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Norwegian (OSEAX) Tech Sector Analysis

UpdatedMar 10, 2026
DataAggregated Company Financials
Companies31
  • 7D-2.8%
  • 3M0.6%
  • 1Y23.6%
  • YTD-1.8%

Over the last 7 days, the Tech industry has dropped 1.5%, driven by Kitron declining 9.9%. In contrast, IDEX Biometrics has gained 93%. In the past year, the industry has gained 24%. As for the next few years, earnings are expected to grow by 27% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Mar 2026NOK 119.7bNOK 77.7bNOK 2.6b25x46.5x1.5x
Thu, 05 Feb 2026NOK 117.9bNOK 76.2bNOK 2.0b32.7x59.5x1.5x
Sat, 03 Jan 2026NOK 121.5bNOK 76.0bNOK 1.9b40.3x65x1.6x
Mon, 01 Dec 2025NOK 113.6bNOK 76.0bNOK 1.9b33.1x60.8x1.5x
Wed, 29 Oct 2025NOK 122.6bNOK 75.1bNOK 1.8b36.7x66.6x1.6x
Fri, 26 Sep 2025NOK 113.6bNOK 74.5bNOK 1.8b34.2x64.7x1.5x
Sun, 24 Aug 2025NOK 116.2bNOK 74.6bNOK 1.9b34.1x61.9x1.6x
Tue, 22 Jul 2025NOK 114.5bNOK 73.9bNOK 1.2b38.1x99x1.5x
Thu, 19 Jun 2025NOK 121.9bNOK 79.7bNOK 1.4b38.9x86.4x1.5x
Sat, 17 May 2025NOK 114.3bNOK 79.7bNOK 1.3b36.8x88.1x1.4x
Mon, 14 Apr 2025NOK 95.7bNOK 78.2bNOK 1.1b30.7x90.1x1.2x
Wed, 12 Mar 2025NOK 99.2bNOK 77.9bNOK 970.2m27.6x102.3x1.3x
Fri, 07 Feb 2025NOK 105.6bNOK 77.1bNOK 893.9m36.6x118.2x1.4x
Sun, 05 Jan 2025NOK 99.3bNOK 76.8bNOK 788.6m34x126x1.3x
Tue, 03 Dec 2024NOK 94.7bNOK 76.6bNOK 814.3m34.2x116.3x1.2x
Thu, 31 Oct 2024NOK 104.5bNOK 77.7bNOK 699.6m28.7x149.3x1.3x
Sat, 28 Sep 2024NOK 106.2bNOK 80.8bNOK 730.0m32.4x145.5x1.3x
Mon, 26 Aug 2024NOK 113.1bNOK 80.4bNOK 654.9m34.7x172.8x1.4x
Wed, 24 Jul 2024NOK 116.9bNOK 82.6bNOK 1.4b20.9x82.4x1.4x
Fri, 21 Jun 2024NOK 112.6bNOK 82.8bNOK 1.6b21.5x72.1x1.4x
Sun, 19 May 2024NOK 109.3bNOK 83.1bNOK 1.6b21.1x69.2x1.3x
Tue, 16 Apr 2024NOK 94.0bNOK 84.4bNOK 1.6b22.5x59.7x1.1x
Thu, 14 Mar 2024NOK 93.5bNOK 84.7bNOK 1.7b21x56.5x1.1x
Sat, 10 Feb 2024NOK 96.8bNOK 83.1bNOK 1.6b18.4x60.5x1.2x
Mon, 08 Jan 2024NOK 103.2bNOK 85.8bNOK 940.6m17.7x109.8x1.2x
Wed, 06 Dec 2023NOK 98.3bNOK 86.6bNOK 957.1m16.7x102.7x1.1x
Fri, 03 Nov 2023NOK 97.7bNOK 87.4b-NOK 247,206,889.0018.6x-395.2x1.1x
Sun, 01 Oct 2023NOK 106.7bNOK 87.2bNOK 13.4m18.4x7957.9x1.2x
Tue, 29 Aug 2023NOK 112.7bNOK 87.3b-NOK 31,269,107.0022x-3603.5x1.3x
Thu, 27 Jul 2023NOK 120.8bNOK 85.1b-NOK 381,587,253.0020.7x-316.5x1.4x
Sat, 24 Jun 2023NOK 118.0bNOK 85.0b-NOK 324,884,533.0021.6x-363.3x1.4x
Mon, 22 May 2023NOK 115.3bNOK 84.4b-NOK 316,585,454.0025.8x-364.2x1.4x
Wed, 19 Apr 2023NOK 116.5bNOK 80.9b-NOK 404,402,916.0023.7x-288x1.4x
Fri, 17 Mar 2023NOK 112.3bNOK 81.2b-NOK 356,559,066.0023x-314.8x1.4x
Price to Earnings Ratio

-314.8x


Total Market Cap: NOK 112.3bTotal Earnings: -NOK 356,559,066.00Total Revenue: NOK 81.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 282.4x202420252026
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 47.6x which is lower than its 3-year average PE of 282x.
  • 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 Market-0.01%
Tech-2.84%
Software1.18%
IT-0.47%
Semiconductors-1.93%
Electronic Equipment and Components-5.49%
Tech Hardware-5.96%
Communications-6.69%
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 12% 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 11.4093.1%
+NOK 400.9m		21.4%PS321.4x
LINK LINK Mobility Group HoldingNOK 21.655.4%
+NOK 318.7m		6.7%PE72x
BOUV BouvetNOK 50.302.0%
+NOK 103.4m		-29.7%PE13.6x
ARR Arribatec GroupNOK 8.805.3%
+NOK 30.4m		169.9%PE24.4x
RECSI REC SiliconNOK 0.3718.9%
+NOK 24.8m		-66.4%PS0.2x

Latest News

LINK
NOK 21.65
LINK Mobility Group Holding
7D
5.4%
1Y
6.7%

LINK: Future Cash Generation And M&A Pipeline Will Drive Upside Potential

Analysts have reset their price target for LINK Mobility Group Holding to NOK30.25 from NOK43.75, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E. These revisions point to a more cautious outlook on the shares.
ELABS
NOK 3.02
Elliptic Laboratories
7D
-17.7%
1Y
-69.5%
ARR
NOK 8.80
Arribatec Group
7D
5.3%
1Y
169.9%
NOD
NOK 138.70
Nordic Semiconductor
7D
-2.0%
1Y
8.7%

NOD: Edge AI And Cellular IoT Expansion Will Support Re Rated Earnings Power

Analysts have trimmed our fair value estimate for Nordic Semiconductor to NOK 220 from NOK 225, even as they cite slightly stronger revenue growth and profit margin assumptions and reference recent price target increases and upgrades on the stock from the Street. Analyst Commentary Recent Street research shows a generally constructive tone around Nordic Semiconductor, with bullish analysts adjusting their views to reflect what they see as supportive drivers for the equity story.
IDEX
NOK 11.40
IDEX Biometrics
7D
93.1%
1Y
21.4%
NAPA
NOK 31.90
Napatech
7D
-11.1%
1Y
75.3%
SMCRT
NOK 17.00
SmartCraft
7D
0.9%
1Y
-36.6%

AI Workflow Adoption And New Markets Will Drive This Construction Software Specialist Forward

Catalysts About SmartCraft SmartCraft provides software solutions that help smaller construction and property management companies plan work, communicate and run projects more efficiently. What are the underlying business or industry changes driving this perspective?
ATEA
NOK 142.00
Atea
7D
-1.4%
1Y
6.8%

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).
NORBT
NOK 200.50
Norbit
7D
-2.2%
1Y
89.2%

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.
SMOP
NOK 35.10
Smartoptics Group
7D
-3.3%
1Y
75.9%

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).
KIT
NOK 96.90
Kitron
7D
-9.9%
1Y
114.1%

KIT: Defence Wins And Energy Demand Will Shape Equity And Dividend Outlook

Analysts have lifted their price target on Kitron from NOK 83.30 to NOK 101.50, citing updates in their fair value work, a slightly adjusted discount rate, a revised revenue growth outlook, an updated P/E assumption and a modestly higher profit margin forecast. What's in the News Kitron ASA proposed a cash dividend of NOK 0.70 per share, with the last day including rights on 24 April 2026, the ex-date on 27 April 2026, the record date on 28 April 2026, and expected payment on or about 15 May 2026, subject to approval on 24 April 2026 (Key Developments).
APR
NOK 61.36
Appear
7D
-5.2%
1Y
n/a
STRO
NOK 10.45
StrongPoint
7D
4.5%
1Y
4.9%
WSTEP
NOK 18.20
Webstep
7D
1.1%
1Y
-23.5%
BOUV
NOK 50.30
Bouvet
7D
2.0%
1Y
-29.7%
RECSI
NOK 0.37
REC Silicon
7D
18.9%
1Y
-66.4%