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Norwegian (OSEAX) Tech Sector Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies32
  • 7D1.4%
  • 3M4.8%
  • 1Y29.5%
  • YTD2.0%

The Tech industry is up 1.4% in the last week, with Nordic Semiconductor up 3.1%. In the last 12 months, the industry was up 29%. As for the next few years, earnings are expected to grow by 35% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 09 Jan 2026NOK 124.0bNOK 76.0bNOK 1.9b41.7x66.3x1.6x
Sun, 07 Dec 2025NOK 118.1bNOK 76.0bNOK 1.9b37x63.2x1.6x
Tue, 04 Nov 2025NOK 118.9bNOK 75.4bNOK 1.8b36.2x66.3x1.6x
Thu, 02 Oct 2025NOK 114.0bNOK 74.3bNOK 1.8b33.2x65x1.5x
Sat, 30 Aug 2025NOK 116.8bNOK 74.5bNOK 1.7b34.5x67.4x1.6x
Mon, 28 Jul 2025NOK 111.2bNOK 74.0bNOK 1.2b38.6x96.2x1.5x
Wed, 25 Jun 2025NOK 122.3bNOK 80.0bNOK 1.4b38.3x86.5x1.5x
Fri, 23 May 2025NOK 115.0bNOK 79.6bNOK 1.5b36x77x1.4x
Sun, 20 Apr 2025NOK 100.4bNOK 78.0bNOK 1.1b32.8x93.5x1.3x
Tue, 18 Mar 2025NOK 102.6bNOK 77.8bNOK 1.1b32.1x97.7x1.3x
Thu, 13 Feb 2025NOK 104.6bNOK 78.4bNOK 766.8m35.6x136.4x1.3x
Sat, 11 Jan 2025NOK 98.2bNOK 76.9bNOK 779.4m33x126x1.3x
Mon, 09 Dec 2024NOK 96.5bNOK 76.7bNOK 808.5m33.3x119.3x1.3x
Wed, 06 Nov 2024NOK 100.2bNOK 77.8bNOK 653.9m28.1x153.2x1.3x
Fri, 04 Oct 2024NOK 103.4bNOK 80.9bNOK 718.2m32.4x144x1.3x
Sun, 01 Sep 2024NOK 116.5bNOK 80.9bNOK 720.0m35.7x161.8x1.4x
Tue, 30 Jul 2024NOK 114.7bNOK 82.5bNOK 1.4b21x80.9x1.4x
Thu, 27 Jun 2024NOK 111.3bNOK 82.9bNOK 1.6b21x71.1x1.3x
Sat, 25 May 2024NOK 110.7bNOK 83.0bNOK 1.6b20.6x70.3x1.3x
Mon, 22 Apr 2024NOK 92.6bNOK 84.6bNOK 1.6b22.2x58.4x1.1x
Wed, 20 Mar 2024NOK 92.5bNOK 84.9bNOK 1.7b21x55.6x1.1x
Fri, 16 Feb 2024NOK 96.8bNOK 83.3bNOK 1.5b18.1x64.8x1.2x
Sun, 14 Jan 2024NOK 104.5bNOK 85.8bNOK 940.3m17.3x111.2x1.2x
Tue, 12 Dec 2023NOK 102.3bNOK 86.7bNOK 971.2m17x105.4x1.2x
Thu, 09 Nov 2023NOK 99.3bNOK 87.7b-NOK 167,181,244.0017.4x-594x1.1x
Sat, 07 Oct 2023NOK 103.2bNOK 87.6bNOK 8.1m17.2x12773.3x1.2x
Mon, 04 Sep 2023NOK 114.2bNOK 87.4b-NOK 21,355,848.0022.8x-5346.9x1.3x
Wed, 02 Aug 2023NOK 122.2bNOK 85.2b-NOK 390,683,896.0021.7x-312.8x1.4x
Fri, 30 Jun 2023NOK 118.5bNOK 84.9b-NOK 321,724,123.0021.3x-368.3x1.4x
Sun, 28 May 2023NOK 116.6bNOK 85.3b-NOK 388,282,883.0022x-300.2x1.4x
Tue, 25 Apr 2023NOK 106.4bNOK 80.5b-NOK 222,807,248.0024x-477.6x1.3x
Thu, 23 Mar 2023NOK 112.4bNOK 80.9b-NOK 369,596,241.0023.6x-304x1.4x
Sat, 18 Feb 2023NOK 115.4bNOK 80.7b-NOK 168,245,721.0024.5x-685.8x1.4x
Mon, 16 Jan 2023NOK 115.7bNOK 111.8bNOK 329.4m25.1x351.1x1x
Price to Earnings Ratio

351.1x


Total Market Cap: NOK 115.7bTotal Earnings: NOK 329.4mTotal Revenue: NOK 111.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 283.3x202420252026
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 66.3x which is lower than its 3-year average PE of 284x.
  • 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 78% 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-0.54%
Tech1.40%
Semiconductors5.08%
Electronic Equipment and Components2.95%
Software1.24%
IT-2.26%
Communications-2.76%
Tech Hardware-4.16%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 366x.
    • Analysts are expecting annual earnings growth of 41.6% 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 137.403.1%
+NOK 807.9m		28.4%PE325.3x
KIT KitronNOK 75.303.6%
+NOK 562.6m		107.1%PE43.9x
LINK LINK Mobility Group HoldingNOK 34.652.2%
+NOK 217.3m		54.7%PE95.6x
SMCRT SmartCraftNOK 25.702.8%
+NOK 115.4m		-8.2%PE42.7x
SMOP Smartoptics GroupNOK 30.603.7%
+NOK 107.9m		65.0%PE71.7x

Latest News

ELABS
NOK 5.80
Elliptic Laboratories
7D
-14.6%
1Y
-49.9%

ELABS: Smartphone Model Wins And New Licensing Will Support Future Upside

Analysts have slightly adjusted their price target for Elliptic Laboratories to reflect a fair value of $13.00. This is supported by unchanged long term assumptions around revenue growth, profit margins, discount rate, and future P/E.
NOD
NOK 137.40
Nordic Semiconductor
7D
3.1%
1Y
28.4%
PEXIP
NOK 75.50
Pexip Holding
7D
-3.1%
1Y
71.6%

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

Analysts have raised their price target for Pexip Holding slightly to reflect a marginally lower discount rate and a modestly more attractive future earnings multiple, resulting in only a small increase in the company’s valuation in local currency terms. Valuation Changes Fair Value Estimate remains unchanged at NOK 77.5 per share, indicating no revision to the central valuation point.
SMCRT
NOK 25.70
SmartCraft
7D
2.8%
1Y
-8.2%
LOKO
NOK 0.76
Lokotech Group
7D
-8.9%
1Y
-58.0%
NAPA
NOK 29.80
Napatech
7D
-3.2%
1Y
11.2%
IDEX
NOK 6.84
IDEX Biometrics
7D
8.5%
1Y
-37.5%
RECSI
NOK 1.09
REC Silicon
7D
5.7%
1Y
-19.2%
XPLRA
NOK 49.40
Xplora Technologies
7D
-5.0%
1Y
58.3%

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).
KIT
NOK 75.30
Kitron
7D
3.6%
1Y
107.1%

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 34.65
LINK Mobility Group Holding
7D
2.2%
1Y
54.7%
ENSU
NOK 0.79
Ensurge Micropower
7D
-7.4%
1Y
-15.1%
BOUV
NOK 60.20
Bouvet
7D
-2.3%
1Y
-22.6%
SMOP
NOK 30.60
Smartoptics Group
7D
3.7%
1Y
65.0%
NORBT
NOK 188.20
Norbit
7D
0.5%
1Y
102.4%

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

Dec 10
Estimating The Intrinsic Value Of Norbit ASA (OB:NORBT)
APR
NOK 80.40
Appear
7D
-3.5%
1Y
n/a