Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Norwegian (OSEAX) Tech Sector Analysis

UpdatedJan 31, 2026
DataAggregated Company Financials
Companies32
  • 7D-1.9%
  • 3M-1.5%
  • 1Y19.2%
  • YTD0.1%

Over the last 7 days, the Tech industry has dropped 2.7%, driven by a pullback from Nordic Semiconductor of 3.4%. This takes the industry's 12 month performance to a gain of 19%. Looking forward, earnings are forecast to grow by 34% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 31 Jan 2026NOK 121.8bNOK 76.1bNOK 2.0b36x61.5x1.6x
Mon, 29 Dec 2025NOK 120.2bNOK 75.9bNOK 1.9b40.4x64.3x1.6x
Wed, 26 Nov 2025NOK 109.4bNOK 75.8bNOK 1.8b30.8x59.9x1.4x
Fri, 24 Oct 2025NOK 118.3bNOK 74.3bNOK 1.8b32.9x67.5x1.6x
Sun, 21 Sep 2025NOK 117.7bNOK 74.4bNOK 1.8b34.8x67.1x1.6x
Tue, 19 Aug 2025NOK 118.7bNOK 74.8bNOK 1.5b37.1x81x1.6x
Thu, 17 Jul 2025NOK 114.3bNOK 73.2bNOK 1.1b38.7x100.9x1.6x
Sat, 14 Jun 2025NOK 121.9bNOK 79.6bNOK 1.4b39.1x86.2x1.5x
Mon, 12 May 2025NOK 108.8bNOK 79.5bNOK 1.3b32x85.4x1.4x
Wed, 09 Apr 2025NOK 95.7bNOK 78.3bNOK 1.0b29.4x92x1.2x
Fri, 07 Mar 2025NOK 101.8bNOK 78.1bNOK 955.0m28.5x106.6x1.3x
Sun, 02 Feb 2025NOK 101.0bNOK 76.8bNOK 792.8m37.6x127.4x1.3x
Tue, 31 Dec 2024NOK 97.0bNOK 76.8bNOK 791.4m34.1x122.6x1.3x
Thu, 28 Nov 2024NOK 93.6bNOK 76.6bNOK 818.8m33.7x114.4x1.2x
Sat, 26 Oct 2024NOK 102.1bNOK 77.7bNOK 604.6m28.7x168.9x1.3x
Mon, 23 Sep 2024NOK 114.3bNOK 80.8bNOK 730.9m32.7x156.4x1.4x
Wed, 21 Aug 2024NOK 112.4bNOK 80.4bNOK 937.8m27.5x119.9x1.4x
Fri, 19 Jul 2024NOK 117.6bNOK 82.3bNOK 1.4b20.3x83x1.4x
Sun, 16 Jun 2024NOK 113.3bNOK 83.0bNOK 1.6b20.9x72.3x1.4x
Tue, 14 May 2024NOK 107.7bNOK 83.2bNOK 1.6b20.5x67.9x1.3x
Thu, 11 Apr 2024NOK 95.0bNOK 84.4bNOK 1.6b22.6x60.1x1.1x
Sat, 09 Mar 2024NOK 92.6bNOK 84.5bNOK 1.6b20.8x56.5x1.1x
Mon, 05 Feb 2024NOK 104.8bNOK 86.2bNOK 956.6m18.8x109.5x1.2x
Wed, 03 Jan 2024NOK 105.0bNOK 85.8bNOK 942.3m17.8x111.4x1.2x
Fri, 01 Dec 2023NOK 97.7bNOK 86.5bNOK 954.1m16.5x102.4x1.1x
Sun, 29 Oct 2023NOK 95.9bNOK 87.4b-NOK 260,730,945.0018.4x-367.7x1.1x
Tue, 26 Sep 2023NOK 105.7bNOK 87.6b-NOK 31,979,703.0019.2x-3304.1x1.2x
Thu, 24 Aug 2023NOK 114.6bNOK 86.6b-NOK 92,781,471.0022.3x-1235.4x1.3x
Sat, 22 Jul 2023NOK 119.1bNOK 85.1b-NOK 378,446,657.0020.8x-314.8x1.4x
Mon, 19 Jun 2023NOK 123.0bNOK 84.5b-NOK 374,445,005.0024.3x-328.6x1.5x
Wed, 17 May 2023NOK 112.9bNOK 84.1b-NOK 151,800,513.0025x-743.9x1.3x
Fri, 14 Apr 2023NOK 115.7bNOK 80.7b-NOK 383,191,085.0024.2x-302x1.4x
Sun, 12 Mar 2023NOK 115.9bNOK 81.0b-NOK 368,419,958.0023.6x-314.6x1.4x
Tue, 07 Feb 2023NOK 117.8bNOK 112.3bNOK 303.1m26.6x388.6x1x
Price to Earnings Ratio

388.6x


Total Market Cap: NOK 117.8bTotal Earnings: NOK 303.1mTotal Revenue: NOK 112.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 277.5x202420252026
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 65.1x which is lower than its 3-year average PE of 278x.
  • 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 82% 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 Market1.36%
Tech-1.87%
Tech Hardware3.75%
Electronic Equipment and Components0.0016%
IT-1.90%
Software-2.56%
Communications-3.21%
Semiconductors-3.34%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 375x.
    • 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 20% 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 184.201.2%
+NOK 140.4m		72.8%PE31x
ARR Arribatec GroupNOK 9.4410.8%
+NOK 61.4m		244.5%PS1x
ENSU Ensurge MicropowerNOK 0.857.6%
+NOK 58.2m		-27.0%PS3423.9x
HDLY HuddlyNOK 15.0015.8%
+NOK 56.0m		-33.3%PS2.1x
PEXIP Pexip HoldingNOK 77.300.5%
+NOK 41.0m		66.6%PE40.5x

Latest News

ELABS
NOK 4.87
Elliptic Laboratories
7D
-10.1%
1Y
-57.2%

Elliptic Laboratories ASA (OB:ELABS) Stock's 27% Dive Might Signal An Opportunity But It Requires Some Scrutiny

Jan 30
Elliptic Laboratories ASA (OB:ELABS) Stock's 27% Dive Might Signal An Opportunity But It Requires Some Scrutiny
KIT
NOK 82.45
Kitron
7D
-0.7%
1Y
112.4%

Defense Aerospace Backlog And Capacity Expansion Will Support Strong Long Term Potential

Catalysts About Kitron Kitron is an electronics manufacturing services company focused on sectors such as Defense Aerospace, Industry, Electrification, Connectivity and Medical Devices. What are the underlying business or industry changes driving this perspective?
NORBT
NOK 184.20
Norbit
7D
1.2%
1Y
72.8%

Future European Electronics Demand And GNSS Transition Will Support A Fairly Priced Outlook

Catalysts About Norbit Norbit develops and manufactures technology solutions for oceans, connectivity and contract manufacturing customers, with production mainly based in Europe. What are the underlying business or industry changes driving this perspective?
XPLRA
NOK 53.80
Xplora Technologies
7D
1.1%
1Y
73.5%

XPLRA: Expanding Subscriptions Will Support Stronger Future Profitability Expectations

Analysts have raised their price target on Xplora Technologies to US$80.00 from US$80.00, citing slightly revised assumptions for the discount rate, revenue growth, profit margin and future P/E as the main reasons for the updated view. What's in the News Xplora Technologies AS reported a subscriptions update for December 2025, with 39,000 new subscriptions (gross) for the month.
LINK
NOK 33.55
LINK Mobility Group Holding
7D
-0.9%
1Y
43.4%

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 129.60
Nordic Semiconductor
7D
-3.4%
1Y
13.7%

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.
HDLY
NOK 15.00
Huddly
7D
15.8%
1Y
-33.3%
PEXIP
NOK 77.30
Pexip Holding
7D
0.5%
1Y
66.6%

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 21.70
SmartCraft
7D
-12.9%
1Y
-18.1%
NAPA
NOK 33.65
Napatech
7D
-4.5%
1Y
31.4%
ATEA
NOK 154.00
Atea
7D
-3.1%
1Y
6.8%
WSTEP
NOK 18.80
Webstep
7D
1.6%
1Y
-18.3%
ENSU
NOK 0.85
Ensurge Micropower
7D
7.6%
1Y
-27.0%
ITERA
NOK 8.00
Itera
7D
2.6%
1Y
-10.5%
ARR
NOK 9.44
Arribatec Group
7D
10.8%
1Y
244.5%

ARR: Upcoming Stock Split Will Support Future Upside Despite Margin Headwinds

Analysts have modestly adjusted their price target on Arribatec Group upward, citing slightly higher long term valuation multiples despite a small downgrade to projected profit margins. This results in a new target equivalent to approximately NOK 60.00 per share.
APR
NOK 72.30
Appear
7D
-5.5%
1Y
n/a