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Norwegian (OSEAX) Tech Sector Analysis

UpdatedJan 26, 2026
DataAggregated Company Financials
Companies32
  • 7D1.3%
  • 3M-2.9%
  • 1Y23.7%
  • YTD2.0%

Over the last 7 days, the Tech industry has risen 1.3%, driven by gains in LINK Mobility Group Holding and Napatech of 5.4% and 14%, respectively. This means that the industry has gained 24% over the past year. 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
Tue, 27 Jan 2026NOK 124.2bNOK 75.6bNOK 1.9b40.8x66.7x1.6x
Thu, 25 Dec 2025NOK 120.2bNOK 75.9bNOK 1.9b40.4x64.3x1.6x
Sat, 22 Nov 2025NOK 109.9bNOK 75.8bNOK 1.8b31.6x60.3x1.4x
Mon, 20 Oct 2025NOK 113.7bNOK 74.5bNOK 1.8b32.7x64.7x1.5x
Wed, 17 Sep 2025NOK 116.8bNOK 74.2bNOK 1.7b35.9x68.4x1.6x
Fri, 15 Aug 2025NOK 115.9bNOK 74.6bNOK 1.5b36.6x78.3x1.6x
Sun, 13 Jul 2025NOK 111.8bNOK 73.1bNOK 1.1b37.1x98.6x1.5x
Tue, 10 Jun 2025NOK 119.9bNOK 79.8bNOK 1.4b38.1x85.2x1.5x
Thu, 08 May 2025NOK 107.9bNOK 79.5bNOK 1.3b30.9x80.9x1.4x
Sat, 05 Apr 2025NOK 95.5bNOK 78.1bNOK 1.1b28.7x90.8x1.2x
Mon, 03 Mar 2025NOK 103.2bNOK 78.3bNOK 914.5m29.3x112.8x1.3x
Wed, 29 Jan 2025NOK 100.0bNOK 76.8bNOK 796.0m36.7x125.6x1.3x
Fri, 27 Dec 2024NOK 96.3bNOK 76.8bNOK 793.0m33.2x121.5x1.3x
Sun, 24 Nov 2024NOK 92.8bNOK 76.5bNOK 812.1m33.5x114.3x1.2x
Tue, 22 Oct 2024NOK 100.2bNOK 77.6bNOK 601.9m27.8x166.5x1.3x
Thu, 19 Sep 2024NOK 112.4bNOK 80.9bNOK 710.3m33.1x158.2x1.4x
Sat, 17 Aug 2024NOK 113.2bNOK 80.3bNOK 852.3m27.6x132.8x1.4x
Mon, 15 Jul 2024NOK 119.2bNOK 82.2bNOK 1.4b20.7x82.8x1.5x
Wed, 12 Jun 2024NOK 112.4bNOK 83.0bNOK 1.6b21.1x71.7x1.4x
Fri, 10 May 2024NOK 107.8bNOK 82.8bNOK 1.4b22.7x77.4x1.3x
Sun, 07 Apr 2024NOK 92.7bNOK 84.3bNOK 1.6b22.5x58.7x1.1x
Tue, 05 Mar 2024NOK 93.8bNOK 84.7bNOK 1.6b20.8x57.9x1.1x
Thu, 01 Feb 2024NOK 105.2bNOK 86.0bNOK 947.2m18.7x111.1x1.2x
Sat, 30 Dec 2023NOK 107.1bNOK 85.6bNOK 934.7m17.8x114.6x1.3x
Mon, 27 Nov 2023NOK 97.7bNOK 86.2bNOK 1.0b16.9x94.2x1.1x
Wed, 25 Oct 2023NOK 97.6bNOK 86.9b-NOK 265,385,648.0019.1x-367.9x1.1x
Fri, 22 Sep 2023NOK 108.0bNOK 87.6b-NOK 28,133,785.0020.2x-3838x1.2x
Sun, 20 Aug 2023NOK 116.5bNOK 86.6b-NOK 83,557,582.0021.9x-1394.5x1.3x
Tue, 18 Jul 2023NOK 118.2bNOK 83.8b-NOK 342,990,279.0020.8x-344.8x1.4x
Thu, 15 Jun 2023NOK 121.3bNOK 84.4b-NOK 376,961,132.0024x-321.8x1.4x
Sat, 13 May 2023NOK 111.7bNOK 83.9b-NOK 203,997,126.0022.5x-547.6x1.3x
Mon, 10 Apr 2023NOK 115.8bNOK 80.9b-NOK 396,555,599.0024.2x-292.1x1.4x
Wed, 08 Mar 2023NOK 116.7bNOK 81.0b-NOK 403,113,787.0023.2x-289.5x1.4x
Fri, 03 Feb 2023NOK 119.4bNOK 112.0bNOK 321.3m26.9x371.6x1.1x
Price to Earnings Ratio

371.6x


Total Market Cap: NOK 119.4bTotal Earnings: NOK 321.3mTotal Revenue: NOK 112.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 278.6x202420252026
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 66.7x which is lower than its 3-year average PE of 279x.
  • 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 Market0.20%
Tech1.33%
Communications4.24%
Software3.27%
Electronic Equipment and Components2.79%
Tech Hardware0.93%
IT0.37%
Semiconductors-2.32%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 373x.
    • 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 18% 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
LINK LINK Mobility Group HoldingNOK 34.405.4%
+NOK 507.0m		59.3%PE94.9x
NAPA NapatechNOK 34.9014.4%
+NOK 484.3m		34.2%PS18.6x
XPLRA Xplora TechnologiesNOK 53.4013.4%
+NOK 282.0m		72.3%PS1.5x
PEXIP Pexip HoldingNOK 76.503.7%
+NOK 276.7m		75.9%PE40.1x
KIT KitronNOK 80.900.9%
+NOK 164.0m		108.4%PE48.4x

Latest News

XPLRA
NOK 53.40
Xplora Technologies
7D
13.4%
1Y
72.3%

Many Still Looking Away From Xplora Technologies AS (OB:XPLRA)

Jan 26
Many Still Looking Away From Xplora Technologies AS (OB:XPLRA)
KIT
NOK 80.90
Kitron
7D
0.9%
1Y
108.4%

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 34.40
LINK Mobility Group Holding
7D
5.4%
1Y
59.3%

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 131.70
Nordic Semiconductor
7D
-0.08%
1Y
16.9%

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.
LOKO
NOK 0.72
Lokotech Group
7D
-4.5%
1Y
-71.3%
PLT
NOK 6.58
poLight
7D
-2.1%
1Y
88.5%
PEXIP
NOK 76.50
Pexip Holding
7D
3.7%
1Y
75.9%

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 24.60
SmartCraft
7D
-0.4%
1Y
-15.2%
NORBT
NOK 179.00
Norbit
7D
-0.4%
1Y
76.2%

NORBT: Future Defence And Connectivity Contracts Will Support A Balanced Outlook

Narrative Update on Norbit Analysts have trimmed their price target on Norbit from €240 to about €207.50, reflecting updated assumptions for slightly higher discount rates, more moderate revenue growth, and lower profit margins, along with a marginally adjusted future P/E multiple. What's in the News NORBIT's PIR segment received contract manufacturing orders worth about NOK 170 million from an undisclosed European defence and security client, with most deliveries planned for the first quarter of 2026 (company announcement).
NAPA
NOK 34.90
Napatech
7D
14.4%
1Y
34.2%
IDEX
NOK 5.88
IDEX Biometrics
7D
-7.0%
1Y
-45.9%
ATEA
NOK 158.60
Atea
7D
0.5%
1Y
16.8%
OTEC
NOK 18.75
Otello
7D
9.6%
1Y
146.1%
ITERA
NOK 7.80
Itera
7D
-2.7%
1Y
-13.7%
SMOP
NOK 29.50
Smartoptics Group
7D
2.1%
1Y
52.1%
APR
NOK 75.00
Appear
7D
-0.8%
1Y
n/a