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Norwegian (OSEAX) Tech Sector Analysis

UpdatedMar 11, 2026
DataAggregated Company Financials
Companies30
  • 7D1.9%
  • 3M3.7%
  • 1Y28.7%
  • YTD0.7%

The Tech industry is up 1.9% in the last week, with Nordic Semiconductor up 8.2%. During this same period, the Kitron underperformed, falling 7.6%. This takes the industry's 12 month performance to a gain of 29%. Looking forward, 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
Thu, 12 Mar 2026NOK 121.6bNOK 76.8bNOK 2.6b25.7x46.7x1.6x
Sat, 07 Feb 2026NOK 123.5bNOK 76.4bNOK 2.1b32.1x60x1.6x
Mon, 05 Jan 2026NOK 121.5bNOK 76.0bNOK 1.9b40.3x65x1.6x
Wed, 03 Dec 2025NOK 112.9bNOK 76.0bNOK 1.9b33.1x60.4x1.5x
Fri, 31 Oct 2025NOK 117.8bNOK 75.3bNOK 1.8b35.4x65.9x1.6x
Sun, 28 Sep 2025NOK 112.8bNOK 74.4bNOK 1.8b33.7x64.3x1.5x
Tue, 26 Aug 2025NOK 116.5bNOK 74.6bNOK 1.9b34.5x62x1.6x
Thu, 24 Jul 2025NOK 111.6bNOK 73.9bNOK 1.2b37.9x96.3x1.5x
Sat, 21 Jun 2025NOK 122.0bNOK 79.9bNOK 1.4b39x86.4x1.5x
Mon, 19 May 2025NOK 114.3bNOK 79.7bNOK 1.3b36.8x88.4x1.4x
Wed, 16 Apr 2025NOK 99.9bNOK 78.2bNOK 1.1b32.6x94.1x1.3x
Fri, 14 Mar 2025NOK 100.4bNOK 77.9bNOK 966.4m28.2x103.9x1.3x
Sun, 09 Feb 2025NOK 105.8bNOK 78.3bNOK 765.6m36.7x138.2x1.4x
Tue, 07 Jan 2025NOK 100.5bNOK 76.7bNOK 796.4m33.5x126.2x1.3x
Thu, 05 Dec 2024NOK 97.0bNOK 76.5bNOK 820.9m34.1x118.1x1.3x
Sat, 02 Nov 2024NOK 102.1bNOK 77.8bNOK 693.8m28.2x147.2x1.3x
Mon, 30 Sep 2024NOK 106.2bNOK 80.8bNOK 730.0m32.4x145.5x1.3x
Wed, 28 Aug 2024NOK 111.4bNOK 80.4bNOK 654.9m33.9x170.1x1.4x
Fri, 26 Jul 2024NOK 113.7bNOK 82.6bNOK 1.4b20.7x80.1x1.4x
Sun, 23 Jun 2024NOK 112.2bNOK 82.8bNOK 1.6b21.5x71.8x1.4x
Tue, 21 May 2024NOK 109.7bNOK 83.0bNOK 1.6b21.1x69.5x1.3x
Thu, 18 Apr 2024NOK 93.5bNOK 84.6bNOK 1.6b22.3x59.1x1.1x
Sat, 16 Mar 2024NOK 92.3bNOK 84.9bNOK 1.7b20.6x55.5x1.1x
Mon, 12 Feb 2024NOK 96.8bNOK 83.1bNOK 1.6b18.4x60x1.2x
Wed, 10 Jan 2024NOK 103.6bNOK 85.8bNOK 942.3m17.6x110x1.2x
Fri, 08 Dec 2023NOK 99.0bNOK 86.6bNOK 960.3m16.6x103.1x1.1x
Sun, 05 Nov 2023NOK 98.8bNOK 87.5b-NOK 150,062,004.0017.4x-658.2x1.1x
Tue, 03 Oct 2023NOK 106.7bNOK 87.4bNOK 6.3m18.5x16840.3x1.2x
Thu, 31 Aug 2023NOK 113.1bNOK 87.2b-NOK 22,117,257.0022.4x-5113.5x1.3x
Sat, 29 Jul 2023NOK 122.2bNOK 85.2b-NOK 385,173,338.0021.4x-317.3x1.4x
Mon, 26 Jun 2023NOK 118.0bNOK 84.9b-NOK 322,106,510.0021.6x-366.4x1.4x
Wed, 24 May 2023NOK 117.4bNOK 84.5b-NOK 292,142,080.0025.3x-401.8x1.4x
Fri, 21 Apr 2023NOK 108.4bNOK 80.6b-NOK 737,195,008.0024.5x-147.1x1.3x
Sun, 19 Mar 2023NOK 112.4bNOK 81.2b-NOK 385,690,571.0023.4x-291.3x1.4x
Price to Earnings Ratio

-291.3x


Total Market Cap: NOK 112.4bTotal Earnings: -NOK 385,690,571.00Total Revenue: NOK 81.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 283x202420252026
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 46.7x which is lower than its 3-year average PE of 283x.
  • 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 Market0.97%
Tech1.87%
Semiconductors8.10%
Software4.00%
Communications1.32%
IT0.80%
Electronic Equipment and Components-2.31%
Tech Hardware-2.83%
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 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
NOD Nordic SemiconductorNOK 148.302.2%
+NOK 614.3m		15.5%PE186.4x
LINK LINK Mobility Group HoldingNOK 22.353.7%
+NOK 321.4m		7.7%PE75.3x
IDEX IDEX BiometricsNOK 10.5066.7%
+NOK 313.2m		156.1%PS294.9x
PEXIP Pexip HoldingNOK 64.303.5%
+NOK 229.6m		58.0%PE27x
SMOP Smartoptics GroupNOK 38.605.8%
+NOK 205.9m		88.3%PE83.7x

Latest News

NEXT
NOK 0.33
NEXT Biometrics Group
7D
-63.9%
1Y
-94.5%
NOD
NOK 148.30
Nordic Semiconductor
7D
2.2%
1Y
15.5%
SMOP
NOK 38.60
Smartoptics Group
7D
5.8%
1Y
88.3%

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 97.40
Kitron
7D
-11.2%
1Y
118.8%

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.
LINK
NOK 22.35
LINK Mobility Group Holding
7D
3.7%
1Y
7.7%

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.
ELABS
NOK 2.96
Elliptic Laboratories
7D
-15.4%
1Y
-71.0%
IDEX
NOK 10.50
IDEX Biometrics
7D
66.7%
1Y
156.1%
PEXIP
NOK 64.30
Pexip Holding
7D
3.5%
1Y
58.0%

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 33.45
Napatech
7D
-4.4%
1Y
81.8%
SMCRT
NOK 17.05
SmartCraft
7D
1.2%
1Y
-35.4%

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?
ATEA
NOK 140.80
Atea
7D
-1.5%
1Y
8.3%

ATEA: High Dividend And New Tradebroker Contract Will Drive Upside

Narrative update on Atea The analyst price target for Atea is held at NOK 165, with modest adjustments to the discount rate, revenue growth assumptions, profit margin outlook and future P/E to reflect analysts' refreshed views on the company’s risk profile and earnings potential. What's in the News The Board plans to propose to the 2026 AGM an annual dividend of NOK 7.50 per share for 2025, representing a payout of about 95% of net profit after tax, citing higher profit, strong cash flow and a healthy balance sheet (company announcement).
PLT
NOK 6.11
poLight
7D
2.9%
1Y
119.4%
NORBT
NOK 202.00
Norbit
7D
-2.9%
1Y
88.4%

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.
XPLRA
NOK 53.20
Xplora Technologies
7D
-5.7%
1Y
97.0%

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.
ENSU
NOK 0.67
Ensurge Micropower
7D
-9.2%
1Y
-42.3%
BOUV
NOK 49.85
Bouvet
7D
0.5%
1Y
-31.1%