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Norwegian (OSEAX) Tech Sector Analysis

UpdatedMar 09, 2026
DataAggregated Company Financials
Companies31
  • 7D-1.5%
  • 3M3.3%
  • 1Y23.5%
  • YTD0.5%

Over the last 7 days, the Tech industry has dropped 1.5%, driven by Kitron declining 4.3%. This takes the industry's 12 month performance to a gain of 24%. As for the next few years, earnings are expected to grow by 27% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Mar 2026NOK 122.6bNOK 77.7bNOK 2.6b25.2x47.6x1.6x
Wed, 04 Feb 2026NOK 117.5bNOK 76.1bNOK 2.0b34x59.3x1.5x
Fri, 02 Jan 2026NOK 122.3bNOK 76.0bNOK 1.9b41.2x65.4x1.6x
Sun, 30 Nov 2025NOK 113.6bNOK 76.0bNOK 1.9b33.1x60.8x1.5x
Tue, 28 Oct 2025NOK 122.6bNOK 75.1bNOK 1.8b36.5x66.7x1.6x
Thu, 25 Sep 2025NOK 115.7bNOK 74.4bNOK 1.8b34.9x65.9x1.6x
Sat, 23 Aug 2025NOK 116.2bNOK 74.6bNOK 1.9b34.1x61.9x1.6x
Mon, 21 Jul 2025NOK 114.5bNOK 73.9bNOK 1.2b39x99.2x1.5x
Wed, 18 Jun 2025NOK 121.5bNOK 79.6bNOK 1.4b38.5x86x1.5x
Fri, 16 May 2025NOK 113.4bNOK 79.7bNOK 1.3b35.1x85.9x1.4x
Sun, 13 Apr 2025NOK 95.7bNOK 78.2bNOK 1.1b30.7x89.2x1.2x
Tue, 11 Mar 2025NOK 99.9bNOK 78.0bNOK 968.4m30.6x103.2x1.3x
Thu, 06 Feb 2025NOK 100.4bNOK 76.7bNOK 800.7m36.6x125.4x1.3x
Sat, 04 Jan 2025NOK 99.4bNOK 76.8bNOK 786.5m34x126.3x1.3x
Mon, 02 Dec 2024NOK 95.2bNOK 76.6bNOK 823.1m34x115.6x1.2x
Wed, 30 Oct 2024NOK 104.1bNOK 77.7bNOK 603.2m28.7x172.6x1.3x
Fri, 27 Sep 2024NOK 106.8bNOK 80.9bNOK 728.5m31.7x146.6x1.3x
Sun, 25 Aug 2024NOK 113.1bNOK 80.4bNOK 654.9m34.7x172.8x1.4x
Tue, 23 Jul 2024NOK 117.6bNOK 82.5bNOK 1.4b20.7x82.9x1.4x
Thu, 20 Jun 2024NOK 113.0bNOK 82.8bNOK 1.6b21.4x72.2x1.4x
Sat, 18 May 2024NOK 109.3bNOK 83.2bNOK 1.6b21.1x69.3x1.3x
Mon, 15 Apr 2024NOK 95.8bNOK 84.4bNOK 1.6b22.5x60.9x1.1x
Wed, 13 Mar 2024NOK 93.3bNOK 84.8bNOK 1.7b20.7x56.3x1.1x
Fri, 09 Feb 2024NOK 95.8bNOK 83.2bNOK 1.6b18.5x59.6x1.2x
Sun, 07 Jan 2024NOK 103.2bNOK 85.8bNOK 940.6m17.7x109.8x1.2x
Tue, 05 Dec 2023NOK 96.7bNOK 86.5bNOK 953.7m16.7x101.4x1.1x
Thu, 02 Nov 2023NOK 95.9bNOK 87.5b-NOK 264,278,322.0019.3x-362.8x1.1x
Sat, 30 Sep 2023NOK 106.7bNOK 87.2bNOK 14.9m18.4x7157.9x1.2x
Mon, 28 Aug 2023NOK 111.9bNOK 87.2b-NOK 28,840,603.0022.7x-3880.7x1.3x
Wed, 26 Jul 2023NOK 121.9bNOK 85.0b-NOK 380,460,471.0020.7x-320.5x1.4x
Fri, 23 Jun 2023NOK 118.7bNOK 84.6b-NOK 311,803,659.0022.4x-380.8x1.4x
Sun, 21 May 2023NOK 115.3bNOK 84.4b-NOK 316,585,454.0025.8x-364.2x1.4x
Tue, 18 Apr 2023NOK 115.9bNOK 80.9b-NOK 405,014,186.0023.9x-286.1x1.4x
Thu, 16 Mar 2023NOK 111.0bNOK 81.2b-NOK 356,604,123.0022.7x-311.2x1.4x
Price to Earnings Ratio

-311.2x


Total Market Cap: NOK 111.0bTotal Earnings: -NOK 356,604,123.00Total Revenue: NOK 81.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 282x202420252026
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 47.6x which is lower than its 3-year average PE of 282x.
  • 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 Market1.13%
Tech-1.47%
Software1.76%
IT0.38%
Semiconductors-1.31%
Electronic Equipment and Components-3.02%
Tech Hardware-3.66%
Communications-5.23%
Industry PE
  • Investors are most optimistic about the Semiconductors industry even though it's trading below its 3-year average PE ratio of 381x.
    • 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 12% 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
LINK LINK Mobility Group HoldingNOK 22.604.1%
+NOK 260.7m		7.6%PE75.1x
IDEX IDEX BiometricsNOK 9.0036.4%
+NOK 190.4m		-4.3%PS254x
BOUV BouvetNOK 50.903.6%
+NOK 180.9m		-30.5%PE13.8x
PEXIP Pexip HoldingNOK 62.601.8%
+NOK 114.8m		51.6%PE26.3x
SMCRT SmartCraftNOK 17.501.7%
+NOK 48.1m		-34.5%PE32.9x

Latest News

LINK
NOK 22.60
LINK Mobility Group Holding
7D
4.1%
1Y
7.6%

LINK: Future Cash Generation And M&A Pipeline Will Drive Upside Potential

Analysts have reset their price target for LINK Mobility Group Holding to NOK30.25 from NOK43.75, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E. These revisions point to a more cautious outlook on the shares.
ARR
NOK 9.07
Arribatec Group
7D
2.9%
1Y
203.4%
NOD
NOK 141.40
Nordic Semiconductor
7D
-1.3%
1Y
6.9%

NOD: Edge AI And Cellular IoT Expansion Will Support Re Rated Earnings Power

Analysts have trimmed our fair value estimate for Nordic Semiconductor to NOK 220 from NOK 225, even as they cite slightly stronger revenue growth and profit margin assumptions and reference recent price target increases and upgrades on the stock from the Street. Analyst Commentary Recent Street research shows a generally constructive tone around Nordic Semiconductor, with bullish analysts adjusting their views to reflect what they see as supportive drivers for the equity story.
IDEX
NOK 9.00
IDEX Biometrics
7D
36.4%
1Y
-4.3%
PEXIP
NOK 62.60
Pexip Holding
7D
1.8%
1Y
51.6%

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 33.60
Napatech
7D
-7.6%
1Y
84.6%
SMCRT
NOK 17.50
SmartCraft
7D
1.7%
1Y
-34.5%

AI Workflow Adoption And New Markets Will Drive This Construction Software Specialist Forward

Catalysts About SmartCraft SmartCraft provides software solutions that help smaller construction and property management companies plan work, communicate and run projects more efficiently. What are the underlying business or industry changes driving this perspective?
PLT
NOK 6.03
poLight
7D
-6.9%
1Y
112.7%
NORBT
NOK 204.50
Norbit
7D
-1.4%
1Y
85.9%

NORBT: Defence Contracts And Dividend Policy Will Shape A Measured Forward Outlook

Analysts have raised their Norbit price target from NOK 207.50 to NOK 214.00, citing new coverage and supportive views on the company's earnings profile and valuation assumptions. Analyst Commentary Recent research initiation and the higher price target frame Norbit as a name where analysts see upside potential, but also clear execution checkpoints investors should watch.
HDLY
NOK 22.00
Huddly
7D
3.3%
1Y
31.7%
XPLRA
NOK 55.40
Xplora Technologies
7D
-4.2%
1Y
89.7%

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.
SMOP
NOK 35.90
Smartoptics Group
7D
-5.0%
1Y
73.4%

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 101.60
Kitron
7D
-4.3%
1Y
115.1%

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).
APR
NOK 63.45
Appear
7D
-3.9%
1Y
n/a
BOUV
NOK 50.90
Bouvet
7D
3.6%
1Y
-30.5%
RECSI
NOK 0.39
REC Silicon
7D
23.4%
1Y
-64.0%