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Norwegian (OSEAX) Tech Sector Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies32
  • 7D2.4%
  • 3M6.1%
  • 1Y29.1%
  • YTD2.4%

In the last week, the Tech industry is up 2.4%, with Norbit leading the way, up 8.7%. During this same period, the Elliptic Laboratories underperformed, falling 16%. In the last 12 months, the industry was up 29%. Looking forward, earnings are forecast to grow by 35% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026NOK 124.4bNOK 76.0bNOK 1.9b41.1x66.6x1.6x
Tue, 09 Dec 2025NOK 118.2bNOK 76.0bNOK 1.9b37.6x63.2x1.6x
Thu, 06 Nov 2025NOK 117.4bNOK 75.6bNOK 1.8b34.6x65.3x1.6x
Sat, 04 Oct 2025NOK 114.1bNOK 74.3bNOK 1.8b32.5x65x1.5x
Mon, 01 Sep 2025NOK 116.8bNOK 74.5bNOK 1.7b34.5x67.8x1.6x
Wed, 30 Jul 2025NOK 112.6bNOK 73.9bNOK 1.2b37.9x97.7x1.5x
Fri, 27 Jun 2025NOK 123.7bNOK 80.0bNOK 1.4b39.3x87.3x1.5x
Sun, 25 May 2025NOK 113.7bNOK 79.5bNOK 1.5b36.6x75.8x1.4x
Tue, 22 Apr 2025NOK 100.4bNOK 78.0bNOK 1.1b32.8x93.1x1.3x
Thu, 20 Mar 2025NOK 104.5bNOK 77.8bNOK 1.0b32.5x99.7x1.3x
Sat, 15 Feb 2025NOK 105.6bNOK 78.0bNOK 1.1b26.1x97.9x1.4x
Mon, 13 Jan 2025NOK 98.2bNOK 76.0bNOK 739.2m37.8x132.9x1.3x
Wed, 11 Dec 2024NOK 97.2bNOK 76.7bNOK 806.5m33.7x120.5x1.3x
Fri, 08 Nov 2024NOK 99.7bNOK 77.7bNOK 746.5m27.4x133.6x1.3x
Sun, 06 Oct 2024NOK 103.9bNOK 80.9bNOK 713.7m33.1x145.6x1.3x
Tue, 03 Sep 2024NOK 114.7bNOK 80.9bNOK 721.1m34.4x159.1x1.4x
Thu, 01 Aug 2024NOK 115.8bNOK 82.4bNOK 1.4b21.3x81.8x1.4x
Sat, 29 Jun 2024NOK 113.5bNOK 83.0bNOK 1.6b20.9x72.5x1.4x
Mon, 27 May 2024NOK 110.8bNOK 83.0bNOK 1.6b20.6x70.4x1.3x
Wed, 24 Apr 2024NOK 94.0bNOK 84.5bNOK 1.6b22x59.5x1.1x
Fri, 22 Mar 2024NOK 93.6bNOK 85.0bNOK 1.7b20.8x56.2x1.1x
Sun, 18 Feb 2024NOK 97.8bNOK 84.4bNOK 1.7b20.4x56.2x1.2x
Tue, 16 Jan 2024NOK 103.7bNOK 85.9bNOK 944.5m17.4x109.8x1.2x
Thu, 14 Dec 2023NOK 102.0bNOK 86.7bNOK 970.6m16.5x105.1x1.2x
Sat, 11 Nov 2023NOK 100.5bNOK 88.0b-NOK 76,369,632.0016.4x-1315.9x1.1x
Mon, 09 Oct 2023NOK 103.3bNOK 87.6bNOK 8.0m17.2x12838.8x1.2x
Wed, 06 Sep 2023NOK 112.4bNOK 87.4b-NOK 23,869,224.0021.7x-4708.8x1.3x
Fri, 04 Aug 2023NOK 120.3bNOK 85.2b-NOK 392,637,551.0021.6x-306.4x1.4x
Sun, 02 Jul 2023NOK 119.3bNOK 84.8b-NOK 317,588,390.0021.6x-375.7x1.4x
Tue, 30 May 2023NOK 116.6bNOK 85.3b-NOK 371,968,295.0022x-313.4x1.4x
Thu, 27 Apr 2023NOK 105.3bNOK 80.7b-NOK 217,553,905.0023.6x-483.9x1.3x
Sat, 25 Mar 2023NOK 111.6bNOK 80.9b-NOK 387,619,863.0023.2x-288x1.4x
Mon, 20 Feb 2023NOK 115.4bNOK 80.7b-NOK 178,675,039.0026.1x-646.1x1.4x
Wed, 18 Jan 2023NOK 114.8bNOK 111.8bNOK 328.7m25.9x349.2x1x
Price to Earnings Ratio

349.2x


Total Market Cap: NOK 114.8bTotal Earnings: NOK 328.7mTotal Revenue: NOK 111.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 282.7x202420252026
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 283x.
  • 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 78% 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 Market-0.15%
Tech2.40%
Electronic Equipment and Components4.73%
IT3.34%
Software1.88%
Semiconductors0.47%
Communications-0.17%
Tech Hardware-4.00%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 367x.
    • 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
NORBT NorbitNOK 194.008.7%
+NOK 995.4m		107.7%PE32.7x
ATEA AteaNOK 162.805.3%
+NOK 913.7m		16.6%PE22.7x
KIT KitronNOK 77.003.7%
+NOK 595.1m		115.7%PE45x
LINK LINK Mobility Group HoldingNOK 34.603.9%
+NOK 376.6m		55.9%PE95.5x
NOD Nordic SemiconductorNOK 138.100.6%
+NOK 157.6m		26.7%PE326.9x

Latest News

LINK
NOK 34.60
LINK Mobility Group Holding
7D
3.9%
1Y
55.9%

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
-15.5%
1Y
-47.7%

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
0.6%
1Y
26.7%

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
1.3%
1Y
75.2%

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.
SMCRT
NOK 25.70
SmartCraft
7D
2.8%
1Y
-6.2%
LOKO
NOK 0.76
Lokotech Group
7D
-5.7%
1Y
-57.2%
ATEA
NOK 162.80
Atea
7D
5.3%
1Y
16.6%
XPLRA
NOK 48.00
Xplora Technologies
7D
-4.8%
1Y
54.8%

XPLRA: Subscription Momentum Will Drive Future Upside From Current Levels

Analysts have raised their price target for Xplora Technologies to NOK 70.13 per share, citing modestly lower perceived risk, slightly stronger long term growth and margin assumptions, and a higher expected future earnings multiple. What's in the News Xplora Technologies reported 15,000 gross new subscriptions in October 2025, bringing total subscriptions to 446,000, up 118,000 from October 2024 (company operating results update).
KIT
NOK 77.00
Kitron
7D
3.7%
1Y
115.7%

KIT: Defence And Aerospace Orders Will Drive Future Earnings Upside

Analysts have raised their price target for Kitron from approximately NOK 75 to NOK 77 per share, citing expectations of stronger revenue growth, slightly higher profit margins, and a lower assumed future price-to-earnings multiple. Together, these factors support a higher fair value despite a modestly reduced discount rate.
ENSU
NOK 0.80
Ensurge Micropower
7D
-4.9%
1Y
-14.6%
BOUV
NOK 59.80
Bouvet
7D
-0.8%
1Y
-23.5%
ITERA
NOK 8.40
Itera
7D
-2.3%
1Y
-5.8%
SMOP
NOK 30.30
Smartoptics Group
7D
2.7%
1Y
67.4%
NORBT
NOK 194.00
Norbit
7D
8.7%
1Y
107.7%

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

Dec 10
Estimating The Intrinsic Value Of Norbit ASA (OB:NORBT)
AIX
NOK 3.40
Ayfie International
7D
-14.8%
1Y
-3.4%
APR
NOK 79.52
Appear
7D
-3.3%
1Y
n/a