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Norwegian (OSEAX) Tech Sector Analysis

UpdatedDec 31, 2025
DataAggregated Company Financials
Companies32
  • 7D1.8%
  • 3M2.9%
  • 1Y27.9%
  • YTD25.7%

The Tech industry is up 1.7% in the last week, with Nordic Semiconductor up 2.9%. This means that the industry has gained 27% over the past year. Looking forward, earnings are forecast to grow by 38% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 31 Dec 2025NOK 122.3bNOK 75.9bNOK 1.9b41.2x65.4x1.6x
Fri, 28 Nov 2025NOK 113.3bNOK 76.0bNOK 1.9b32.6x60.4x1.5x
Sun, 26 Oct 2025NOK 119.5bNOK 75.1bNOK 1.8b35.3x64.9x1.6x
Tue, 23 Sep 2025NOK 116.9bNOK 74.4bNOK 1.8b34.5x66.6x1.6x
Thu, 21 Aug 2025NOK 114.5bNOK 74.9bNOK 1.5b34.9x78.1x1.5x
Sat, 19 Jul 2025NOK 114.5bNOK 73.9bNOK 1.2b39x99.2x1.5x
Mon, 16 Jun 2025NOK 121.9bNOK 79.6bNOK 1.4b39.1x86.2x1.5x
Wed, 14 May 2025NOK 111.5bNOK 79.5bNOK 1.3b32.2x87.5x1.4x
Fri, 11 Apr 2025NOK 96.4bNOK 78.3bNOK 1.1b30.9x91.3x1.2x
Sun, 09 Mar 2025NOK 102.5bNOK 78.1bNOK 964.7m31.7x106.2x1.3x
Tue, 04 Feb 2025NOK 101.0bNOK 76.8bNOK 785.0m37.4x128.7x1.3x
Thu, 02 Jan 2025NOK 97.1bNOK 76.8bNOK 789.1m34.1x123x1.3x
Sat, 30 Nov 2024NOK 95.2bNOK 76.6bNOK 817.1m34x116.5x1.2x
Mon, 28 Oct 2024NOK 102.1bNOK 77.7bNOK 602.2m28.7x169.5x1.3x
Wed, 25 Sep 2024NOK 112.9bNOK 80.7bNOK 736.1m32.5x153.4x1.4x
Fri, 23 Aug 2024NOK 112.7bNOK 80.5bNOK 680.6m34.7x165.6x1.4x
Sun, 21 Jul 2024NOK 116.7bNOK 82.5bNOK 1.4b20.4x82.3x1.4x
Tue, 18 Jun 2024NOK 113.0bNOK 83.0bNOK 1.6b21.1x72.1x1.4x
Thu, 16 May 2024NOK 108.6bNOK 83.0bNOK 1.6b21x68.4x1.3x
Sat, 13 Apr 2024NOK 95.8bNOK 84.4bNOK 1.6b22.5x60.6x1.1x
Mon, 11 Mar 2024NOK 92.6bNOK 84.5bNOK 1.6b20.8x56.5x1.1x
Wed, 07 Feb 2024NOK 89.4bNOK 82.9bNOK 1.8b19.4x49.8x1.1x
Fri, 05 Jan 2024NOK 103.2bNOK 85.8bNOK 940.9m17.6x109.6x1.2x
Sun, 03 Dec 2023NOK 98.0bNOK 86.3bNOK 945.8m16.7x103.6x1.1x
Tue, 31 Oct 2023NOK 95.9bNOK 87.4b-NOK 256,286,412.0018.1x-374.2x1.1x
Thu, 28 Sep 2023NOK 105.7bNOK 87.2bNOK 9.4m18.1x11212.4x1.2x
Sat, 26 Aug 2023NOK 111.9bNOK 87.3b-NOK 29,013,940.0022.7x-3858.4x1.3x
Mon, 24 Jul 2023NOK 119.1bNOK 85.1b-NOK 377,423,589.0020.8x-315.6x1.4x
Wed, 21 Jun 2023NOK 124.2bNOK 84.8b-NOK 381,788,670.0023.6x-325.3x1.5x
Fri, 19 May 2023NOK 112.9bNOK 84.4b-NOK 177,480,737.0024.8x-636.3x1.3x
Sun, 16 Apr 2023NOK 115.9bNOK 80.8b-NOK 397,199,946.0024.1x-291.9x1.4x
Tue, 14 Mar 2023NOK 111.9bNOK 80.9b-NOK 363,812,305.0022.9x-307.5x1.4x
Thu, 09 Feb 2023NOK 112.9bNOK 112.5bNOK 352.5m24.1x320.2x1x
Sat, 07 Jan 2023NOK 115.6bNOK 112.0bNOK 320.5m25.6x360.6x1x
Price to Earnings Ratio

360.6x


Total Market Cap: NOK 115.6bTotal Earnings: NOK 320.5mTotal Revenue: NOK 112.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 285.7x20242025
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 65.1x which is lower than its 3-year average PE of 286x.
  • 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 83% 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 Market1.39%
Tech1.77%
Semiconductors2.56%
Software2.40%
Communications1.54%
IT1.33%
Electronic Equipment and Components1.16%
Tech Hardware-0.37%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 363x.
    • 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 15% 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 133.302.6%
+NOK 669.9m		32.7%PE317.6x
PEXIP Pexip HoldingNOK 77.903.6%
+NOK 276.7m		77.4%PE40.8x
LINK LINK Mobility Group HoldingNOK 33.902.9%
+NOK 275.2m		47.4%PE93.5x
ATEA AteaNOK 157.801.4%
+NOK 245.1m		11.6%PE22x
NORBT NorbitNOK 187.202.1%
+NOK 242.5m		93.8%PE31.5x

Latest News

ATEA
NOK 157.80
Atea
7D
1.4%
1Y
11.6%
RECSI
NOK 1.03
REC Silicon
7D
-1.9%
1Y
-71.3%
XPLRA
NOK 52.00
Xplora Technologies
7D
-1.5%
1Y
65.1%

XPLRA: Subscription Momentum Will Drive Future Upside From Current Levels

Analysts have raised their price target for Xplora Technologies to NOK 70.13 per share, citing modestly lower perceived risk, slightly stronger long term growth and margin assumptions, and a higher expected future earnings multiple. What's in the News Xplora Technologies reported 15,000 gross new subscriptions in October 2025, bringing total subscriptions to 446,000, up 118,000 from October 2024 (company operating results update).
NOD
NOK 133.30
Nordic Semiconductor
7D
2.6%
1Y
32.7%

NOD: Earnings Recovery Pace Will Likely Disappoint Amid Softer Demand

Analysts have trimmed their fair value estimate for Nordic Semiconductor from NOK 109.0 to NOK 105.0, reflecting slightly higher discount rate assumptions and lower margin expectations, in line with recent modest price target cuts from the Street. Analyst Commentary Recent Street commentary has turned incrementally cautious, with bearish analysts trimming price targets despite maintaining largely unchanged ratings.
NAPA
NOK 30.80
Napatech
7D
3.0%
1Y
20.8%
KIT
NOK 72.70
Kitron
7D
1.0%
1Y
115.0%

KIT: Defence And Aerospace Orders Will Drive Future Earnings Upside

Analysts have raised their price target for Kitron from approximately NOK 75 to NOK 77 per share, citing expectations of stronger revenue growth, slightly higher profit margins, and a lower assumed future price-to-earnings multiple. Together, these factors support a higher fair value despite a modestly reduced discount rate.
LINK
NOK 33.90
LINK Mobility Group Holding
7D
2.9%
1Y
47.4%
WSTEP
NOK 18.50
Webstep
7D
-2.1%
1Y
-15.9%
PEXIP
NOK 77.90
Pexip Holding
7D
3.6%
1Y
77.4%

PEXIP: Future Outlook Will Balance Margin Gains With Higher Earnings Multiple Assumptions

Analysts have raised their price target on Pexip Holding to NOK 77.50 from NOK 68.33, citing slightly lower growth expectations, which are offset by improved profit margin assumptions and a higher anticipated future P/E multiple. Valuation Changes Fair Value Estimate has risen moderately, from NOK 68.33 to NOK 77.50.
OTEC
NOK 18.15
Otello
7D
-0.5%
1Y
136.9%
BOUV
NOK 61.60
Bouvet
7D
1.0%
1Y
-19.5%
PLT
NOK 6.59
poLight
7D
-1.1%
1Y
37.6%
TECH
NOK 12.60
Techstep
7D
-3.4%
1Y
-8.0%

What Techstep ASA's (OB:TECH) P/S Is Not Telling You

Dec 17
What Techstep ASA's (OB:TECH) P/S Is Not Telling You
NORBT
NOK 187.20
Norbit
7D
2.1%
1Y
93.8%

Estimating The Intrinsic Value Of Norbit ASA (OB:NORBT)

Dec 10
Estimating The Intrinsic Value Of Norbit ASA (OB:NORBT)
STRO
NOK 10.05
StrongPoint
7D
-2.0%
1Y
-9.9%

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

Dec 10
Is StrongPoint (OB:STRO) Using Too Much Debt?
AIX
NOK 3.75
Ayfie International
7D
-5.8%
1Y
-14.8%