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Norwegian (OSEAX) Tech Sector Analysis

UpdatedDec 30, 2025
DataAggregated Company Financials
Companies32
  • 7D1.7%
  • 3M3.6%
  • 1Y27.3%
  • YTD25.1%

Over the last 7 days, the Tech industry has remained flat, although notably poLight declined by 3.1%. As for the the longer term, the industry is up 25% over the past 12 months. As for the next few years, earnings are expected to grow by 38% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 30 Dec 2025NOK 121.7bNOK 76.0bNOK 1.9b41.1x65.1x1.6x
Thu, 27 Nov 2025NOK 110.7bNOK 75.8bNOK 1.9b32x59.7x1.5x
Sat, 25 Oct 2025NOK 119.5bNOK 75.1bNOK 1.8b35.3x65.1x1.6x
Mon, 22 Sep 2025NOK 117.7bNOK 74.4bNOK 1.8b34.8x67.1x1.6x
Wed, 20 Aug 2025NOK 116.8bNOK 75.0bNOK 1.5b35.5x79.7x1.6x
Fri, 18 Jul 2025NOK 115.3bNOK 74.1bNOK 1.2b38.6x100.2x1.6x
Sun, 15 Jun 2025NOK 121.9bNOK 79.6bNOK 1.4b39.1x86.2x1.5x
Tue, 13 May 2025NOK 110.9bNOK 79.5bNOK 1.3b31.2x87.4x1.4x
Thu, 10 Apr 2025NOK 93.4bNOK 78.1bNOK 1.1b28.8x88.9x1.2x
Sat, 08 Mar 2025NOK 102.5bNOK 78.1bNOK 957.8m28.8x107x1.3x
Mon, 03 Feb 2025NOK 101.0bNOK 76.8bNOK 792.8m37.6x127.4x1.3x
Wed, 01 Jan 2025NOK 97.1bNOK 76.8bNOK 789.0m34.1x123x1.3x
Fri, 29 Nov 2024NOK 95.1bNOK 76.6bNOK 818.1m33.6x116.3x1.2x
Sun, 27 Oct 2024NOK 102.1bNOK 77.7bNOK 602.2m28.7x169.5x1.3x
Tue, 24 Sep 2024NOK 114.3bNOK 80.8bNOK 730.9m32.7x156.4x1.4x
Thu, 22 Aug 2024NOK 112.8bNOK 80.4bNOK 951.8m28.1x118.5x1.4x
Sat, 20 Jul 2024NOK 116.8bNOK 82.5bNOK 1.4b20.4x82.3x1.4x
Mon, 17 Jun 2024NOK 113.3bNOK 83.0bNOK 1.6b20.9x72.3x1.4x
Wed, 15 May 2024NOK 108.9bNOK 83.2bNOK 1.6b20.3x68.6x1.3x
Fri, 12 Apr 2024NOK 94.4bNOK 84.3bNOK 1.6b22.5x59.8x1.1x
Sun, 10 Mar 2024NOK 92.6bNOK 84.5bNOK 1.6b20.8x56.5x1.1x
Tue, 06 Feb 2024NOK 93.3bNOK 83.1bNOK 1.8b19.8x51.7x1.1x
Thu, 04 Jan 2024NOK 103.2bNOK 85.9bNOK 942.9m17.4x109.4x1.2x
Sat, 02 Dec 2023NOK 98.0bNOK 86.3bNOK 946.1m16.7x103.5x1.1x
Mon, 30 Oct 2023NOK 95.9bNOK 87.4b-NOK 260,730,945.0018.4x-367.7x1.1x
Wed, 27 Sep 2023NOK 104.6bNOK 87.6b-NOK 33,564,108.0018.2x-3115.9x1.2x
Fri, 25 Aug 2023NOK 112.1bNOK 86.7b-NOK 95,964,279.0021.8x-1167.7x1.3x
Sun, 23 Jul 2023NOK 119.1bNOK 85.1b-NOK 377,423,589.0020.8x-315.6x1.4x
Tue, 20 Jun 2023NOK 122.6bNOK 84.7b-NOK 379,513,903.0024.3x-323x1.4x
Thu, 18 May 2023NOK 112.9bNOK 84.3b-NOK 171,771,329.0024.9x-657.4x1.3x
Sat, 15 Apr 2023NOK 115.9bNOK 80.8b-NOK 397,033,946.0024.1x-291.8x1.4x
Mon, 13 Mar 2023NOK 115.9bNOK 81.0b-NOK 368,419,958.0023.6x-314.6x1.4x
Wed, 08 Feb 2023NOK 111.1bNOK 112.5bNOK 352.4m24x315.4x1x
Fri, 06 Jan 2023NOK 115.8bNOK 112.2bNOK 306.7m25.4x377.7x1x
Price to Earnings Ratio

377.7x


Total Market Cap: NOK 115.8bTotal Earnings: NOK 306.7mTotal Revenue: NOK 112.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 285.9x20242025
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 64.3x which is lower than its 3-year average PE of 286x.
  • 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 81% 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 Market0.94%
Tech1.73%
Semiconductors2.84%
Electronic Equipment and Components2.52%
Software1.45%
Communications0.66%
Tech Hardware0.44%
IT0.41%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 362x.
    • Analysts are expecting annual earnings growth of 52.1% 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 15% 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 132.202.9%
+NOK 729.0m		31.6%PE314.4x
KIT KitronNOK 73.153.2%
+NOK 497.7m		116.3%PE42.5x
PEXIP Pexip HoldingNOK 77.603.2%
+NOK 245.9m		76.8%PE40.7x
NORBT NorbitNOK 183.601.2%
+NOK 140.4m		90.1%PE30.9x
NEXT NEXT Biometrics GroupNOK 2.4074.5%
+NOK 118.0m		-65.1%PS4.2x

Latest News

ATEA
NOK 157.00
Atea
7D
0.6%
1Y
11.0%
NEXT
NOK 2.40
NEXT Biometrics Group
7D
74.5%
1Y
-65.1%
XPLRA
NOK 52.40
Xplora Technologies
7D
-0.8%
1Y
66.3%

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).
NOD
NOK 132.20
Nordic Semiconductor
7D
2.9%
1Y
31.6%

NOD: Earnings Recovery Pace Will Likely Disappoint Amid Softer Demand

Analysts have trimmed their fair value estimate for Nordic Semiconductor from NOK 109.0 to NOK 105.0, reflecting slightly higher discount rate assumptions and lower margin expectations, in line with recent modest price target cuts from the Street. Analyst Commentary Recent Street commentary has turned incrementally cautious, with bearish analysts trimming price targets despite maintaining largely unchanged ratings.
IDEX
NOK 6.80
IDEX Biometrics
7D
39.4%
1Y
-41.4%
KIT
NOK 73.15
Kitron
7D
3.2%
1Y
116.3%

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.
LINK
NOK 33.50
LINK Mobility Group Holding
7D
1.1%
1Y
45.7%
WSTEP
NOK 18.40
Webstep
7D
-1.6%
1Y
-16.4%
PEXIP
NOK 77.60
Pexip Holding
7D
3.2%
1Y
76.8%

PEXIP: Future Outlook Will Balance Margin Gains With Higher Earnings Multiple Assumptions

Analysts have raised their price target on Pexip Holding to NOK 77.50 from NOK 68.33, citing slightly lower growth expectations, which are offset by improved profit margin assumptions and a higher anticipated future P/E multiple. Valuation Changes Fair Value Estimate has risen moderately, from NOK 68.33 to NOK 77.50.
BOUV
NOK 61.50
Bouvet
7D
-0.2%
1Y
-19.6%
PLT
NOK 6.54
poLight
7D
-3.1%
1Y
36.5%
TECH
NOK 12.50
Techstep
7D
-6.7%
1Y
-8.8%

What Techstep ASA's (OB:TECH) P/S Is Not Telling You

Dec 17
What Techstep ASA's (OB:TECH) P/S Is Not Telling You
NORBT
NOK 183.60
Norbit
7D
1.2%
1Y
90.1%

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

Dec 10
Estimating The Intrinsic Value Of Norbit ASA (OB:NORBT)
RIVER
NOK 3.88
River Tech
7D
-11.4%
1Y
-79.1%

Investors Don't See Light At End Of River Tech p.l.c.'s (OB:RIVER) Tunnel And Push Stock Down 29%

Nov 30
Investors Don't See Light At End Of River Tech p.l.c.'s (OB:RIVER) Tunnel And Push Stock Down 29%
AIX
NOK 3.70
Ayfie International
7D
-5.1%
1Y
-15.9%
APR
NOK 83.50
Appear
7D
-0.6%
1Y
n/a