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Norwegian (OSEAX) Tech Sector Analysis

UpdatedJan 12, 2026
DataAggregated Company Financials
Companies32
  • 7D3.1%
  • 3M6.0%
  • 1Y29.7%
  • YTD2.4%

In the last week, the Tech industry is up 3.1%, with Norbit leading the way, up 8.7%. Meanwhile, Elliptic Laboratories actually underperformed within the industry, shrinking 16% in the last week. In the last 12 months, the industry was up 30%. 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
Mon, 12 Jan 2026NOK 124.4bNOK 76.0bNOK 1.9b41.1x66.6x1.6x
Wed, 10 Dec 2025NOK 118.5bNOK 76.0bNOK 1.9b38x63.4x1.6x
Fri, 07 Nov 2025NOK 116.1bNOK 75.7bNOK 1.8b33.8x63.8x1.5x
Sun, 05 Oct 2025NOK 114.1bNOK 74.3bNOK 1.8b32.5x65x1.5x
Tue, 02 Sep 2025NOK 115.7bNOK 74.4bNOK 1.7b34.8x67.3x1.6x
Thu, 31 Jul 2025NOK 112.0bNOK 74.0bNOK 1.1b38x97.7x1.5x
Sat, 28 Jun 2025NOK 123.4bNOK 80.0bNOK 1.4b38.6x87.1x1.5x
Mon, 26 May 2025NOK 113.7bNOK 79.8bNOK 1.4b36.6x79.7x1.4x
Wed, 23 Apr 2025NOK 100.1bNOK 77.9bNOK 1.1b33.5x92.8x1.3x
Fri, 21 Mar 2025NOK 103.7bNOK 77.7bNOK 1.0b32.2x98.9x1.3x
Sun, 16 Feb 2025NOK 105.6bNOK 78.1bNOK 880.2m28.8x120x1.4x
Tue, 14 Jan 2025NOK 97.2bNOK 76.0bNOK 738.0m37.6x131.7x1.3x
Thu, 12 Dec 2024NOK 97.2bNOK 76.6bNOK 808.1m33.5x120.3x1.3x
Sat, 09 Nov 2024NOK 93.5bNOK 76.4bNOK 737.7m27.7x126.8x1.2x
Mon, 07 Oct 2024NOK 103.9bNOK 80.9bNOK 713.7m33.1x145.6x1.3x
Wed, 04 Sep 2024NOK 111.6bNOK 81.0bNOK 701.9m33.8x159x1.4x
Fri, 02 Aug 2024NOK 118.3bNOK 82.4bNOK 1.4b21.6x83.6x1.4x
Sun, 30 Jun 2024NOK 113.5bNOK 83.0bNOK 1.6b20.9x72.5x1.4x
Tue, 28 May 2024NOK 110.5bNOK 82.8bNOK 1.6b20.5x70.8x1.3x
Thu, 25 Apr 2024NOK 101.1bNOK 83.8bNOK 1.3b20.8x79.6x1.2x
Sat, 23 Mar 2024NOK 94.1bNOK 85.1bNOK 1.7b20.7x56.4x1.1x
Mon, 19 Feb 2024NOK 97.8bNOK 84.4bNOK 1.7b20.4x56.2x1.2x
Wed, 17 Jan 2024NOK 104.0bNOK 86.0bNOK 947.9m17.6x109.7x1.2x
Fri, 15 Dec 2023NOK 104.1bNOK 86.1bNOK 951.9m16.8x109.4x1.2x
Sun, 12 Nov 2023NOK 100.5bNOK 88.0b-NOK 95,015,596.0016.2x-1057.3x1.1x
Tue, 10 Oct 2023NOK 104.3bNOK 87.4bNOK 10.7m17.7x9751.4x1.2x
Thu, 07 Sep 2023NOK 113.5bNOK 87.6b-NOK 21,653,772.0021.2x-5239.7x1.3x
Sat, 05 Aug 2023NOK 120.9bNOK 85.1b-NOK 382,507,587.0021.6x-316.2x1.4x
Mon, 03 Jul 2023NOK 119.3bNOK 84.8b-NOK 317,588,390.0021.6x-375.7x1.4x
Wed, 31 May 2023NOK 117.6bNOK 85.4b-NOK 400,343,752.0022.4x-293.7x1.4x
Fri, 28 Apr 2023NOK 107.0bNOK 80.7b-NOK 217,630,111.0024.4x-491.8x1.3x
Sun, 26 Mar 2023NOK 111.6bNOK 80.9b-NOK 385,674,428.0023.3x-289.4x1.4x
Tue, 21 Feb 2023NOK 114.6bNOK 80.8b-NOK 150,823,271.0025x-760.1x1.4x
Thu, 19 Jan 2023NOK 114.1bNOK 111.8bNOK 328.1m26.1x347.7x1x
Price to Earnings Ratio

347.7x


Total Market Cap: NOK 114.1bTotal Earnings: NOK 328.1mTotal Revenue: NOK 111.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 282.5x202420252026
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 66.6x which is lower than its 3-year average PE of 282x.
  • 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 Market0.93%
Tech3.11%
Electronic Equipment and Components5.18%
IT4.70%
Communications2.35%
Software2.30%
Semiconductors0.47%
Tech Hardware-2.26%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 368x.
    • Analysts are expecting annual earnings growth of 42.1% 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 16% 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
ATEA AteaNOK 162.806.4%
+NOK 1.1b		16.8%PE22.7x
KIT KitronNOK 77.004.3%
+NOK 692.4m		115.4%PE45x
NORBT NorbitNOK 194.004.9%
+NOK 574.2m		111.8%PE32.7x
LINK LINK Mobility Group HoldingNOK 34.603.0%
+NOK 289.7m		55.2%PE95.5x
NOD Nordic SemiconductorNOK 138.101.0%
+NOK 275.9m		27.9%PE327.8x

Latest News

KIT
NOK 77.00
Kitron
7D
4.3%
1Y
115.4%

KIT: Defence And Energy Contracts Will Shape Balanced Medium Term Outlook

Analysts have modestly adjusted their price target for Kitron, reflecting small changes in the discount rate, revenue growth expectations, profit margin, and future P/E assumptions, while keeping their view on fair value broadly unchanged. What's in the News New client agreement valued at about €7 million for advanced electronics in autonomous defence systems across air, land, and sea, with deliveries set to start in Q1 2026 at European facilities (Client Announcements).
XPLRA
NOK 48.00
Xplora Technologies
7D
-3.2%
1Y
56.4%

XPLRA: Rising Subscriptions Will Support Higher Profitability Expectations

Analysts have raised their fair value estimate for Xplora Technologies from $70.00 to $80.00, reflecting updated assumptions around discount rates, revenue growth, profit margins, and future P/E multiples. What's in the News Xplora Technologies AS reported a subscriptions update for December 2025, with 39,000 new subscriptions for the month and a total of 476,000 subscriptions as of December 2025, compared with 358,000 as of December 2024 (company announcement).
LINK
NOK 34.60
LINK Mobility Group Holding
7D
3.0%
1Y
55.2%

LINK: Higher Margins And Refined Assumptions Will Support Stronger Future Earnings

Analysts have trimmed their price target on LINK Mobility Group Holding to reflect an unchanged fair value estimate of €40.00. This is supported by slightly adjusted assumptions on discount rate, revenue growth, profit margin and forward P/E that fine tune their overall outlook rather than change it outright.
ELABS
NOK 5.87
Elliptic Laboratories
7D
-11.1%
1Y
-43.0%

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
1.0%
1Y
27.9%

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
3.3%
1Y
81.3%

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.
LOKO
NOK 0.76
Lokotech Group
7D
-2.8%
1Y
-57.9%
NAPA
NOK 29.35
Napatech
7D
5.6%
1Y
17.4%
ATEA
NOK 162.80
Atea
7D
6.4%
1Y
16.8%
ENSU
NOK 0.80
Ensurge Micropower
7D
-2.2%
1Y
-4.0%
BOUV
NOK 59.80
Bouvet
7D
1.7%
1Y
-23.6%
ITERA
NOK 8.40
Itera
7D
-2.1%
1Y
-1.9%
TECH
NOK 12.50
Techstep
7D
-4.2%
1Y
-9.7%

What Techstep ASA's (OB:TECH) P/S Is Not Telling You

Dec 17
What Techstep ASA's (OB:TECH) P/S Is Not Telling You
SMOP
NOK 30.30
Smartoptics Group
7D
-1.0%
1Y
65.6%
NORBT
NOK 194.00
Norbit
7D
4.9%
1Y
111.8%

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

Dec 10
Estimating The Intrinsic Value Of Norbit ASA (OB:NORBT)
APR
NOK 79.52
Appear
7D
-0.6%
1Y
n/a