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Norwegian (OSEAX) Tech Sector Analysis

UpdatedJan 25, 2026
DataAggregated Company Financials
Companies32
  • 7D-0.3%
  • 3M-0.2%
  • 1Y23.7%
  • YTD2.0%

The Tech is pretty flat in the last 7 days, but Napatech has stood out, gaining 11%. The past year has been better, since the industry has gained 24% in that time. Looking forward, earnings are forecast to grow by 35% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 25 Jan 2026NOK 124.2bNOK 75.6bNOK 1.9b40.8x66.7x1.6x
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
Price to Earnings Ratio

353.1x


Total Market Cap: NOK 113.7bTotal Earnings: NOK 321.9mTotal Revenue: NOK 112.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 279.1x202420252026
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 66.7x which is lower than its 3-year average PE of 279x.
  • 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 Market-0.86%
Tech-0.29%
Communications3.24%
Software0.84%
Electronic Equipment and Components0.61%
Tech Hardware-0.30%
IT-1.77%
Semiconductors-2.32%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 373x.
    • 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 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 18% 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
NAPA NapatechNOK 35.2510.5%
+NOK 368.8m		34.5%PS18.8x
KIT KitronNOK 83.001.6%
+NOK 284.3m		113.0%PE49.9x
XPLRA Xplora TechnologiesNOK 53.209.7%
+NOK 210.4m		74.4%PS1.5x
PEXIP Pexip HoldingNOK 76.901.3%
+NOK 102.5m		73.2%PE40.3x
OTEC OtelloNOK 18.406.7%
+NOK 76.3m		138.3%PE3.3x

Latest News

LINK
NOK 33.85
LINK Mobility Group Holding
7D
0.6%
1Y
54.6%

LINK: Steady Fair Value And Higher Margins Will Support Future Upside

Analysts have maintained their fair value estimate for LINK Mobility Group Holding at €40.00. This unchanged target reflects slight adjustments to assumptions on the discount rate, revenue growth, profit margin, and future P/E ratio.
NOD
NOK 134.10
Nordic Semiconductor
7D
-2.3%
1Y
13.6%

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

Nordic Semiconductor's fair value estimate has moved to NOK 200 from NOK 190, as analysts reset their targets, with recent Street updates pointing to NOK 170 and NOK 172 and reflecting refreshed assumptions on the discount rate, revenue growth, profit margin and future P/E levels. Analyst Commentary Recent Street updates around Nordic Semiconductor sit in a relatively tight range, with price targets clustered between NOK 170 and NOK 172.
ELABS
NOK 5.41
Elliptic Laboratories
7D
-6.6%
1Y
-51.5%

ELABS: Smartphone Platform Wins And New Licensing Pipeline Will Support Upside

Analysts kept their fair value estimate for Elliptic Laboratories steady at €13.00, citing only very small tweaks to their discount rate, revenue growth, profit margin and future P/E assumptions rather than any shift in the core outlook. What's in the News Shipped the AI Virtual Smart Sensor Platform on seven smartphone models in December 2025, including five models from Vivo and two from HONOR, with a total of 65 smartphone models using Elliptic Labs' technology in 2025 (company announcement).
PLT
NOK 6.71
poLight
7D
-4.1%
1Y
81.4%
STRO
NOK 10.95
StrongPoint
7D
7.4%
1Y
0%
BOUV
NOK 58.30
Bouvet
7D
-2.0%
1Y
-28.2%
PEXIP
NOK 76.90
Pexip Holding
7D
1.3%
1Y
73.2%

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

Analysts have kept their price target for Pexip Holding steady, citing only marginal tweaks to inputs such as the discount rate, revenue growth assumptions, profit margin outlook, and future P/E that together do not materially shift their view on fair value at about $77.50. Valuation Changes Fair Value: Kept unchanged at NOK 77.50 per share, indicating no alteration to the overall valuation anchor.
KIT
NOK 83.00
Kitron
7D
1.6%
1Y
113.0%
NORBT
NOK 182.00
Norbit
7D
-1.4%
1Y
81.6%

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).
XPLRA
NOK 53.20
Xplora Technologies
7D
9.7%
1Y
74.4%

XPLRA: Rising Subscriptions Will Support Higher Profitability Expectations

Analysts have raised their fair value estimate for Xplora Technologies from $70.00 to $80.00, reflecting updated assumptions around discount rates, revenue growth, profit margins, and future P/E multiples. What's in the News Xplora Technologies AS reported a subscriptions update for December 2025, with 39,000 new subscriptions for the month and a total of 476,000 subscriptions as of December 2025, compared with 358,000 as of December 2024 (company announcement).
NAPA
NOK 35.25
Napatech
7D
10.5%
1Y
34.5%
IDEX
NOK 5.71
IDEX Biometrics
7D
-12.8%
1Y
-44.3%
ATEA
NOK 159.00
Atea
7D
-1.9%
1Y
17.8%
RECSI
NOK 1.09
REC Silicon
7D
3.4%
1Y
-19.0%
OTEC
NOK 18.40
Otello
7D
6.7%
1Y
138.3%
APR
NOK 76.50
Appear
7D
-1.3%
1Y
n/a