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Norwegian (OSEAX) Tech Sector Analysis

UpdatedDec 06, 2025
DataAggregated Company Financials
Companies32
  • 7D3.9%
  • 3M-1.2%
  • 1Y25.1%
  • YTD21.6%

Over the last 7 days, the Tech industry has risen 3.1%, and Napatech contributed the most with a gain of 23%. During this same period, the poLight underperformed, falling 8.4%. This means that the industry has gained 23% over the past year. As for the next few years, earnings are expected to grow by 38% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 06 Dec 2025NOK 118.1bNOK 76.0bNOK 1.9b37x63.2x1.6x
Mon, 03 Nov 2025NOK 118.9bNOK 75.5bNOK 1.8b36x66.2x1.6x
Wed, 01 Oct 2025NOK 112.7bNOK 74.4bNOK 1.8b33.4x64.2x1.5x
Fri, 29 Aug 2025NOK 116.8bNOK 74.5bNOK 1.7b34.4x67.4x1.6x
Sun, 27 Jul 2025NOK 111.2bNOK 74.0bNOK 1.2b38.6x96.2x1.5x
Tue, 24 Jun 2025NOK 122.0bNOK 79.9bNOK 1.4b38.6x86.3x1.5x
Thu, 22 May 2025NOK 115.1bNOK 79.5bNOK 1.3b38.4x88.1x1.4x
Sat, 19 Apr 2025NOK 100.4bNOK 78.0bNOK 1.1b32.8x93.5x1.3x
Mon, 17 Mar 2025NOK 102.6bNOK 77.9bNOK 1.0b31.2x98.3x1.3x
Wed, 12 Feb 2025NOK 104.8bNOK 78.3bNOK 768.7m36.6x136.4x1.3x
Fri, 10 Jan 2025NOK 98.9bNOK 76.8bNOK 786.4m32.8x125.8x1.3x
Sun, 08 Dec 2024NOK 96.5bNOK 76.7bNOK 808.5m33.3x119.3x1.3x
Tue, 05 Nov 2024NOK 102.3bNOK 77.8bNOK 693.9m28.3x147.4x1.3x
Thu, 03 Oct 2024NOK 104.3bNOK 80.9bNOK 719.7m31.4x144.9x1.3x
Sat, 31 Aug 2024NOK 116.5bNOK 80.9bNOK 727.7m35.7x160.1x1.4x
Mon, 29 Jul 2024NOK 113.3bNOK 82.6bNOK 1.4b20.7x79.8x1.4x
Wed, 26 Jun 2024NOK 111.5bNOK 82.9bNOK 1.6b21.1x71.2x1.3x
Fri, 24 May 2024NOK 110.8bNOK 83.1bNOK 1.6b20.9x70.3x1.3x
Sun, 21 Apr 2024NOK 92.6bNOK 84.6bNOK 1.6b22.2x58.5x1.1x
Tue, 19 Mar 2024NOK 92.1bNOK 85.0bNOK 1.7b20.4x55.4x1.1x
Thu, 15 Feb 2024NOK 97.0bNOK 83.1bNOK 1.6b18.5x61.2x1.2x
Sat, 13 Jan 2024NOK 104.5bNOK 85.8bNOK 940.3m17.3x111.2x1.2x
Mon, 11 Dec 2023NOK 101.0bNOK 86.6bNOK 968.0m16.7x104.3x1.2x
Wed, 08 Nov 2023NOK 99.6bNOK 87.7b-NOK 189,211,394.0017.3x-526.6x1.1x
Fri, 06 Oct 2023NOK 103.2bNOK 87.6bNOK 3.3m17.5x31655.9x1.2x
Sun, 03 Sep 2023NOK 114.2bNOK 87.4b-NOK 21,355,848.0022.8x-5346.9x1.3x
Tue, 01 Aug 2023NOK 122.3bNOK 85.1b-NOK 383,509,531.0021.4x-318.8x1.4x
Thu, 29 Jun 2023NOK 115.0bNOK 84.9b-NOK 319,646,853.0021.1x-359.9x1.4x
Sat, 27 May 2023NOK 116.6bNOK 85.2b-NOK 428,900,190.0022.8x-271.8x1.4x
Mon, 24 Apr 2023NOK 106.6bNOK 80.6b-NOK 213,533,663.0022.8x-499.4x1.3x
Wed, 22 Mar 2023NOK 112.7bNOK 81.0b-NOK 373,992,794.0023.6x-301.3x1.4x
Fri, 17 Feb 2023NOK 115.2bNOK 80.3bNOK 206.3m25.2x558.7x1.4x
Sun, 15 Jan 2023NOK 115.7bNOK 111.8bNOK 329.4m25.1x351.1x1x
Tue, 13 Dec 2022NOK 117.2bNOK 111.8bNOK 412.6m24.7x284.1x1x
Price to Earnings Ratio

284.1x


Total Market Cap: NOK 117.2bTotal Earnings: NOK 412.6mTotal Revenue: NOK 111.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 291.7x202320242025
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 62.5x which is lower than its 3-year average PE of 292x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 65% 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 Market1.58%
Tech3.90%
Communications8.38%
Software7.61%
Electronic Equipment and Components3.02%
IT2.50%
Semiconductors2.02%
Tech Hardware-6.43%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 354x.
    • 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 19% 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
PEXIP Pexip HoldingNOK 72.1022.4%
+NOK 1.4b		56.1%PE37.8x
NOD Nordic SemiconductorNOK 136.902.0%
+NOK 532.0m		34.9%PE323.5x
NAPA NapatechNOK 33.7015.4%
+NOK 495.3m		53.9%PS17.7x
ATEA AteaNOK 153.003.0%
+NOK 490.4m		8.8%PE21.4x
KIT KitronNOK 62.002.8%
+NOK 367.9m		88.9%PE36.2x

Latest News

PEXIP
NOK 72.10
Pexip Holding
7D
22.4%
1Y
56.1%

PEXIP: Future Outlook Balances Margin Improvement With Moderate Earnings Multiple Risk

Analysts have modestly raised their price target on Pexip Holding to approximately $68.33 from $65.00, citing expectations of slightly faster revenue growth, improved profit margins, and a lower future price to earnings multiple. Valuation Changes Fair Value: Raised slightly to NOK 68.33 from NOK 65.00, reflecting modestly higher expectations for the share price.
KIT
NOK 62.00
Kitron
7D
2.8%
1Y
88.9%
RIVER
NOK 3.74
River Tech
7D
-4.6%
1Y
-79.2%

Investors Don't See Light At End Of River Tech p.l.c.'s (OB:RIVER) Tunnel And Push Stock Down 29%

Nov 30
Investors Don't See Light At End Of River Tech p.l.c.'s (OB:RIVER) Tunnel And Push Stock Down 29%
TECH
NOK 11.70
Techstep
7D
-6.0%
1Y
-1.7%
HDLY
NOK 15.40
Huddly
7D
-0.6%
1Y
-41.4%
SPIR
NOK 8.42
Spir Group
7D
-0.2%
1Y
0.5%
NOD
NOK 136.90
Nordic Semiconductor
7D
2.0%
1Y
34.9%

NOD: Recent Equity Raise Will Support Share Price Resilience Amid Uncertainty

Analysts have slightly lowered their price target for Nordic Semiconductor, reducing it by approximately NOK 0.52 to NOK 146.77. This adjustment is due to modest changes in revenue growth expectations and ongoing market caution, according to recent research notes.
NORBT
NOK 179.00
Norbit
7D
1.2%
1Y
89.8%
WSTEP
NOK 17.70
Webstep
7D
-1.7%
1Y
-23.0%

Webstep (OB:WSTEP) Is Posting Promising Earnings But The Good News Doesn’t Stop There

Nov 19
Webstep (OB:WSTEP) Is Posting Promising Earnings But The Good News Doesn’t Stop There
LINK
NOK 31.15
LINK Mobility Group Holding
7D
2.5%
1Y
27.4%
ATEA
NOK 153.00
Atea
7D
3.0%
1Y
8.8%
ENSU
NOK 0.83
Ensurge Micropower
7D
-6.6%
1Y
-9.9%
NAPA
NOK 33.70
Napatech
7D
15.4%
1Y
53.9%
SMOP
NOK 30.00
Smartoptics Group
7D
11.1%
1Y
62.2%
ITERA
NOK 8.00
Itera
7D
-1.2%
1Y
-11.1%

Itera ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Oct 29
Itera ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
RECSI
NOK 1.19
REC Silicon
7D
-1.4%
1Y
-74.4%