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Norwegian (OSEAX) Tech Sector Analysis

UpdatedFeb 26, 2026
DataAggregated Company Financials
Companies31
  • 7D2.1%
  • 3M9.6%
  • 1Y21.5%
  • YTD2.3%

Over the last 7 days, the Tech industry has risen 2.1%, driven by gains from Kitron of 7.9%. In the last 12 months, the industry was up 22%. Earnings are forecast to grow by 28% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Feb 2026NOK 124.7bNOK 77.5bNOK 2.6b25.7x48.4x1.6x
Sun, 25 Jan 2026NOK 124.2bNOK 75.6bNOK 1.9b40.8x66.7x1.6x
Tue, 23 Dec 2025NOK 119.7bNOK 76.1bNOK 1.9b40.2x63.9x1.6x
Thu, 20 Nov 2025NOK 109.8bNOK 75.7bNOK 1.8b32.2x60.1x1.4x
Sat, 18 Oct 2025NOK 113.6bNOK 74.5bNOK 1.8b32.7x64.7x1.5x
Mon, 15 Sep 2025NOK 115.6bNOK 74.3bNOK 1.7b36.1x67.6x1.6x
Wed, 13 Aug 2025NOK 110.7bNOK 74.0bNOK 1.1b37.3x96.6x1.5x
Fri, 11 Jul 2025NOK 124.9bNOK 80.0bNOK 1.4b39.2x88.2x1.6x
Sun, 08 Jun 2025NOK 119.9bNOK 79.8bNOK 1.4b38.1x85.3x1.5x
Tue, 06 May 2025NOK 105.3bNOK 79.5bNOK 1.3b35.4x79.7x1.3x
Thu, 03 Apr 2025NOK 100.1bNOK 77.5bNOK 1.1b30.7x93.5x1.3x
Sat, 01 Mar 2025NOK 104.6bNOK 78.3bNOK 961.9m32.9x108.7x1.3x
Mon, 27 Jan 2025NOK 101.4bNOK 76.7bNOK 804.2m35.4x126.1x1.3x
Wed, 25 Dec 2024NOK 96.4bNOK 76.8bNOK 792.1m33.2x121.7x1.3x
Fri, 22 Nov 2024NOK 91.2bNOK 76.5bNOK 815.1m33.9x111.9x1.2x
Sun, 20 Oct 2024NOK 100.2bNOK 77.6bNOK 605.7m27.4x165.5x1.3x
Tue, 17 Sep 2024NOK 113.0bNOK 80.9bNOK 711.7m34.1x158.8x1.4x
Thu, 15 Aug 2024NOK 111.6bNOK 80.3bNOK 827.0m26.2x134.9x1.4x
Sat, 13 Jul 2024NOK 119.1bNOK 82.8bNOK 1.5b20.3x78.7x1.4x
Mon, 10 Jun 2024NOK 111.8bNOK 83.1bNOK 1.6b20.9x71.1x1.3x
Wed, 08 May 2024NOK 105.8bNOK 82.7bNOK 1.4b22x75.2x1.3x
Fri, 05 Apr 2024NOK 93.4bNOK 84.3bNOK 1.6b21.9x58.7x1.1x
Sun, 03 Mar 2024NOK 94.8bNOK 84.6bNOK 1.6b20.8x57.8x1.1x
Tue, 30 Jan 2024NOK 106.2bNOK 85.9bNOK 943.1m18.8x112.6x1.2x
Thu, 28 Dec 2023NOK 105.5bNOK 85.5bNOK 933.9m17.8x113x1.2x
Sat, 25 Nov 2023NOK 97.7bNOK 86.2bNOK 1.0b16.9x93.1x1.1x
Mon, 23 Oct 2023NOK 99.2bNOK 86.8b-NOK 264,546,851.0019.8x-375.1x1.1x
Wed, 20 Sep 2023NOK 108.1bNOK 87.6b-NOK 23,392,424.0021.2x-4622.5x1.2x
Fri, 18 Aug 2023NOK 118.3bNOK 85.9b-NOK 179,652,546.0021.7x-658.6x1.4x
Sun, 16 Jul 2023NOK 119.7bNOK 83.8b-NOK 344,466,901.0020.9x-347.4x1.4x
Tue, 13 Jun 2023NOK 122.0bNOK 84.8b-NOK 391,044,093.0024.3x-312.1x1.4x
Thu, 11 May 2023NOK 111.0bNOK 83.4bNOK 70.0m22.3x1587x1.3x
Sat, 08 Apr 2023NOK 115.8bNOK 80.9b-NOK 395,713,809.0024.2x-292.7x1.4x
Mon, 06 Mar 2023NOK 118.4bNOK 80.8b-NOK 384,125,518.0026.2x-308.2x1.5x
Price to Earnings Ratio

-308.2x


Total Market Cap: NOK 118.4bTotal Earnings: -NOK 384,125,518.00Total Revenue: NOK 80.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 278.5x202420252026
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 48.4x which is lower than its 3-year average PE of 278x.
  • The 3-year average PS ratio of 1.4x is lower than the industry's current PS ratio of 1.6x.
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 Market1.25%
Tech2.09%
Communications11.18%
Electronic Equipment and Components7.13%
IT-0.93%
Software-2.39%
Semiconductors-2.50%
Tech Hardware-2.62%
Industry PE
  • Investors are most optimistic about the Semiconductors industry even though it's trading below its 3-year average PE ratio of 380x.
    • Analysts are expecting annual earnings growth of 36.7% 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 37% over the next 5 years.
  • In contrast, the IT industry is expected to see its earnings grow by 13% 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 212.007.1%
+NOK 894.5m		89.3%PE33.5x
KIT KitronNOK 106.801.5%
+NOK 349.9m		166.5%PE47.4x
SMOP Smartoptics GroupNOK 38.106.7%
+NOK 235.3m		73.2%PE83.6x
LINK LINK Mobility Group HoldingNOK 21.051.4%
+NOK 86.9m		-7.3%PE70x
ATEA AteaNOK 144.400.3%
+NOK 44.6m		7.9%PE18.3x

Latest News

HDLY
NOK 21.00
Huddly
7D
-15.3%
1Y
7.7%
XPLRA
NOK 56.00
Xplora Technologies
7D
-1.8%
1Y
79.5%

XPLRA: Subscription Gains And Margin Outlook Will Support Balanced Return Expectations

Analysts have kept their NOK 55.50 price target for Xplora Technologies unchanged. They point to updated assumptions around a slightly higher discount rate, revenue growth of 18.09%, a profit margin of 8.71% and a lower future P/E of 14.32x to support their view.
PEXIP
NOK 61.00
Pexip Holding
7D
-3.2%
1Y
41.2%
SMOP
NOK 38.10
Smartoptics Group
7D
6.7%
1Y
73.2%

SMOP: Future Margin Strength And DWDM Wins Will Drive Repricing

Analysts have lifted their price target for Smartoptics Group from around NOK 24 to roughly NOK 50, citing updated assumptions for revenue growth, profit margins, the discount rate, and a higher future P/E multiple. What's in the News Teraco, a Digital Realty company in South Africa, has deployed redundant 100G DWDM links between its CT1 and CT2 Cape Town data centers using Smartoptics equipment, aiming to support cloud, content, connectivity and financial ecosystems along a high demand bandwidth corridor (Client announcement).
KIT
NOK 106.80
Kitron
7D
1.5%
1Y
166.5%

KIT: Defence Wins And Energy Demand Will Shape Equity And Dividend Outlook

Analysts have lifted their price target on Kitron from NOK 83.30 to NOK 101.50, citing updates in their fair value work, a slightly adjusted discount rate, a revised revenue growth outlook, an updated P/E assumption and a modestly higher profit margin forecast. What's in the News Kitron ASA proposed a cash dividend of NOK 0.70 per share, with the last day including rights on 24 April 2026, the ex-date on 27 April 2026, the record date on 28 April 2026, and expected payment on or about 15 May 2026, subject to approval on 24 April 2026 (Key Developments).
LINK
NOK 21.05
LINK Mobility Group Holding
7D
1.4%
1Y
-7.3%

LINK: Cash Generation And Measured P/E Will Frame Balanced Return Potential

Analysts have revised their price target for LINK Mobility Group Holding from NOK 40 to NOK 21, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News Management reports NOK 400 million in free cash flow, with CEO Thomas Berge highlighting strong cash conversion across the business as a support for ongoing capital allocation plans (Key Developments).
SMCRT
NOK 16.40
SmartCraft
7D
-8.1%
1Y
-40.6%
NOD
NOK 139.20
Nordic Semiconductor
7D
-2.5%
1Y
-3.2%

NOD: Edge AI Rollout Will Support Re Rated Long Term Earnings Power

Analysts have lifted their fair value estimate for Nordic Semiconductor to NOK 225.00 from NOK 200.00. This reflects updated assumptions on revenue growth, profit margins and future P/E, alongside recent Street research including a higher NOK 155.00 price target at Deutsche Bank and a more positive stance from SEB Equities.
ELABS
NOK 3.97
Elliptic Laboratories
7D
-24.5%
1Y
-59.3%

ELABS: New Laptop And Smartphone Deals Will Support Future Upside

Analysts now set their price target for Elliptic Laboratories at NOK 13.00, in line with the prior NOK 13. This reflects updated model inputs around a slightly higher discount rate and unchanged assumptions for revenue growth, profit margin, and future P/E.
BOUV
NOK 49.15
Bouvet
7D
-3.2%
1Y
-31.2%
NORBT
NOK 212.00
Norbit
7D
7.1%
1Y
89.3%
ATEA
NOK 144.40
Atea
7D
0.3%
1Y
7.9%

Atea ASA (OB:ATEA) Just Released Its Yearly Results And Analysts Are Updating Their Estimates

Feb 13
Atea ASA (OB:ATEA) Just Released Its Yearly Results And Analysts Are Updating Their Estimates
RECSI
NOK 0.32
REC Silicon
7D
-23.3%
1Y
-72.1%
ARR
NOK 8.70
Arribatec Group
7D
3.6%
1Y
190.0%
NAPA
NOK 32.80
Napatech
7D
0.8%
1Y
56.2%
IDEX
NOK 6.20
IDEX Biometrics
7D
12.3%
1Y
-23.5%