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Norwegian (OSEAX) Tech Sector Analysis

UpdatedJun 16, 2026
DataAggregated Company Financials
Companies31
  • 7D-1.3%
  • 3M10.7%
  • 1Y22.7%
  • YTD14.6%

Over the last 7 days, the Tech industry has dropped 1.3%, driven by Kitron declining 3.4%. Meanwhile, Napatech actually outperformed within the industry, gaining 5.9% in the last week. This takes the industry's 12 month performance to a gain of 23%. Earnings are forecast to grow by 31% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 16 Jun 2026NOK 140.5bNOK 80.4bNOK 3.1b24.2x44.6x1.7x
Thu, 14 May 2026NOK 144.6bNOK 79.6bNOK 3.0b25x48.3x1.8x
Sat, 11 Apr 2026NOK 129.8bNOK 77.1bNOK 2.5b26.1x52.7x1.7x
Mon, 09 Mar 2026NOK 122.6bNOK 77.7bNOK 2.6b25.2x47.6x1.6x
Wed, 04 Feb 2026NOK 117.5bNOK 76.1bNOK 2.0b34x59.3x1.5x
Fri, 02 Jan 2026NOK 122.3bNOK 76.0bNOK 1.9b41.2x65.4x1.6x
Sun, 30 Nov 2025NOK 113.6bNOK 76.0bNOK 1.9b33.1x60.8x1.5x
Tue, 28 Oct 2025NOK 122.6bNOK 75.1bNOK 1.8b36.5x66.7x1.6x
Thu, 25 Sep 2025NOK 115.7bNOK 74.4bNOK 1.8b34.9x65.9x1.6x
Sat, 23 Aug 2025NOK 116.2bNOK 74.6bNOK 1.9b34.1x61.9x1.6x
Mon, 21 Jul 2025NOK 114.5bNOK 73.9bNOK 1.2b39x99.2x1.5x
Wed, 18 Jun 2025NOK 121.5bNOK 79.6bNOK 1.4b38.5x86x1.5x
Fri, 16 May 2025NOK 113.4bNOK 79.7bNOK 1.3b35.1x85.9x1.4x
Sun, 13 Apr 2025NOK 95.7bNOK 78.2bNOK 1.1b30.7x89.2x1.2x
Tue, 11 Mar 2025NOK 99.9bNOK 78.0bNOK 968.4m30.6x103.2x1.3x
Thu, 06 Feb 2025NOK 100.4bNOK 76.7bNOK 800.7m36.6x125.4x1.3x
Sat, 04 Jan 2025NOK 99.4bNOK 76.8bNOK 786.5m34x126.3x1.3x
Mon, 02 Dec 2024NOK 95.2bNOK 76.6bNOK 823.1m34x115.6x1.2x
Wed, 30 Oct 2024NOK 104.1bNOK 77.7bNOK 603.2m28.7x172.6x1.3x
Fri, 27 Sep 2024NOK 106.8bNOK 80.9bNOK 728.5m31.7x146.6x1.3x
Sun, 25 Aug 2024NOK 113.1bNOK 80.4bNOK 654.9m34.7x172.8x1.4x
Tue, 23 Jul 2024NOK 117.6bNOK 82.5bNOK 1.4b20.7x82.9x1.4x
Thu, 20 Jun 2024NOK 113.0bNOK 82.8bNOK 1.6b21.4x72.2x1.4x
Sat, 18 May 2024NOK 109.3bNOK 83.2bNOK 1.6b21.1x69.3x1.3x
Mon, 15 Apr 2024NOK 95.8bNOK 84.4bNOK 1.6b22.5x60.9x1.1x
Wed, 13 Mar 2024NOK 93.3bNOK 84.8bNOK 1.7b20.7x56.3x1.1x
Fri, 09 Feb 2024NOK 95.8bNOK 83.2bNOK 1.6b18.5x59.6x1.2x
Sun, 07 Jan 2024NOK 103.2bNOK 85.8bNOK 940.6m17.7x109.8x1.2x
Tue, 05 Dec 2023NOK 96.7bNOK 86.5bNOK 953.7m16.7x101.4x1.1x
Thu, 02 Nov 2023NOK 95.9bNOK 87.5b-NOK 264,278,322.0019.3x-362.8x1.1x
Sat, 30 Sep 2023NOK 106.7bNOK 87.2bNOK 14.9m18.4x7157.9x1.2x
Mon, 28 Aug 2023NOK 111.9bNOK 87.2b-NOK 28,840,603.0022.7x-3880.7x1.3x
Wed, 26 Jul 2023NOK 121.9bNOK 85.0b-NOK 380,460,471.0020.7x-320.5x1.4x
Fri, 23 Jun 2023NOK 118.7bNOK 84.6b-NOK 311,803,659.0022.4x-380.8x1.4x
Price to Earnings Ratio

-380.8x


Total Market Cap: NOK 118.7bTotal Earnings: -NOK 311,803,659.00Total Revenue: NOK 84.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 313.8x202420252026
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 44.6x which is lower than its 3-year average PE of 314x.
  • The 3-year average PS ratio of 1.4x is lower than the industry's current PS ratio of 1.7x.
Past Earnings Growth
  • Total earnings for the Information Technology industry have gone up over the last three years, and the industry is now profitable.
  • Revenues have remained mostly flat. This means that the industry has become more efficient since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Norwegian Tech sector?

NO Market-2.19%
Tech-1.26%
Communications2.02%
Semiconductors-0.50%
Software-1.56%
IT-2.18%
Electronic Equipment and Components-2.31%
Tech Hardware-2.84%
Industry PE
  • Investors are most optimistic about the Semiconductors industry even though it's trading below its 3-year average PE ratio of 414x.
    • Analysts are expecting annual earnings growth of 37.6% 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 68% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the IT industry is expected to see its earnings grow by 9.2% 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
NOD Nordic SemiconductorNOK 190.700.8%
+NOK 297.7m		36.7%PE153.7x
PLT poLightNOK 8.6010.3%
+NOK 170.5m		115.0%PS65.3x
PEXIP Pexip HoldingNOK 77.402.0%
+NOK 156.6m		25.9%PE29.8x
NAPA NapatechNOK 51.102.0%
+NOK 110.2m		125.1%PS23.9x
ENSU Ensurge MicropowerNOK 0.582.7%
+NOK 14.6m		-50.9%PS334.7x

Latest News

PLT
NOK 8.60
poLight
7D
10.3%
1Y
115.0%
SMOP
NOK 51.20
Smartoptics Group
7D
-6.6%
1Y
240.2%
PEXIP
NOK 77.40
Pexip Holding
7D
2.0%
1Y
25.9%
IDEX
NOK 7.16
IDEX Biometrics
7D
-8.0%
1Y
117.0%
ENSU
NOK 0.58
Ensurge Micropower
7D
2.7%
1Y
-50.9%
NAPA
NOK 51.10
Napatech
7D
2.0%
1Y
125.1%
LINK
NOK 23.16
LINK Mobility Group Holding
7D
-4.9%
1Y
-12.6%
MDATA
NOK 12.61
Magnora Data Center
7D
-3.7%
1Y
n/a
KIT
NOK 109.30
Kitron
7D
-3.6%
1Y
95.7%
Narrative Update • Jun 06

KIT: Defence Orders And Swedish Expansion Will Support Earnings And Dividend

Analysts have kept their fair value estimate for Kitron steady at NOK 109.81 per share, with only minor tweaks to assumptions such as discount rate, revenue growth, profit margin and future P/E informing the latest price target update. What's in the News At the annual general meeting on 24 April 2026, a dividend of NOK 0.70 per share was approved.
ELABS
NOK 2.96
Elliptic Laboratories
7D
3.3%
1Y
-77.5%
Narrative Update • Jun 06

ELABS: Expanding Laptop And Smartphone Launches Will Drive Future Upside

Analysts have adjusted their fair value estimate for Elliptic Laboratories from NOK 13 to NOK 4.8 as they factor in updated assumptions for revenue growth, profit margins, the discount rate, and a higher future P/E multiple. What's in the News Elliptic Laboratories ASA withdrew a planned follow on equity offering of NOK 29.925 million, which had aimed to issue 10,500,000 ordinary shares at NOK 2.85 per share via a rights offering.
NOD
NOK 190.70
Nordic Semiconductor
7D
0.8%
1Y
36.7%
Narrative Update • Jun 04

NOD: Edge AI And Cloud Services Will Underpin Future Earnings Re Rating

The analyst price target for Nordic Semiconductor has been lifted by NOK 10 to reflect a fair value move from NOK 225 to NOK 235, as analysts factor in updated growth, margin and P/E assumptions, alongside recent NOK 185 target revisions from several banks and a more cautious stance from SEB Equities. Analyst Commentary Recent Street research on Nordic Semiconductor shows a split view, with several bullish analysts lifting price targets while SEB Equities has turned more cautious with a downgrade.
GENO
NOK 20.75
General Oceans
7D
-1.4%
1Y
n/a
XPLRA
NOK 41.40
Xplora Technologies
7D
0.4%
1Y
9.5%
Narrative Update • Jun 03

XPLRA: Subscription Momentum And Withdrawn Rights Issue Will Support Future Upside Potential

Analysts have nudged their fair value estimate for Xplora Technologies from NOK 64.00 to NOK 65.00, reflecting updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations. What's in the News Xplora Technologies withdrew a rights based follow on equity offering of NOK 29.999996 million, which had planned to issue 576,923 common shares at NOK 52 per share.
ATEA
NOK 163.00
Atea
7D
-2.6%
1Y
9.0%
Narrative Update • Jun 01

ATEA: 2026 Split Dividend Plan Will Support A Steady Fair Value Outlook

Analysts now maintain their price target for Atea at NOK 170, noting only modest adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions, without changing the headline valuation. What's in the News The Board of Directors recommends an ordinary dividend of NOK 7.50 per share for 2026, to be paid in two equal installments of NOK 3.75 per share in May and November 2026, subject to approval at the Annual General Meeting on 28 April 2026.
BOUV
NOK 43.45
Bouvet
7D
-3.6%
1Y
-43.8%
Analysis Article • May 16

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

Bouvet ASA ( OB:BOUV ) just released its latest quarterly report and things are not looking great. Bouvet missed...
STRO
NOK 10.65
StrongPoint
7D
0.5%
1Y
-4.1%