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Norwegian (OSEAX) Tech Sector Analysis

UpdatedJan 09, 2026
DataAggregated Company Financials
Companies32
  • 7D0.7%
  • 3M3.0%
  • 1Y27.4%
  • YTD1.4%

Last week, the Tech industry hasn't moved much but Nordic Semiconductor is up 3.1% in that time. The past year has been better, since the industry has gained 27% in that time. 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
Sat, 10 Jan 2026NOK 123.2bNOK 76.0bNOK 1.9b41.1x65.9x1.6x
Mon, 08 Dec 2025NOK 118.1bNOK 76.0bNOK 1.9b37x63.2x1.6x
Wed, 05 Nov 2025NOK 116.9bNOK 75.5bNOK 1.8b35.8x65.1x1.5x
Fri, 03 Oct 2025NOK 113.1bNOK 74.4bNOK 1.8b32.9x64.4x1.5x
Sun, 31 Aug 2025NOK 116.8bNOK 74.5bNOK 1.7b34.5x67.8x1.6x
Tue, 29 Jul 2025NOK 111.2bNOK 73.9bNOK 1.2b38.7x96.5x1.5x
Thu, 26 Jun 2025NOK 122.9bNOK 80.0bNOK 1.4b38.8x86.9x1.5x
Sat, 24 May 2025NOK 113.7bNOK 79.5bNOK 1.5b36.6x75.8x1.4x
Mon, 21 Apr 2025NOK 100.4bNOK 78.0bNOK 1.1b32.8x93.5x1.3x
Wed, 19 Mar 2025NOK 103.8bNOK 77.8bNOK 1.1b32.8x98.8x1.3x
Fri, 14 Feb 2025NOK 104.6bNOK 78.5bNOK 886.4m37.4x118x1.3x
Sun, 12 Jan 2025NOK 98.2bNOK 76.9bNOK 780.0m33x125.9x1.3x
Tue, 10 Dec 2024NOK 97.5bNOK 76.6bNOK 812.0m33.4x120x1.3x
Thu, 07 Nov 2024NOK 100.5bNOK 77.8bNOK 640.8m27.8x156.9x1.3x
Sat, 05 Oct 2024NOK 103.9bNOK 80.9bNOK 713.7m33.1x145.6x1.3x
Mon, 02 Sep 2024NOK 116.5bNOK 80.9bNOK 719.0m35.7x162.1x1.4x
Wed, 31 Jul 2024NOK 115.3bNOK 82.5bNOK 1.4b21.7x81.4x1.4x
Fri, 28 Jun 2024NOK 112.5bNOK 82.9bNOK 1.6b20.7x71.8x1.4x
Sun, 26 May 2024NOK 110.8bNOK 83.0bNOK 1.6b20.6x70.4x1.3x
Tue, 23 Apr 2024NOK 92.6bNOK 84.6bNOK 1.6b22.2x58.4x1.1x
Thu, 21 Mar 2024NOK 93.0bNOK 84.8bNOK 1.7b20.5x56x1.1x
Sat, 17 Feb 2024NOK 97.8bNOK 84.2bNOK 1.8b18.6x54.9x1.2x
Mon, 15 Jan 2024NOK 104.5bNOK 85.8bNOK 940.3m17.3x111.2x1.2x
Wed, 13 Dec 2023NOK 101.2bNOK 86.7bNOK 973.7m16.8x103.9x1.2x
Fri, 10 Nov 2023NOK 100.7bNOK 87.9b-NOK 114,776,766.0017.3x-877.5x1.1x
Sun, 08 Oct 2023NOK 103.3bNOK 87.6bNOK 8.0m17.2x12838.8x1.2x
Tue, 05 Sep 2023NOK 113.7bNOK 87.3b-NOK 19,750,971.0022.1x-5757.3x1.3x
Thu, 03 Aug 2023NOK 121.3bNOK 85.3b-NOK 394,837,619.0021.4x-307.1x1.4x
Sat, 01 Jul 2023NOK 119.3bNOK 84.8b-NOK 317,588,390.0021.6x-375.5x1.4x
Mon, 29 May 2023NOK 116.6bNOK 85.3b-NOK 388,282,883.0022x-300.2x1.4x
Wed, 26 Apr 2023NOK 104.8bNOK 80.8b-NOK 219,270,489.0024.1x-478.1x1.3x
Fri, 24 Mar 2023NOK 114.0bNOK 80.8b-NOK 363,706,217.0024.1x-313.6x1.4x
Sun, 19 Feb 2023NOK 115.4bNOK 80.7b-NOK 178,675,039.0026.1x-646.1x1.4x
Tue, 17 Jan 2023NOK 114.7bNOK 111.8bNOK 327.0m25.8x350.8x1x
Price to Earnings Ratio

350.8x


Total Market Cap: NOK 114.7bTotal Earnings: NOK 327.0mTotal Revenue: NOK 111.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 283x202420252026
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 65.9x which is lower than its 3-year average PE of 283x.
  • 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-0.48%
Tech0.74%
Semiconductors2.84%
Electronic Equipment and Components1.62%
Software-0.17%
IT-0.43%
Communications-1.60%
Tech Hardware-5.24%
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
NORBT NorbitNOK 194.008.7%
+NOK 995.4m		107.7%PE32.7x
ATEA AteaNOK 162.805.3%
+NOK 913.7m		16.6%PE22.7x
KIT KitronNOK 77.003.7%
+NOK 595.1m		115.7%PE45x
LINK LINK Mobility Group HoldingNOK 34.603.9%
+NOK 376.6m		55.9%PE95.5x
NOD Nordic SemiconductorNOK 138.100.6%
+NOK 157.6m		26.7%PE326.8x

Latest News

ELABS
NOK 5.87
Elliptic Laboratories
7D
-15.5%
1Y
-47.7%

Returns At Elliptic Laboratories (OB:ELABS) Are On The Way Up

Jan 09
Returns At Elliptic Laboratories (OB:ELABS) Are On The Way Up
NOD
NOK 138.10
Nordic Semiconductor
7D
0.6%
1Y
26.7%

NOD: Future Edge AI Adoption Will Support Shares Despite More Cautious Sentiment

Nordic Semiconductor's analyst price targets have shifted modestly lower, with recent Street updates moving from NOK 177 to NOK 172 and from NOK 180 to NOK 170, as analysts factor in slightly higher discount rates and a small adjustment to future P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts are maintaining positive recommendations even with slightly lower targets, which suggests they still see room for upside relative to current valuation assumptions.
PEXIP
NOK 75.60
Pexip Holding
7D
1.3%
1Y
75.2%

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
-6.2%
LOKO
NOK 0.76
Lokotech Group
7D
-5.7%
1Y
-57.2%
ATEA
NOK 162.80
Atea
7D
5.3%
1Y
16.6%
XPLRA
NOK 48.00
Xplora Technologies
7D
-4.8%
1Y
54.8%

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 77.00
Kitron
7D
3.7%
1Y
115.7%

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 34.60
LINK Mobility Group Holding
7D
3.9%
1Y
55.9%
ENSU
NOK 0.80
Ensurge Micropower
7D
-4.9%
1Y
-14.6%
BOUV
NOK 59.80
Bouvet
7D
-0.8%
1Y
-23.5%
ITERA
NOK 8.40
Itera
7D
-2.3%
1Y
-5.8%
SMOP
NOK 30.30
Smartoptics Group
7D
2.7%
1Y
67.4%
NORBT
NOK 194.00
Norbit
7D
8.7%
1Y
107.7%

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

Dec 10
Estimating The Intrinsic Value Of Norbit ASA (OB:NORBT)
AIX
NOK 3.40
Ayfie International
7D
-14.8%
1Y
-3.4%
APR
NOK 79.52
Appear
7D
-3.3%
1Y
n/a