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Norwegian (OSEAX) Software Industry Analysis

UpdatedFeb 15, 2026
DataAggregated Company Financials
Companies10
  • 7D-11.1%
  • 3M-9.1%
  • 1Y-2.4%
  • YTD-23.8%

Over the last 7 days, the Software industry has dropped 11%, driven by LINK Mobility Group Holding declining 16%. In contrast, Otello has gained 5.2%. Over the last year, the industry has been flat overall. As for the next few years, earnings are expected to grow by 32% per annum.

Industry Valuation and Performance

Has the Norwegian Software Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 15 Feb 2026NOK 19.0bNOK 10.4bNOK 875.4m27.1x21.7x1.8x
Tue, 13 Jan 2026NOK 25.1bNOK 10.3bNOK 856.1m40.8x29.3x2.4x
Thu, 11 Dec 2025NOK 24.4bNOK 10.3bNOK 859.0m41x28.4x2.4x
Sat, 08 Nov 2025NOK 21.3bNOK 10.2bNOK 876.8m30.7x24.3x2.1x
Mon, 06 Oct 2025NOK 22.7bNOK 10.2bNOK 849.7m33.9x26.7x2.2x
Wed, 03 Sep 2025NOK 24.0bNOK 10.2bNOK 819.4m35.8x29.3x2.4x
Fri, 01 Aug 2025NOK 24.7bNOK 10.3bNOK 296.3m45.4x83.3x2.4x
Sun, 29 Jun 2025NOK 35.5bNOK 17.4bNOK 595.4m43x59.7x2x
Tue, 27 May 2025NOK 33.0bNOK 17.4bNOK 589.8m41x55.9x1.9x
Thu, 24 Apr 2025NOK 28.6bNOK 17.2bNOK 593.7m37.3x48.2x1.7x
Sat, 22 Mar 2025NOK 28.4bNOK 17.2bNOK 587.3m37.8x48.4x1.7x
Mon, 17 Feb 2025NOK 29.1bNOK 17.1bNOK 494.0m38x58.9x1.7x
Wed, 15 Jan 2025NOK 28.9bNOK 16.9bNOK 459.4m42.4x62.9x1.7x
Fri, 13 Dec 2024NOK 32.2bNOK 16.9bNOK 465.4m45.6x69.2x1.9x
Sun, 10 Nov 2024NOK 29.1bNOK 16.8bNOK 396.1m32.5x73.5x1.7x
Tue, 08 Oct 2024NOK 36.3bNOK 18.2bNOK 344.3m48.1x105.4x2x
Thu, 05 Sep 2024NOK 34.9bNOK 18.2bNOK 333.4m48.7x104.7x1.9x
Sat, 03 Aug 2024NOK 33.3bNOK 17.7bNOK 452.2m18x73.7x1.9x
Mon, 01 Jul 2024NOK 33.0bNOK 17.6bNOK 447.1m19x73.9x1.9x
Wed, 29 May 2024NOK 32.7bNOK 17.6bNOK 431.8m19.6x75.7x1.9x
Fri, 26 Apr 2024NOK 27.4bNOK 17.0b-NOK 54,463,951.8425x-503.4x1.6x
Sun, 24 Mar 2024NOK 27.8bNOK 16.9b-NOK 36,644,032.6523x-759.1x1.6x
Tue, 20 Feb 2024NOK 27.4bNOK 16.9b-NOK 39,363,759.8723x-695x1.6x
Thu, 18 Jan 2024NOK 35.4bNOK 18.5b-NOK 736,057,817.0015.5x-48.2x1.9x
Sat, 16 Dec 2023NOK 35.7bNOK 18.5b-NOK 735,516,767.0015.5x-48.5x1.9x
Mon, 13 Nov 2023NOK 32.4bNOK 18.2b-NOK 654,828,771.0014.9x-49.5x1.8x
Wed, 11 Oct 2023NOK 30.9bNOK 17.9b-NOK 752,803,408.0015x-41.1x1.7x
Fri, 08 Sep 2023NOK 33.0bNOK 17.9b-NOK 748,503,691.0013.1x-44.1x1.8x
Sun, 06 Aug 2023NOK 35.7bNOK 16.9b-NOK 980,388,856.009.5x-36.4x2.1x
Tue, 04 Jul 2023NOK 35.0bNOK 16.9b-NOK 997,890,413.0010x-35x2.1x
Thu, 01 Jun 2023NOK 35.2bNOK 16.9b-NOK 1,069,121,713.009.7x-32.9x2.1x
Sat, 29 Apr 2023NOK 30.8bNOK 16.1b-NOK 919,042,572.0032.6x-33.5x1.9x
Mon, 27 Mar 2023NOK 30.8bNOK 16.1b-NOK 1,432,238,718.0047.4x-21.5x1.9x
Wed, 22 Feb 2023NOK 34.4bNOK 16.1b-NOK 1,385,425,808.0049.2x-24.8x2.1x
Price to Earnings Ratio

-24.8x


Total Market Cap: NOK 34.4bTotal Earnings: -NOK 1,385,425,808.00Total Revenue: NOK 16.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Software Industry Price to Earnings3Y Average -2.8x202420252026
Current Industry PE
  • Investors are pessimistic on the Norwegian Software 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 21.7x which is higher than its 3-year average PE of -2.8x.
  • The industry is trading close to its 3-year average PS ratio of 1.9x.
Past Earnings Growth
  • Total earnings for the Software industry have gone up over the last three years and the industry is now profitable.
  • Revenues have declined 13% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, profits have been increasing.

Industry Trends

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

NO Market0.59%
Tech-3.75%
Software-11.10%
Systems Software0%0
Application Software-11.10%
Industry PE
  • Investors are most optimistic about the Application Software industry even though it's trading below its 3-year average PE ratio of 49.4x.
    • Analysts are expecting annual earnings growth of 31.7%, which is higher than its past year's earnings decline of 12.5% per year.
  • Investors are most pessimistic about the Application Software industry, which is trading below its 3-year average of 49.4x.
Forecasted Growth
  • Analysts are most optimistic on the Application Software industry, expecting annual earnings growth of 32% over the next 5 years.
  • This is better than its past earnings decline of 12% per year.
  • In contrast, the Application Software industry is expected to see its earnings grow by 32% 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
OTEC OtelloNOK 18.155.2%
+NOK 63.1m		140.7%PE3.3x
ELABS Elliptic LaboratoriesNOK 4.502.7%
+NOK 12.6m		-53.9%PS3.4x
AIX Ayfie InternationalNOK 4.4610.7%
+NOK 10.8m		10.4%n/a

Latest News

LINK
NOK 21.90
LINK Mobility Group Holding
7D
-15.9%
1Y
-11.5%

LINK Mobility Group Holding ASA Just Missed Earnings - But Analysts Have Updated Their Models

Feb 15
LINK Mobility Group Holding ASA Just Missed Earnings - But Analysts Have Updated Their Models
PEXIP
NOK 65.20
Pexip Holding
7D
-10.9%
1Y
47.2%
INDCT
NOK 4.02
Induct
7D
-1.5%
1Y
-6.5%
SMCRT
NOK 16.35
SmartCraft
7D
-13.3%
1Y
-37.6%

SMCRT: New Business Segments And Merger Plan Will Support Future Upside

Analysts have trimmed their SmartCraft price target from NOK 32.50 to NOK 27.25, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E that collectively point to a more cautious valuation framework. What's in the News SmartCraft is shifting from a country-based setup to a business area driven structure with four business areas and matching financial segments as of 1 October 2025.
ELABS
NOK 4.50
Elliptic Laboratories
7D
2.7%
1Y
-53.9%

ELABS: New Smartphone Licensing Wins Will Support Future Upside Potential

Analysts have maintained their price target for Elliptic Laboratories at €13.0. Their updated assumptions reflect a slightly higher discount rate and a small adjustment to the future P/E multiple, while revenue growth and profit margin expectations remain unchanged. What's in the News Elliptic Labs shipped its AI Virtual Smart Sensor Platform on seven smartphone models in December 2025, including five models from Vivo and two from HONOR, contributing to a total of 65 smartphone models using its technology in 2025 (Key Developments).
RIVER
NOK 3.80
River Tech
7D
-11.2%
1Y
-78.5%
SPIR
NOK 8.48
Spir Group
7D
-0.5%
1Y
-7.0%
OTEC
NOK 18.15
Otello
7D
5.2%
1Y
140.7%
AIX
NOK 4.46
Ayfie International
7D
10.7%
1Y
10.4%