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Norwegian (OSEAX) Tech Sector Analysis

UpdatedJan 19, 2026
DataAggregated Company Financials
Companies32
  • 7D0.3%
  • 3M3.7%
  • 1Y27.5%
  • YTD2.3%

Last week, the Tech industry hasn't moved much but Kitron is up 5.6% in that time. The past year has been better, since the industry has gained 27% in that time. 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
Mon, 19 Jan 2026NOK 124.3bNOK 75.9bNOK 1.9b40.6x66.6x1.6x
Wed, 17 Dec 2025NOK 118.6bNOK 76.2bNOK 1.9b39.1x63.3x1.6x
Fri, 14 Nov 2025NOK 113.9bNOK 75.4bNOK 1.8b31.1x62.8x1.5x
Sun, 12 Oct 2025NOK 114.9bNOK 74.5bNOK 1.8b32.8x65.4x1.5x
Tue, 09 Sep 2025NOK 115.0bNOK 74.5bNOK 1.7b34.1x66.7x1.5x
Thu, 07 Aug 2025NOK 108.7bNOK 73.9bNOK 1.2b37.1x94.1x1.5x
Sat, 05 Jul 2025NOK 124.8bNOK 80.0bNOK 1.4b39.6x88x1.6x
Mon, 02 Jun 2025NOK 115.8bNOK 79.9bNOK 1.4b36.5x82.8x1.4x
Wed, 30 Apr 2025NOK 102.3bNOK 78.6bNOK 1.4b33.4x75.5x1.3x
Fri, 28 Mar 2025NOK 102.7bNOK 77.6bNOK 1.1b32x97.7x1.3x
Sun, 23 Feb 2025NOK 108.6bNOK 78.2bNOK 892.7m30.8x121.7x1.4x
Tue, 21 Jan 2025NOK 99.9bNOK 76.8bNOK 794.3m33.7x125.7x1.3x
Thu, 19 Dec 2024NOK 98.0bNOK 76.8bNOK 800.6m33.2x122.4x1.3x
Sat, 16 Nov 2024NOK 94.3bNOK 76.5bNOK 802.3m34.2x117.5x1.2x
Mon, 14 Oct 2024NOK 105.2bNOK 80.9bNOK 709.3m34.7x148.3x1.3x
Wed, 11 Sep 2024NOK 110.6bNOK 81.2bNOK 693.3m32.6x159.6x1.4x
Fri, 09 Aug 2024NOK 113.1bNOK 82.4bNOK 1.4b20.5x79.7x1.4x
Sun, 07 Jul 2024NOK 115.7bNOK 82.9bNOK 1.6b20.6x73.8x1.4x
Tue, 04 Jun 2024NOK 111.2bNOK 82.8bNOK 1.6b20.5x71.3x1.3x
Thu, 02 May 2024NOK 103.4bNOK 82.7bNOK 1.3b22.4x80.3x1.3x
Sat, 30 Mar 2024NOK 95.1bNOK 84.4bNOK 1.6b22.3x59.2x1.1x
Mon, 26 Feb 2024NOK 94.3bNOK 84.5bNOK 1.5b20.3x60.8x1.1x
Wed, 24 Jan 2024NOK 108.2bNOK 86.0bNOK 949.0m18.8x114x1.3x
Fri, 22 Dec 2023NOK 104.5bNOK 85.8bNOK 942.1m17.1x110.9x1.2x
Sun, 19 Nov 2023NOK 104.2bNOK 87.8b-NOK 65,728,906.0017.1x-1584.9x1.2x
Tue, 17 Oct 2023NOK 107.0bNOK 87.6bNOK 4.7m18.5x22529.2x1.2x
Thu, 14 Sep 2023NOK 109.0bNOK 87.6b-NOK 20,467,934.0021.2x-5326.3x1.2x
Sat, 12 Aug 2023NOK 119.9bNOK 85.7b-NOK 290,772,863.0023.3x-412.4x1.4x
Mon, 10 Jul 2023NOK 116.4bNOK 84.7b-NOK 323,958,290.0021.2x-359.2x1.4x
Wed, 07 Jun 2023NOK 119.8bNOK 85.2b-NOK 397,737,608.0022.7x-301.2x1.4x
Fri, 05 May 2023NOK 109.6bNOK 83.5b-NOK 56,042,569.0022.4x-1955.6x1.3x
Sun, 02 Apr 2023NOK 116.7bNOK 80.9b-NOK 386,085,906.0024.6x-302.2x1.4x
Tue, 28 Feb 2023NOK 114.4bNOK 80.7b-NOK 290,188,704.0024.7x-394.1x1.4x
Thu, 26 Jan 2023NOK 114.4bNOK 111.9bNOK 326.4m26.4x350.6x1x
Price to Earnings Ratio

350.6x


Total Market Cap: NOK 114.4bTotal Earnings: NOK 326.4mTotal Revenue: NOK 111.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 280.6x202420252026
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 281x.
  • 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 Market3.01%
Tech0.30%
Electronic Equipment and Components1.22%
Communications1.00%
IT0.53%
Software-0.43%
Semiconductors-0.57%
Tech Hardware-1.09%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 370x.
    • Analysts are expecting annual earnings growth of 42.0% 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
KIT KitronNOK 81.705.6%
+NOK 930.5m		121.2%PE47.9x
NAPA NapatechNOK 31.909.4%
+NOK 302.7m		32.4%PS16.8x
PEXIP Pexip HoldingNOK 75.902.3%
+NOK 174.2m		78.2%PE39.8x
ATEA AteaNOK 162.000.9%
+NOK 155.9m		20.4%PE22.6x
PLT poLightNOK 7.003.2%
+NOK 46.8m		73.7%PS114x

Latest News

HDLY
NOK 13.50
Huddly
7D
-10.0%
1Y
-42.8%
SMCRT
NOK 25.00
SmartCraft
7D
-3.1%
1Y
-12.3%
LINK
NOK 33.65
LINK Mobility Group Holding
7D
-1.0%
1Y
52.3%

Is LINK Mobility Group Holding (OB:LINK) Using Too Much Debt?

Jan 15
Is LINK Mobility Group Holding (OB:LINK) Using Too Much Debt?
KIT
NOK 81.70
Kitron
7D
5.6%
1Y
121.2%
NORBT
NOK 184.60
Norbit
7D
-2.0%
1Y
93.3%

NORBT: Future Defence And Connectivity Contracts Will Support A Balanced Outlook

Narrative Update on Norbit Analysts have trimmed their price target on Norbit from €240 to about €207.50, reflecting updated assumptions for slightly higher discount rates, more moderate revenue growth, and lower profit margins, along with a marginally adjusted future P/E multiple. What's in the News NORBIT's PIR segment received contract manufacturing orders worth about NOK 170 million from an undisclosed European defence and security client, with most deliveries planned for the first quarter of 2026 (company announcement).
XPLRA
NOK 48.50
Xplora Technologies
7D
1.0%
1Y
54.5%

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).
NOD
NOK 137.30
Nordic Semiconductor
7D
-0.6%
1Y
18.2%

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 75.90
Pexip Holding
7D
2.3%
1Y
78.2%

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.
NAPA
NOK 31.90
Napatech
7D
9.4%
1Y
32.4%
IDEX
NOK 6.55
IDEX Biometrics
7D
5.7%
1Y
-39.9%
ATEA
NOK 162.00
Atea
7D
0.9%
1Y
20.4%
OTEC
NOK 17.25
Otello
7D
-2.3%
1Y
124.6%
PLT
NOK 7.00
poLight
7D
3.2%
1Y
73.7%
SMOP
NOK 29.80
Smartoptics Group
7D
-1.7%
1Y
58.9%
ARR
NOK 8.36
Arribatec Group
7D
2.6%
1Y
215.5%

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.
APR
NOK 77.50
Appear
7D
-2.8%
1Y
n/a