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Norwegian (OSEAX) Tech Sector Analysis

UpdatedMar 15, 2026
DataAggregated Company Financials
Companies30
  • 7D-0.4%
  • 3M1.6%
  • 1Y23.6%
  • YTD0.08%

Last week, the Tech industry hasn't moved much but Nordic Semiconductor is up 5.3% in that time. As for the the longer term, the industry is up 24% over the past 12 months. Earnings are forecast to grow by 27% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 15 Mar 2026NOK 121.0bNOK 76.9bNOK 2.6b26.6x46.4x1.6x
Tue, 10 Feb 2026NOK 124.0bNOK 76.3bNOK 2.1b33.1x60.2x1.6x
Thu, 08 Jan 2026NOK 124.0bNOK 76.0bNOK 1.9b41.7x66.3x1.6x
Sat, 06 Dec 2025NOK 118.1bNOK 76.0bNOK 1.9b37x63.2x1.6x
Mon, 03 Nov 2025NOK 118.9bNOK 75.5bNOK 1.8b36x66.2x1.6x
Wed, 01 Oct 2025NOK 112.7bNOK 74.4bNOK 1.8b33.4x64.2x1.5x
Fri, 29 Aug 2025NOK 116.8bNOK 74.5bNOK 1.7b34.4x67.4x1.6x
Sun, 27 Jul 2025NOK 111.2bNOK 74.0bNOK 1.2b38.6x96.2x1.5x
Tue, 24 Jun 2025NOK 122.0bNOK 79.9bNOK 1.4b38.6x86.3x1.5x
Thu, 22 May 2025NOK 115.1bNOK 79.5bNOK 1.3b38.4x88.1x1.4x
Sat, 19 Apr 2025NOK 100.4bNOK 78.0bNOK 1.1b32.8x93.5x1.3x
Mon, 17 Mar 2025NOK 102.6bNOK 77.9bNOK 1.0b31.2x98.3x1.3x
Wed, 12 Feb 2025NOK 104.8bNOK 78.3bNOK 768.7m36.6x136.4x1.3x
Fri, 10 Jan 2025NOK 98.9bNOK 76.8bNOK 786.4m32.8x125.8x1.3x
Sun, 08 Dec 2024NOK 96.5bNOK 76.7bNOK 808.5m33.3x119.3x1.3x
Tue, 05 Nov 2024NOK 102.3bNOK 77.8bNOK 693.9m28.3x147.4x1.3x
Thu, 03 Oct 2024NOK 104.3bNOK 80.9bNOK 719.7m31.4x144.9x1.3x
Sat, 31 Aug 2024NOK 116.5bNOK 80.9bNOK 727.7m35.7x160.1x1.4x
Mon, 29 Jul 2024NOK 113.3bNOK 82.6bNOK 1.4b20.7x79.8x1.4x
Wed, 26 Jun 2024NOK 111.5bNOK 82.9bNOK 1.6b21.1x71.2x1.3x
Fri, 24 May 2024NOK 110.8bNOK 83.1bNOK 1.6b20.9x70.3x1.3x
Sun, 21 Apr 2024NOK 92.6bNOK 84.6bNOK 1.6b22.2x58.5x1.1x
Tue, 19 Mar 2024NOK 92.1bNOK 85.0bNOK 1.7b20.4x55.4x1.1x
Thu, 15 Feb 2024NOK 97.0bNOK 83.1bNOK 1.6b18.5x61.2x1.2x
Sat, 13 Jan 2024NOK 104.5bNOK 85.8bNOK 940.3m17.3x111.2x1.2x
Mon, 11 Dec 2023NOK 101.0bNOK 86.6bNOK 968.0m16.7x104.3x1.2x
Wed, 08 Nov 2023NOK 99.6bNOK 87.7b-NOK 189,211,394.0017.3x-526.6x1.1x
Fri, 06 Oct 2023NOK 103.2bNOK 87.6bNOK 3.3m17.5x31655.9x1.2x
Sun, 03 Sep 2023NOK 114.2bNOK 87.4b-NOK 21,355,848.0022.8x-5346.9x1.3x
Tue, 01 Aug 2023NOK 122.3bNOK 85.1b-NOK 383,509,531.0021.4x-318.8x1.4x
Thu, 29 Jun 2023NOK 115.0bNOK 84.9b-NOK 319,646,853.0021.1x-359.9x1.4x
Sat, 27 May 2023NOK 116.6bNOK 85.2b-NOK 428,900,190.0022.8x-271.8x1.4x
Mon, 24 Apr 2023NOK 106.6bNOK 80.6b-NOK 213,533,663.0022.8x-499.4x1.3x
Wed, 22 Mar 2023NOK 112.7bNOK 81.0b-NOK 373,992,794.0023.6x-301.3x1.4x
Price to Earnings Ratio

-301.3x


Total Market Cap: NOK 112.7bTotal Earnings: -NOK 373,992,794.00Total Revenue: NOK 81.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 284x202420252026
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 46.4x which is lower than its 3-year average PE of 284x.
  • 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 Market2.29%
Tech-0.38%
Semiconductors5.37%
Tech Hardware0.82%
Communications-0.52%
Software-0.86%
IT-2.28%
Electronic Equipment and Components-3.13%
Industry PE
  • Investors are most optimistic about the Semiconductors industry even though it's trading below its 3-year average PE ratio of 382x.
    • 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
NOD Nordic SemiconductorNOK 148.905.3%
+NOK 1.5b		11.8%PE184.9x
IDEX IDEX BiometricsNOK 12.3036.7%
+NOK 227.2m		196.4%PS341.3x
SMOP Smartoptics GroupNOK 37.604.7%
+NOK 166.7m		68.6%PE80.6x
PEXIP Pexip HoldingNOK 63.902.1%
+NOK 135.7m		57.2%PE26.9x
LOKO Lokotech GroupNOK 0.699.9%
+NOK 39.1m		-64.4%PS48.6x

Latest News

ARR
NOK 6.64
Arribatec Group
7D
-26.8%
1Y
117.7%
NORBT
NOK 202.00
Norbit
7D
-1.2%
1Y
69.5%

NORBT: Defence Contracts And Dividend Policy Will Guide A Measured Future Repricing

Analysts have kept their fair value estimate for Norbit broadly unchanged at NOK 214, and have introduced a new Street price target of NOK 220. This reflects their view that the company’s growth and margin profile support a slightly higher valuation anchor for investors.
ATEA
NOK 141.40
Atea
7D
-1.7%
1Y
7.1%

ATEA: Planned 2026 Dividend Payout Will Support Further Share Upside

Analysts have kept their price target for Atea steady at NOK 165. This reflects only minor tweaks to assumptions around discount rate, revenue growth, profit margin and future P/E, rather than a shift in their overall view of the shares.
NOD
NOK 148.90
Nordic Semiconductor
7D
5.3%
1Y
11.8%
XPLRA
NOK 51.60
Xplora Technologies
7D
-6.9%
1Y
74.9%

XPLRA: Subscription Momentum And Margin Assumptions Will Support Balanced Return Outlook

Analysts have maintained their NOK 55.5 price target for Xplora Technologies, citing small adjustments in assumptions for the discount rate, revenue growth, profit margin and future P/E as the main factors behind their updated view. What's in the News Xplora Technologies AS reported 39,000 new subscriptions (gross) in December 2025, based on its latest operating update (company announcement).
SMOP
NOK 37.60
Smartoptics Group
7D
4.7%
1Y
68.6%

SMOP: Future DWDM Deployments And Margin Resilience Will Drive Repricing

The latest analyst update on Smartoptics Group reflects a small upward tweak in the NOK fair value estimate, with the target moving slightly higher as analysts fine tune assumptions around discount rate, long term revenue growth, profit margins and future P/E multiples. 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.
KIT
NOK 96.70
Kitron
7D
-4.8%
1Y
109.1%

KIT: Defence Orders And Energy Demand Will Support Steady Earnings And Dividend

Analysts have kept their NOK 101.50 price target for Kitron broadly unchanged, with only small adjustments to inputs such as the discount rate and assumed future P/E. This reflects fine tuning of their valuation rather than a shift in overall conviction.
ELABS
NOK 2.92
Elliptic Laboratories
7D
-5.8%
1Y
-69.9%
IDEX
NOK 12.30
IDEX Biometrics
7D
36.7%
1Y
196.4%
PEXIP
NOK 63.90
Pexip Holding
7D
2.1%
1Y
57.2%

PEXIP: Future Outlook Will Emphasize Dividend Visibility And Margin Expansion Potential

Analysts have adjusted their price target for Pexip Holding to NOK 75.0 from NOK 75, citing updated assumptions around slightly higher long term revenue growth, improved profit margins and a modestly lower future P/E multiple. What's in the News Pexip Holding ASA announced an annual dividend of NOK 3.0000 per share, with payment scheduled for April 28, 2026 (Key Developments).
NAPA
NOK 32.00
Napatech
7D
-4.8%
1Y
77.8%
HDLY
NOK 23.00
Huddly
7D
4.5%
1Y
63.4%
APR
NOK 61.69
Appear
7D
-2.8%
1Y
n/a
ITERA
NOK 7.48
Itera
7D
6.3%
1Y
-16.9%
BOUV
NOK 49.80
Bouvet
7D
-2.2%
1Y
-30.6%
LOKO
NOK 0.69
Lokotech Group
7D
9.9%
1Y
-64.4%