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Norwegian (OSEAX) Tech Sector Analysis

UpdatedFeb 09, 2026
DataAggregated Company Financials
Companies32
  • 7D1.4%
  • 3M7.5%
  • 1Y18.0%
  • YTD1.5%

Over the last 7 days, the Tech industry has risen 1.4%, driven by gains from Nordic Semiconductor of 20%. During this same period, the LINK Mobility Group Holding underperformed, falling 22%. This takes the industry's 12 month performance to a gain of 16%. As for the next few years, earnings are expected to grow by 32% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Feb 2026NOK 123.5bNOK 76.4bNOK 2.1b32.1x60x1.6x
Wed, 07 Jan 2026NOK 122.0bNOK 75.9bNOK 1.9b40.3x65.3x1.6x
Fri, 05 Dec 2025NOK 116.8bNOK 76.0bNOK 1.9b34.4x62.5x1.5x
Sun, 02 Nov 2025NOK 118.9bNOK 75.5bNOK 1.8b36x66.2x1.6x
Tue, 30 Sep 2025NOK 112.3bNOK 74.4bNOK 1.8b33.2x64x1.5x
Thu, 28 Aug 2025NOK 115.9bNOK 74.6bNOK 1.8b34.2x64.6x1.6x
Sat, 26 Jul 2025NOK 111.2bNOK 74.0bNOK 1.2b38.6x96.2x1.5x
Mon, 23 Jun 2025NOK 122.0bNOK 79.9bNOK 1.4b39x86.4x1.5x
Wed, 21 May 2025NOK 114.4bNOK 79.6bNOK 1.3b38.2x87.9x1.4x
Fri, 18 Apr 2025NOK 100.4bNOK 78.0bNOK 1.1b32.8x93.6x1.3x
Sun, 16 Mar 2025NOK 102.6bNOK 77.9bNOK 1.0b31.2x98.3x1.3x
Tue, 11 Feb 2025NOK 104.3bNOK 78.3bNOK 767.0m36.7x136x1.3x
Thu, 09 Jan 2025NOK 98.0bNOK 76.8bNOK 786.8m32.9x124.6x1.3x
Sat, 07 Dec 2024NOK 96.5bNOK 76.7bNOK 826.6m33.3x116.7x1.3x
Mon, 04 Nov 2024NOK 102.1bNOK 77.8bNOK 689.6m28.2x148.1x1.3x
Wed, 02 Oct 2024NOK 104.3bNOK 80.9bNOK 719.7m31.4x144.9x1.3x
Fri, 30 Aug 2024NOK 115.1bNOK 80.6bNOK 679.7m34.7x169.3x1.4x
Sun, 28 Jul 2024NOK 113.3bNOK 82.6bNOK 1.4b20.7x79.8x1.4x
Tue, 25 Jun 2024NOK 113.0bNOK 82.8bNOK 1.6b21.7x72.3x1.4x
Thu, 23 May 2024NOK 110.4bNOK 83.1bNOK 1.6b21x70.1x1.3x
Sat, 20 Apr 2024NOK 93.1bNOK 84.6bNOK 1.6b22.1x58.7x1.1x
Mon, 18 Mar 2024NOK 92.3bNOK 84.9bNOK 1.7b20.6x55.5x1.1x
Wed, 14 Feb 2024NOK 96.9bNOK 83.2bNOK 1.6b18.4x60.9x1.2x
Fri, 12 Jan 2024NOK 103.6bNOK 85.8bNOK 942.8m17.5x109.9x1.2x
Sun, 10 Dec 2023NOK 101.0bNOK 86.6bNOK 968.0m16.7x104.3x1.2x
Tue, 07 Nov 2023NOK 98.7bNOK 87.5b-NOK 156,489,947.0017.5x-630.8x1.1x
Thu, 05 Oct 2023NOK 105.8bNOK 87.7bNOK 939.8k17.4x112627.2x1.2x
Sat, 02 Sep 2023NOK 114.2bNOK 87.3b-NOK 25,123,165.0022.8x-4546.4x1.3x
Mon, 31 Jul 2023NOK 122.2bNOK 85.2b-NOK 387,001,435.0021.4x-315.8x1.4x
Wed, 28 Jun 2023NOK 116.8bNOK 84.8b-NOK 316,026,759.0021.9x-369.7x1.4x
Fri, 26 May 2023NOK 115.3bNOK 85.0b-NOK 421,142,380.0022.5x-273.7x1.4x
Sun, 23 Apr 2023NOK 106.6bNOK 80.6b-NOK 213,533,663.0022.8x-499.4x1.3x
Tue, 21 Mar 2023NOK 112.2bNOK 81.1b-NOK 381,808,296.0023.1x-293.9x1.4x
Thu, 16 Feb 2023NOK 112.5bNOK 79.1bNOK 168.2m26.2x669.1x1.4x
Price to Earnings Ratio

669.1x


Total Market Cap: NOK 112.5bTotal Earnings: NOK 168.2mTotal Revenue: NOK 79.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 275.1x202420252026
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 60.0x which is lower than its 3-year average PE of 275x.
  • The 3-year average PS ratio of 1.4x 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 131% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Norwegian Tech sector?

NO Market2.94%
Tech1.41%
Semiconductors20.41%
Electronic Equipment and Components2.44%
Tech Hardware0.13%
Communications-2.16%
IT-4.17%
Software-12.74%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 31.3%, which is lower than the prior year's growth of 49.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Communications industry, expecting annual earnings growth of 39% over the next 5 years.
  • However this is lower than its past earnings growth rate of 67% per year.
  • 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
NOD Nordic SemiconductorNOK 155.2020.8%
+NOK 5.3b		10.1%PE193x
KIT KitronNOK 85.002.4%
+NOK 437.4m		119.0%PE51.6x
NORBT NorbitNOK 190.803.1%
+NOK 370.1m		83.5%PE32.1x
HDLY HuddlyNOK 22.0048.6%
+NOK 196.7m		-4.8%PS3x
AIRX AirthingsNOK 0.1515.3%
+NOK 24.4m		-93.1%PS0.6x

Latest News

LINK
NOK 26.05
LINK Mobility Group Holding
7D
-22.0%
1Y
14.3%

LINK: Steady Fair Value And Higher Future P/E Will Support Upside

Analysts have kept their fair value estimate for LINK Mobility Group Holding steady at €40.00, while updating their assumptions to reflect a slightly higher discount rate, a lower revenue growth outlook, a reduced profit margin and a higher future P/E multiple, which together explain the unchanged price target. What's in the News An extraordinary general meeting is scheduled for February 3, 2026, at 10:00 W.
NOD
NOK 155.20
Nordic Semiconductor
7D
20.8%
1Y
10.1%

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

Analysts have raised their price target on Nordic Semiconductor to €200.00, pointing to updated assumptions for slightly higher revenue growth and a modest adjustment in the discount rate and future P/E expectations following a more positive stance in recent research. Analyst Commentary Bullish analysts are leaning into a more constructive view on Nordic Semiconductor, using the recent research update to justify a higher price target and a more supportive stance on the shares.
PEXIP
NOK 73.20
Pexip Holding
7D
-6.2%
1Y
60.9%

PEXIP: Future Outlook Will Emphasize Fair Value Margins And Earnings Multiple

Analysts have adjusted their price target for Pexip Holding to reflect updated assumptions around slightly higher revenue growth, a lower profit margin profile, and a higher future P/E multiple. Valuation Changes Fair Value: Kept unchanged at 77.5, indicating no revision to the central value estimate.
BOUV
NOK 57.90
Bouvet
7D
0.2%
1Y
-29.4%
HDLY
NOK 22.00
Huddly
7D
48.6%
1Y
-4.8%

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
KIT
NOK 85.00
Kitron
7D
2.4%
1Y
119.0%

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 190.80
Norbit
7D
3.1%
1Y
83.5%

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 54.40
Xplora Technologies
7D
0.7%
1Y
70.0%

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.
PLT
NOK 6.39
poLight
7D
0.8%
1Y
69.5%
AIRX
NOK 0.15
Airthings
7D
15.3%
1Y
-93.1%
SMCRT
NOK 18.85
SmartCraft
7D
-10.2%
1Y
-30.7%
NAPA
NOK 32.40
Napatech
7D
-5.7%
1Y
32.2%
ATEA
NOK 146.20
Atea
7D
-6.0%
1Y
11.4%
OTEC
NOK 17.25
Otello
7D
-6.5%
1Y
127.6%
SMOP
NOK 28.40
Smartoptics Group
7D
-3.7%
1Y
34.0%
APR
NOK 68.80
Appear
7D
-3.1%
1Y
n/a