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Norwegian (OSEAX) Tech Sector Analysis

UpdatedFeb 04, 2026
DataAggregated Company Financials
Companies32
  • 7D-5.4%
  • 3M-1.5%
  • 1Y16.0%
  • YTD-3.5%

Over the last 7 days, the Tech industry has dropped 5.4%, driven by a pullback from LINK Mobility Group Holding of 24%. In contrast, Huddly has gained 56%. In the past year, the industry has gained 16%. As for the next few years, earnings are expected to grow by 33% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 05 Feb 2026NOK 117.5bNOK 76.1bNOK 2.0b34x59.3x1.5x
Sat, 03 Jan 2026NOK 121.5bNOK 76.0bNOK 1.9b40.3x65x1.6x
Mon, 01 Dec 2025NOK 113.6bNOK 76.0bNOK 1.9b33.1x60.8x1.5x
Wed, 29 Oct 2025NOK 122.6bNOK 75.1bNOK 1.8b36.7x66.6x1.6x
Fri, 26 Sep 2025NOK 113.6bNOK 74.5bNOK 1.8b34.2x64.7x1.5x
Sun, 24 Aug 2025NOK 116.2bNOK 74.6bNOK 1.9b34.1x61.9x1.6x
Tue, 22 Jul 2025NOK 114.5bNOK 73.9bNOK 1.2b38.1x99x1.5x
Thu, 19 Jun 2025NOK 121.9bNOK 79.7bNOK 1.4b38.9x86.4x1.5x
Sat, 17 May 2025NOK 114.3bNOK 79.7bNOK 1.3b36.8x88.1x1.4x
Mon, 14 Apr 2025NOK 95.7bNOK 78.2bNOK 1.1b30.7x90.1x1.2x
Wed, 12 Mar 2025NOK 99.2bNOK 77.9bNOK 970.2m27.6x102.3x1.3x
Fri, 07 Feb 2025NOK 105.6bNOK 77.1bNOK 893.9m36.6x118.2x1.4x
Sun, 05 Jan 2025NOK 99.3bNOK 76.8bNOK 788.6m34x126x1.3x
Tue, 03 Dec 2024NOK 94.7bNOK 76.6bNOK 814.3m34.2x116.3x1.2x
Thu, 31 Oct 2024NOK 104.5bNOK 77.7bNOK 699.6m28.7x149.3x1.3x
Sat, 28 Sep 2024NOK 106.2bNOK 80.8bNOK 730.0m32.4x145.5x1.3x
Mon, 26 Aug 2024NOK 113.1bNOK 80.4bNOK 654.9m34.7x172.8x1.4x
Wed, 24 Jul 2024NOK 116.9bNOK 82.6bNOK 1.4b20.9x82.4x1.4x
Fri, 21 Jun 2024NOK 112.6bNOK 82.8bNOK 1.6b21.5x72.1x1.4x
Sun, 19 May 2024NOK 109.3bNOK 83.1bNOK 1.6b21.1x69.2x1.3x
Tue, 16 Apr 2024NOK 94.0bNOK 84.4bNOK 1.6b22.5x59.7x1.1x
Thu, 14 Mar 2024NOK 93.5bNOK 84.7bNOK 1.7b21x56.5x1.1x
Sat, 10 Feb 2024NOK 96.8bNOK 83.1bNOK 1.6b18.4x60.5x1.2x
Mon, 08 Jan 2024NOK 103.2bNOK 85.8bNOK 940.6m17.7x109.8x1.2x
Wed, 06 Dec 2023NOK 98.3bNOK 86.6bNOK 957.1m16.7x102.7x1.1x
Fri, 03 Nov 2023NOK 97.7bNOK 87.4b-NOK 247,206,889.0018.6x-395.2x1.1x
Sun, 01 Oct 2023NOK 106.7bNOK 87.2bNOK 13.4m18.4x7957.9x1.2x
Tue, 29 Aug 2023NOK 112.7bNOK 87.3b-NOK 31,269,107.0022x-3603.5x1.3x
Thu, 27 Jul 2023NOK 120.8bNOK 85.1b-NOK 381,587,253.0020.7x-316.5x1.4x
Sat, 24 Jun 2023NOK 118.0bNOK 85.0b-NOK 324,884,533.0021.6x-363.3x1.4x
Mon, 22 May 2023NOK 115.3bNOK 84.4b-NOK 316,585,454.0025.8x-364.2x1.4x
Wed, 19 Apr 2023NOK 116.5bNOK 80.9b-NOK 404,402,916.0023.7x-288x1.4x
Fri, 17 Mar 2023NOK 112.3bNOK 81.2b-NOK 356,559,066.0023x-314.8x1.4x
Sun, 12 Feb 2023NOK 112.2bNOK 101.3bNOK 342.3m24.9x327.8x1.1x
Price to Earnings Ratio

327.8x


Total Market Cap: NOK 112.2bTotal Earnings: NOK 342.3mTotal Revenue: NOK 101.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 276.1x202420252026
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 59.3x which is lower than its 3-year average PE of 276x.
  • The 3-year average PS ratio of 1.4x 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 77% per year over the last three years.
  • Meanwhile revenues for these companies have declined 9.1% 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 Market0.70%
Tech-5.42%
Electronic Equipment and Components-0.87%
Tech Hardware-2.64%
Communications-3.68%
Semiconductors-4.36%
IT-4.70%
Software-14.29%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 377x.
    • 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 Semiconductors industry, expecting annual earnings growth of 43% over the next 5 years.
  • 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
KIT KitronNOK 83.151.6%
+NOK 284.3m		116.9%PE50.5x
NORBT NorbitNOK 184.002.4%
+NOK 280.7m		77.3%PE31x
HDLY HuddlyNOK 23.0075.6%
+NOK 270.4m		14.4%PS3.2x
NOD Nordic SemiconductorNOK 131.500.5%
+NOK 137.9m		-3.4%PE324.3x
ARR Arribatec GroupNOK 9.8416.1%
+NOK 107.9m		278.5%PS1.1x

Latest News

BOUV
NOK 55.90
Bouvet
7D
-4.9%
1Y
-31.3%
HDLY
NOK 23.00
Huddly
7D
75.6%
1Y
14.4%

Optimistic Investors Push Huddly AS (OB:HDLY) Shares Up 33% But Growth Is Lacking

Feb 04
Optimistic Investors Push Huddly AS (OB:HDLY) Shares Up 33% But Growth Is Lacking
LINK
NOK 25.20
LINK Mobility Group Holding
7D
-27.1%
1Y
9.3%
NOD
NOK 131.50
Nordic Semiconductor
7D
0.5%
1Y
-3.4%

Here's What's Concerning About Nordic Semiconductor's (OB:NOD) Returns On Capital

Feb 01
Here's What's Concerning About Nordic Semiconductor's (OB:NOD) Returns On Capital
PEXIP
NOK 73.50
Pexip Holding
7D
-4.8%
1Y
60.8%
ELABS
NOK 4.49
Elliptic Laboratories
7D
-12.7%
1Y
-57.8%

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 83.15
Kitron
7D
1.6%
1Y
116.9%

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 184.00
Norbit
7D
2.4%
1Y
77.3%

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 54.60
Xplora Technologies
7D
1.5%
1Y
76.1%

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.
AIRX
NOK 0.17
Airthings
7D
52.9%
1Y
-93.3%
SMCRT
NOK 19.75
SmartCraft
7D
-16.7%
1Y
-25.5%
NAPA
NOK 31.40
Napatech
7D
-8.3%
1Y
28.7%
ATEA
NOK 145.80
Atea
7D
-7.4%
1Y
-0.5%
ARR
NOK 9.84
Arribatec Group
7D
16.1%
1Y
278.5%

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.
AIX
NOK 4.29
Ayfie International
7D
12.3%
1Y
12.3%
APR
NOK 70.40
Appear
7D
-5.5%
1Y
n/a