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Norwegian (OSEAX) Tech Sector Analysis

UpdatedJan 18, 2026
DataAggregated Company Financials
Companies32
  • 7D-0.08%
  • 3M5.3%
  • 1Y28.2%
  • YTD2.3%

Last week, the Tech industry hasn't moved much but Kitron is up 6.1% in that time. The past year has been better, since the industry has gained 28% in that time. As for the next few years, earnings are expected to grow by 35% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 18 Jan 2026NOK 124.3bNOK 75.9bNOK 1.9b40.6x66.6x1.6x
Tue, 16 Dec 2025NOK 119.7bNOK 76.1bNOK 1.9b39.7x63.9x1.6x
Thu, 13 Nov 2025NOK 114.6bNOK 75.5bNOK 1.8b32x63.1x1.5x
Sat, 11 Oct 2025NOK 114.9bNOK 74.5bNOK 1.8b32.8x65.4x1.5x
Mon, 08 Sep 2025NOK 113.9bNOK 74.5bNOK 1.7b34.1x66.1x1.5x
Wed, 06 Aug 2025NOK 111.6bNOK 74.0bNOK 1.2b37.7x97x1.5x
Fri, 04 Jul 2025NOK 123.2bNOK 80.0bNOK 1.4b39.1x86.9x1.5x
Sun, 01 Jun 2025NOK 115.8bNOK 79.9bNOK 1.4b36.5x82.6x1.4x
Tue, 29 Apr 2025NOK 104.8bNOK 77.7bNOK 1.1b33.9x97.1x1.3x
Thu, 27 Mar 2025NOK 103.3bNOK 77.7bNOK 1.0b32.6x98.8x1.3x
Sat, 22 Feb 2025NOK 108.6bNOK 78.2bNOK 900.0m30.8x120.7x1.4x
Mon, 20 Jan 2025NOK 98.8bNOK 76.9bNOK 782.3m32.8x126.3x1.3x
Wed, 18 Dec 2024NOK 97.2bNOK 76.7bNOK 804.5m32.5x120.8x1.3x
Fri, 15 Nov 2024NOK 94.5bNOK 76.6bNOK 758.8m27.2x124.6x1.2x
Sun, 13 Oct 2024NOK 105.2bNOK 80.9bNOK 709.3m34.7x148.3x1.3x
Tue, 10 Sep 2024NOK 110.8bNOK 81.2bNOK 693.3m33.3x159.9x1.4x
Thu, 08 Aug 2024NOK 112.4bNOK 82.3bNOK 1.4b21x79.3x1.4x
Sat, 06 Jul 2024NOK 115.7bNOK 82.9bNOK 1.6b20.6x73.8x1.4x
Mon, 03 Jun 2024NOK 111.8bNOK 82.8bNOK 1.6b20.5x71.7x1.4x
Wed, 01 May 2024NOK 103.4bNOK 82.7bNOK 1.3b22.4x80.3x1.3x
Fri, 29 Mar 2024NOK 95.1bNOK 84.4bNOK 1.6b22.3x59.3x1.1x
Sun, 25 Feb 2024NOK 94.3bNOK 84.5bNOK 1.5b20.3x60.8x1.1x
Tue, 23 Jan 2024NOK 106.9bNOK 86.1bNOK 951.0m18.4x112.4x1.2x
Thu, 21 Dec 2023NOK 104.7bNOK 85.8bNOK 941.5m17.2x111.2x1.2x
Sat, 18 Nov 2023NOK 98.4bNOK 86.4bNOK 1.1b17.1x93.3x1.1x
Mon, 16 Oct 2023NOK 107.0bNOK 87.6bNOK 4.1m17.7x26035.3x1.2x
Wed, 13 Sep 2023NOK 109.3bNOK 87.5b-NOK 20,176,633.0021.7x-5416.6x1.2x
Fri, 11 Aug 2023NOK 120.6bNOK 85.4b-NOK 369,100,349.0023.8x-326.7x1.4x
Sun, 09 Jul 2023NOK 116.4bNOK 84.7b-NOK 324,046,727.0021.2x-359.1x1.4x
Tue, 06 Jun 2023NOK 120.0bNOK 85.1b-NOK 395,089,846.0022.6x-303.8x1.4x
Thu, 04 May 2023NOK 109.4bNOK 83.6b-NOK 30,944,057.0022.4x-3535.2x1.3x
Sat, 01 Apr 2023NOK 116.7bNOK 80.9b-NOK 386,085,906.0024.6x-302.2x1.4x
Mon, 27 Feb 2023NOK 113.3bNOK 80.8b-NOK 292,308,626.0024.3x-387.5x1.4x
Wed, 25 Jan 2023NOK 115.6bNOK 111.8bNOK 329.0m26.6x351.3x1x
Price to Earnings Ratio

351.3x


Total Market Cap: NOK 115.6bTotal Earnings: NOK 329.0mTotal Revenue: NOK 111.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 280.9x202420252026
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 78% 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 Market3.05%
Tech-0.079%
Electronic Equipment and Components1.46%
Communications1.10%
IT-0.42%
Semiconductors-0.57%
Tech Hardware-1.29%
Software-1.63%
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 81.706.1%
+NOK 1.0b		127.1%PE47.9x
NAPA NapatechNOK 31.908.7%
+NOK 280.7m		33.5%PS16.8x
PLT poLightNOK 7.004.8%
+NOK 68.1m		76.3%PS114x
PEXIP Pexip HoldingNOK 75.900.4%
+NOK 30.7m		80.7%PE39.8x
ARR Arribatec GroupNOK 8.364.5%
+NOK 24.0m		209.6%PS0.9x

Latest News

HDLY
NOK 13.50
Huddly
7D
-10.0%
1Y
-42.6%
AIRX
NOK 0.12
Airthings
7D
8.9%
1Y
-94.9%
SMCRT
NOK 25.00
SmartCraft
7D
-2.7%
1Y
-12.6%
LINK
NOK 33.65
LINK Mobility Group Holding
7D
-2.7%
1Y
51.6%

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
6.1%
1Y
127.1%
NORBT
NOK 184.60
Norbit
7D
-4.8%
1Y
98.5%

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
54.0%

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
0.4%
1Y
80.7%

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
8.7%
1Y
33.5%
ATEA
NOK 162.00
Atea
7D
-0.5%
1Y
21.1%
CYVIZ
NOK 39.10
Cyviz
7D
2.9%
1Y
24.1%
PLT
NOK 7.00
poLight
7D
4.8%
1Y
76.3%
SMOP
NOK 29.80
Smartoptics Group
7D
-1.7%
1Y
58.9%
ARR
NOK 8.36
Arribatec Group
7D
4.5%
1Y
209.6%

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
-2.5%
1Y
n/a