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Norwegian (OSEAX) Tech Sector Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies32
  • 7D0.2%
  • 3M0.08%
  • 1Y21.8%
  • YTD0.9%

The Tech industry is up 2.0% in the last week, with Napatech up 9.4%. In the last 12 months, the industry was up 25%. Earnings are forecast to grow by 36% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 29 Jan 2026NOK 122.8bNOK 75.4bNOK 1.9b39.9x66.1x1.6x
Sat, 27 Dec 2025NOK 120.2bNOK 75.9bNOK 1.9b40.4x64.3x1.6x
Mon, 24 Nov 2025NOK 109.8bNOK 75.8bNOK 1.8b31.6x60.2x1.4x
Wed, 22 Oct 2025NOK 115.2bNOK 74.4bNOK 1.8b32.8x65.6x1.5x
Fri, 19 Sep 2025NOK 117.7bNOK 74.4bNOK 1.7b34.9x68.8x1.6x
Sun, 17 Aug 2025NOK 117.3bNOK 74.8bNOK 1.5b35.7x80.1x1.6x
Tue, 15 Jul 2025NOK 113.6bNOK 73.1bNOK 1.1b39.4x99.9x1.6x
Thu, 12 Jun 2025NOK 121.2bNOK 79.8bNOK 1.4b38.7x86x1.5x
Sat, 10 May 2025NOK 108.8bNOK 79.5bNOK 1.3b32x85.4x1.4x
Mon, 07 Apr 2025NOK 95.6bNOK 78.1bNOK 1.1b28.7x90.8x1.2x
Wed, 05 Mar 2025NOK 99.9bNOK 78.4bNOK 922.0m27.9x108.3x1.3x
Fri, 31 Jan 2025NOK 101.3bNOK 76.8bNOK 796.5m38.2x127.1x1.3x
Sun, 29 Dec 2024NOK 97.3bNOK 76.9bNOK 793.0m33.9x122.7x1.3x
Tue, 26 Nov 2024NOK 93.4bNOK 76.6bNOK 812.5m33.3x114.9x1.2x
Thu, 24 Oct 2024NOK 102.1bNOK 77.9bNOK 602.2m29x169.5x1.3x
Sat, 21 Sep 2024NOK 114.3bNOK 80.8bNOK 730.9m32.7x156.4x1.4x
Mon, 19 Aug 2024NOK 113.2bNOK 80.6bNOK 927.9m27.6x122x1.4x
Wed, 17 Jul 2024NOK 118.0bNOK 82.3bNOK 1.4b20.3x83.3x1.4x
Fri, 14 Jun 2024NOK 115.1bNOK 82.9bNOK 1.6b21.4x73.4x1.4x
Sun, 12 May 2024NOK 109.1bNOK 82.9bNOK 1.3b22.2x83.1x1.3x
Tue, 09 Apr 2024NOK 94.6bNOK 84.2bNOK 1.6b23x60x1.1x
Thu, 07 Mar 2024NOK 92.3bNOK 84.6bNOK 1.6b20.5x57.1x1.1x
Sat, 03 Feb 2024NOK 104.8bNOK 86.2bNOK 956.6m18.8x109.5x1.2x
Mon, 01 Jan 2024NOK 107.1bNOK 85.6bNOK 936.0m17.8x114.5x1.3x
Wed, 29 Nov 2023NOK 97.1bNOK 86.1bNOK 1.0b17x93.9x1.1x
Fri, 27 Oct 2023NOK 96.3bNOK 87.0b-NOK 293,477,879.0018.5x-328.3x1.1x
Sun, 24 Sep 2023NOK 108.0bNOK 87.6b-NOK 28,475,594.0019.5x-3794.2x1.2x
Tue, 22 Aug 2023NOK 116.5bNOK 86.6b-NOK 81,560,110.0022.9x-1428.6x1.3x
Thu, 20 Jul 2023NOK 118.9bNOK 85.1b-NOK 373,638,000.0020.7x-318.1x1.4x
Sat, 17 Jun 2023NOK 123.0bNOK 84.5b-NOK 375,401,616.0024.3x-327.8x1.5x
Mon, 15 May 2023NOK 111.7bNOK 84.1b-NOK 151,216,866.0024.5x-738.6x1.3x
Wed, 12 Apr 2023NOK 114.0bNOK 81.0b-NOK 402,179,675.0023.9x-283.4x1.4x
Fri, 10 Mar 2023NOK 120.3bNOK 80.9b-NOK 424,070,122.0023.7x-283.6x1.5x
Sun, 05 Feb 2023NOK 118.9bNOK 112.2bNOK 310.4m25.3x383.1x1.1x
Price to Earnings Ratio

383.1x


Total Market Cap: NOK 118.9bTotal Earnings: NOK 310.4mTotal Revenue: NOK 112.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 278.1x202420252026
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 66.8x which is lower than its 3-year average PE of 278x.
  • 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 82% 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 Market0.79%
Tech0.23%
Tech Hardware6.37%
Communications3.85%
Software1.94%
IT0.41%
Electronic Equipment and Components-0.16%
Semiconductors-2.60%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 374x.
    • 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 20% 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 34.259.4%
+NOK 324.7m		32.2%PS18.4x
PEXIP Pexip HoldingNOK 77.203.3%
+NOK 256.2m		66.4%PE40.5x
LINK LINK Mobility Group HoldingNOK 34.552.5%
+NOK 246.2m		52.2%PE95.3x
XPLRA Xplora TechnologiesNOK 53.8011.2%
+NOK 241.7m		76.4%PS1.5x
ENSU Ensurge MicropowerNOK 0.8411.2%
+NOK 82.4m		-17.4%PS3400.6x

Latest News

NORBT
NOK 179.60
Norbit
7D
-1.5%
1Y
65.4%

Future European Electronics Demand And GNSS Transition Will Support A Fairly Priced Outlook

Catalysts About Norbit Norbit develops and manufactures technology solutions for oceans, connectivity and contract manufacturing customers, with production mainly based in Europe. What are the underlying business or industry changes driving this perspective?
XPLRA
NOK 53.80
Xplora Technologies
7D
11.2%
1Y
76.4%

XPLRA: Expanding Subscriptions Will Support Stronger Future Profitability Expectations

Analysts have raised their price target on Xplora Technologies to US$80.00 from US$80.00, citing slightly revised assumptions for the discount rate, revenue growth, profit margin and future P/E as the main reasons for the updated view. What's in the News Xplora Technologies AS reported a subscriptions update for December 2025, with 39,000 new subscriptions (gross) for the month.
KIT
NOK 81.85
Kitron
7D
-0.4%
1Y
112.6%

KIT: Defence And Energy Contracts And Equity Raise Will Shape Medium Term Outlook

Analysts have raised their price target for Kitron to reflect a slightly lower discount rate of 7.88% and an updated forward P/E assumption of 12.81x, indicating a modest adjustment in how they value the company’s future earnings stream. What's in the News Kitron completed a follow on equity offering of 17,000,000 ordinary shares, raising NOK 973.25 million at NOK 57.25 per share, under a Regulation S structure with a subsequent direct listing (Key Developments).
LINK
NOK 34.55
LINK Mobility Group Holding
7D
2.5%
1Y
52.2%

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 130.80
Nordic Semiconductor
7D
-2.7%
1Y
15.5%

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 5.14
Elliptic Laboratories
7D
-3.7%
1Y
-52.8%

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 6.51
poLight
7D
-5.7%
1Y
92.3%
STRO
NOK 11.05
StrongPoint
7D
7.3%
1Y
4.7%
PEXIP
NOK 77.20
Pexip Holding
7D
3.3%
1Y
66.4%

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.
SMCRT
NOK 23.70
SmartCraft
7D
-2.1%
1Y
-10.9%
NAPA
NOK 34.25
Napatech
7D
9.4%
1Y
32.2%
IDEX
NOK 5.88
IDEX Biometrics
7D
-5.0%
1Y
-41.5%
ATEA
NOK 157.40
Atea
7D
0.4%
1Y
12.9%
OTEC
NOK 18.45
Otello
7D
7.0%
1Y
143.4%
ENSU
NOK 0.84
Ensurge Micropower
7D
11.2%
1Y
-17.4%
TECH
NOK 12.00
Techstep
7D
-2.0%
1Y
-12.4%

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

Dec 17
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