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Norwegian (OSEAX) Tech Sector Analysis

UpdatedDec 27, 2025
DataAggregated Company Financials
Companies32
  • 7D0.8%
  • 3M2.1%
  • 1Y25.3%
  • YTD23.5%

The Tech is pretty flat in the last 7 days, but Kitron has stood out, gaining 4.0%. As for the the longer term, the industry is up 25% over the past 12 months. 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
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
Mon, 06 Feb 2023NOK 118.9bNOK 112.2bNOK 310.4m25.3x383.1x1.1x
Wed, 04 Jan 2023NOK 116.3bNOK 112.0bNOK 316.9m26x367x1x
Price to Earnings Ratio

367x


Total Market Cap: NOK 116.3bTotal Earnings: NOK 316.9mTotal Revenue: NOK 112.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 286.5x20242025
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 64.3x which is lower than its 3-year average PE of 287x.
  • 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 79% 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 Market0.53%
Tech0.81%
Electronic Equipment and Components3.51%
Semiconductors1.25%
Tech Hardware0.57%
Software0.39%
Communications0.19%
IT-2.17%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 362x.
    • 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
KIT KitronNOK 72.004.0%
+NOK 605.9m		110.8%PE42x
NORBT NorbitNOK 183.402.9%
+NOK 331.8m		90.8%PE30.9x
NOD Nordic SemiconductorNOK 129.901.2%
+NOK 315.3m		27.5%PE310.2x
IDEX IDEX BiometricsNOK 6.3751.6%
+NOK 123.4m		-49.9%PS173.2x
PEXIP Pexip HoldingNOK 75.201.1%
+NOK 82.0m		66.7%PE39.4x

Latest News

XPLRA
NOK 52.80
Xplora Technologies
7D
1.5%
1Y
64.5%

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 129.90
Nordic Semiconductor
7D
1.2%
1Y
27.5%

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.
IDEX
NOK 6.37
IDEX Biometrics
7D
51.6%
1Y
-49.9%
NAPA
NOK 29.90
Napatech
7D
-0.3%
1Y
22.0%
KIT
NOK 72.00
Kitron
7D
4.0%
1Y
110.8%

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.
SMCRT
NOK 24.90
SmartCraft
7D
-0.4%
1Y
-16.4%
LINK
NOK 32.95
LINK Mobility Group Holding
7D
0.3%
1Y
40.8%
PEXIP
NOK 75.20
Pexip Holding
7D
1.1%
1Y
66.7%

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.
ELABS
NOK 6.47
Elliptic Laboratories
7D
-1.7%
1Y
-37.9%

ELABS: Smartphone Deployment Momentum Will Drive Future Upside Despite Leadership Changes

Narrative Update on Elliptic Laboratories Analysts have modestly revised their price target on Elliptic Laboratories to NOK 13.00, reflecting largely unchanged expectations for growth, profitability, and valuation multiples, with only minor model adjustments. What's in the News CEO transition: long-time CEO Laila Danielsen will step down after 12 years, with SVP Product Development and IR Ola Sandstad appointed interim CEO from 6 November 2025 (company announcement) CFO change: CFO Lars Holmøy has resigned after more than four years, with Senior Finance Manager Mathias Norderud named interim CFO effective 24 September 2025, while Holmøy remains to 30 November to support the handover (company announcement) Client momentum: Elliptic Labs shipped its AI Virtual Smart Sensor Platform on nine new smartphone models in September 2025 across HONOR, vivo and Transsion, taking year-to-date launches to 54 models (company announcement) New OEM relationship: the company expanded its reach in October 2025 by debuting on TCL smartphone NxtPaper 60 Ultra, alongside launches with vivo and Xiaomi, lifting year-to-date deployments to 58 models (company announcement) Valuation Changes Fair value: unchanged at NOK 13.0 per share, indicating stable overall valuation assumptions.
BOUV
NOK 61.00
Bouvet
7D
-2.2%
1Y
-19.2%
PLT
NOK 6.66
poLight
7D
-2.1%
1Y
34.1%
TECH
NOK 13.05
Techstep
7D
-2.2%
1Y
-4.0%

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
SMOP
NOK 29.10
Smartoptics Group
7D
2.1%
1Y
56.5%
NORBT
NOK 183.40
Norbit
7D
2.9%
1Y
90.8%

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

Dec 10
Estimating The Intrinsic Value Of Norbit ASA (OB:NORBT)
ATEA
NOK 155.60
Atea
7D
-2.5%
1Y
11.8%
APR
NOK 83.26
Appear
7D
-0.8%
1Y
n/a