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Norwegian (OSEAX) Tech Sector Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies31
  • 7D-0.1%
  • 3M10.3%
  • 1Y24.0%
  • YTD2.0%

The Tech is pretty flat in the last 7 days, but IDEX Biometrics has stood out, gaining 16%. The past year has been better, since the industry has gained 24% in that time. Looking forward, earnings are forecast to grow by 28% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 04 Mar 2026NOK 124.4bNOK 77.3bNOK 2.5b25.9x49.8x1.6x
Fri, 30 Jan 2026NOK 121.0bNOK 75.3bNOK 1.9b38.8x65.1x1.6x
Sun, 28 Dec 2025NOK 120.2bNOK 75.9bNOK 1.9b40.4x64.3x1.6x
Tue, 25 Nov 2025NOK 109.9bNOK 75.8bNOK 1.8b31.5x60.3x1.4x
Thu, 23 Oct 2025NOK 115.9bNOK 74.4bNOK 1.8b32.4x66.1x1.6x
Sat, 20 Sep 2025NOK 117.5bNOK 74.4bNOK 1.7b34.8x68.6x1.6x
Mon, 18 Aug 2025NOK 117.5bNOK 74.9bNOK 1.5b36.1x80.2x1.6x
Wed, 16 Jul 2025NOK 115.0bNOK 73.2bNOK 1.1b38.7x101.5x1.6x
Fri, 13 Jun 2025NOK 122.0bNOK 79.7bNOK 1.4b39.1x86.3x1.5x
Sun, 11 May 2025NOK 108.8bNOK 79.5bNOK 1.3b32x85.4x1.4x
Tue, 08 Apr 2025NOK 94.7bNOK 78.4bNOK 1.0b28.5x91.3x1.2x
Thu, 06 Mar 2025NOK 101.5bNOK 78.2bNOK 942.5m28.2x107.7x1.3x
Sat, 01 Feb 2025NOK 101.0bNOK 76.8bNOK 795.6m37.6x127x1.3x
Mon, 30 Dec 2024NOK 97.3bNOK 76.9bNOK 793.0m33.9x122.7x1.3x
Wed, 27 Nov 2024NOK 93.3bNOK 76.7bNOK 808.7m33x115.4x1.2x
Fri, 25 Oct 2024NOK 101.9bNOK 77.7bNOK 620.3m28.5x164.2x1.3x
Sun, 22 Sep 2024NOK 114.3bNOK 80.8bNOK 730.9m32.7x156.4x1.4x
Tue, 20 Aug 2024NOK 112.5bNOK 80.4bNOK 934.5m27.6x120.3x1.4x
Thu, 18 Jul 2024NOK 117.3bNOK 82.2bNOK 1.4b20.3x82.8x1.4x
Sat, 15 Jun 2024NOK 113.3bNOK 83.0bNOK 1.6b20.9x72.3x1.4x
Mon, 13 May 2024NOK 109.1bNOK 82.9bNOK 1.3b22.2x83.1x1.3x
Wed, 10 Apr 2024NOK 95.9bNOK 84.2bNOK 1.6b23.5x60.8x1.1x
Fri, 08 Mar 2024NOK 93.1bNOK 84.5bNOK 1.6b20.9x57.8x1.1x
Sun, 04 Feb 2024NOK 104.8bNOK 86.2bNOK 956.6m18.8x109.5x1.2x
Tue, 02 Jan 2024NOK 107.1bNOK 85.6bNOK 936.0m17.8x114.5x1.3x
Thu, 30 Nov 2023NOK 98.1bNOK 86.4bNOK 954.8m16.9x102.7x1.1x
Sat, 28 Oct 2023NOK 95.9bNOK 87.3b-NOK 260,474,945.0018.4x-368x1.1x
Mon, 25 Sep 2023NOK 108.0bNOK 87.6b-NOK 28,475,594.0019.5x-3794.2x1.2x
Wed, 23 Aug 2023NOK 115.4bNOK 86.6b-NOK 84,670,678.0022.4x-1362.8x1.3x
Fri, 21 Jul 2023NOK 118.6bNOK 85.1b-NOK 377,865,894.0020.6x-313.9x1.4x
Sun, 18 Jun 2023NOK 123.0bNOK 84.5b-NOK 375,401,616.0024.3x-327.8x1.5x
Tue, 16 May 2023NOK 112.6bNOK 84.0b-NOK 148,176,393.0024.2x-759.9x1.3x
Thu, 13 Apr 2023NOK 114.5bNOK 80.9b-NOK 393,277,610.0023.6x-291.2x1.4x
Sat, 11 Mar 2023NOK 115.9bNOK 80.9b-NOK 421,952,134.0023.6x-274.7x1.4x
Price to Earnings Ratio

-274.7x


Total Market Cap: NOK 115.9bTotal Earnings: -NOK 421,952,134.00Total Revenue: NOK 80.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 280.5x202420252026
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 49.8x which is lower than its 3-year average PE of 280x.
  • The 3-year average PS ratio of 1.4x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • Total earnings for the Information Technology industry have gone up over the last three years, and the industry is now profitable.
  • Revenues have remained mostly flat. This means that the industry has become more efficient since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Norwegian Tech sector?

NO Market0.60%
Tech-0.13%
Electronic Equipment and Components1.25%
Communications-0.32%
IT-0.32%
Semiconductors-0.99%
Tech Hardware-1.17%
Software-1.41%
Industry PE
  • Investors are most optimistic about the Semiconductors industry even though it's trading below its 3-year average PE ratio of 381x.
    • Analysts are expecting annual earnings growth of 36.7% 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 37% over the next 5 years.
  • In contrast, the IT industry is expected to see its earnings grow by 13% 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
IDEX IDEX BiometricsNOK 6.2616.3%
+NOK 57.0m		-25.2%PS200.6x
ARR Arribatec GroupNOK 8.032.7%
+NOK 14.4m		168.6%PE22.3x
SPIR Spir GroupNOK 8.540.5%
+NOK 5.3m		-6.2%PS1.2x
STRO StrongPointNOK 9.901.0%
+NOK 4.5m		1.9%PS0.3x
RECSI REC SiliconNOK 0.332.6%
+NOK 3.5m		-69.3%PS0.2x

Latest News

NOD
NOK 136.00
Nordic Semiconductor
7D
-3.9%
1Y
4.5%
NAPA
NOK 33.10
Napatech
7D
-3.9%
1Y
75.6%
ARR
NOK 8.03
Arribatec Group
7D
2.7%
1Y
168.6%
ATEA
NOK 141.20
Atea
7D
-1.3%
1Y
8.6%

ATEA: High Dividend And New Tradebroker Contract Will Drive Upside

Narrative update on Atea The analyst price target for Atea is held at NOK 165, with modest adjustments to the discount rate, revenue growth assumptions, profit margin outlook and future P/E to reflect analysts' refreshed views on the company’s risk profile and earnings potential. What's in the News The Board plans to propose to the 2026 AGM an annual dividend of NOK 7.50 per share for 2025, representing a payout of about 95% of net profit after tax, citing higher profit, strong cash flow and a healthy balance sheet (company announcement).
PLT
NOK 5.93
poLight
7D
-11.5%
1Y
112.5%
NORBT
NOK 198.40
Norbit
7D
-2.3%
1Y
85.8%

NORBT: Defence Contracts And Dividend Policy Will Shape A Measured Forward Outlook

Analysts have raised their Norbit price target from NOK 207.50 to NOK 214.00, citing new coverage and supportive views on the company's earnings profile and valuation assumptions. Analyst Commentary Recent research initiation and the higher price target frame Norbit as a name where analysts see upside potential, but also clear execution checkpoints investors should watch.
SPIR
NOK 8.54
Spir Group
7D
0.5%
1Y
-6.2%
SMOP
NOK 36.00
Smartoptics Group
7D
-6.5%
1Y
69.8%

SMOP: Future Margin Strength And DWDM Wins Will Drive Repricing

Analysts have lifted their price target for Smartoptics Group from around NOK 24 to roughly NOK 50, citing updated assumptions for revenue growth, profit margins, the discount rate, and a higher future P/E multiple. What's in the News Teraco, a Digital Realty company in South Africa, has deployed redundant 100G DWDM links between its CT1 and CT2 Cape Town data centers using Smartoptics equipment, aiming to support cloud, content, connectivity and financial ecosystems along a high demand bandwidth corridor (Client announcement).
LINK
NOK 20.50
LINK Mobility Group Holding
7D
-2.8%
1Y
-2.4%

LINK: Cash Generation And Measured P/E Will Frame Balanced Return Potential

Analysts have revised their price target for LINK Mobility Group Holding from NOK 40 to NOK 21, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News Management reports NOK 400 million in free cash flow, with CEO Thomas Berge highlighting strong cash conversion across the business as a support for ongoing capital allocation plans (Key Developments).
APR
NOK 63.00
Appear
7D
-7.7%
1Y
n/a
STRO
NOK 9.90
StrongPoint
7D
1.0%
1Y
1.9%
RECSI
NOK 0.33
REC Silicon
7D
2.6%
1Y
-69.3%
IDEX
NOK 6.26
IDEX Biometrics
7D
16.3%
1Y
-25.2%