
APR
NOK 77.90
Appear
7D
-2.9%
1Y
n/a
INDCT
NOK 4.66
Induct
7D
9.9%
1Y
-11.2%