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Norwegian (OSEAX) Software Industry Analysis

UpdatedDec 30, 2025
DataAggregated Company Financials
Companies10
  • 7D1.5%
  • 3M10.3%
  • 1Y29.9%
  • YTD27.9%

In the last week, the Software industry is up 1.5%, with Pexip Holding up 3.2%. Meanwhile, River Tech actually underperformed within the industry, shrinking 11% in the last week. This means that the industry has gained 30% over the past year. Looking forward, earnings are forecast to grow by 49% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 30 Dec 2025NOK 25.2bNOK 10.3bNOK 855.6m41.1x29.5x2.5x
Thu, 27 Nov 2025NOK 21.4bNOK 10.3bNOK 861.7m34.6x24.9x2.1x
Sat, 25 Oct 2025NOK 22.2bNOK 10.2bNOK 852.4m32.9x26x2.2x
Mon, 22 Sep 2025NOK 23.8bNOK 10.2bNOK 849.8m36.6x28x2.3x
Wed, 20 Aug 2025NOK 25.4bNOK 10.3bNOK 322.8m38.2x78.5x2.5x
Fri, 18 Jul 2025NOK 23.8bNOK 10.3bNOK 297.9m45.9x79.9x2.3x
Sun, 15 Jun 2025NOK 34.8bNOK 17.4bNOK 593.5m43.6x58.6x2x
Tue, 13 May 2025NOK 32.7bNOK 17.2bNOK 565.0m43.8x57.9x1.9x
Thu, 10 Apr 2025NOK 26.1bNOK 17.2bNOK 586.3m35x44.6x1.5x
Sat, 08 Mar 2025NOK 28.2bNOK 17.2bNOK 584.9m39x48.3x1.6x
Mon, 03 Feb 2025NOK 28.7bNOK 16.9bNOK 461.2m42.2x62.2x1.7x
Wed, 01 Jan 2025NOK 30.4bNOK 16.9bNOK 460.1m41.7x66x1.8x
Fri, 29 Nov 2024NOK 30.4bNOK 16.9bNOK 453.0m41.8x67.2x1.8x
Sun, 27 Oct 2024NOK 36.2bNOK 18.2bNOK 337.8m45.1x107.2x2x
Tue, 24 Sep 2024NOK 36.5bNOK 18.2bNOK 348.2m46.6x104.8x2x
Thu, 22 Aug 2024NOK 35.0bNOK 18.0bNOK 543.7m15.7x64.3x1.9x
Sat, 20 Jul 2024NOK 34.8bNOK 17.7bNOK 451.7m18.6x77x2x
Mon, 17 Jun 2024NOK 32.0bNOK 17.6bNOK 448.3m18.7x71.3x1.8x
Wed, 15 May 2024NOK 32.1bNOK 17.6bNOK 441.1m19.6x72.7x1.8x
Fri, 12 Apr 2024NOK 27.1bNOK 17.0b-NOK 49,328,991.6922.6x-548.4x1.6x
Sun, 10 Mar 2024NOK 26.3bNOK 16.9b-NOK 38,565,190.4923.6x-682.7x1.6x
Tue, 06 Feb 2024NOK 26.8bNOK 16.5bNOK 31.3m25.1x856.4x1.6x
Thu, 04 Jan 2024NOK 34.9bNOK 18.5b-NOK 734,870,048.0015.9x-47.5x1.9x
Sat, 02 Dec 2023NOK 34.4bNOK 18.5b-NOK 751,573,976.0015.6x-45.8x1.9x
Mon, 30 Oct 2023NOK 30.4bNOK 17.9b-NOK 756,088,741.0014.6x-40.2x1.7x
Wed, 27 Sep 2023NOK 31.1bNOK 17.9b-NOK 753,248,785.0014.4x-41.3x1.7x
Fri, 25 Aug 2023NOK 32.8bNOK 17.5b-NOK 838,994,774.0013x-39.2x1.9x
Sun, 23 Jul 2023NOK 35.0bNOK 16.9b-NOK 978,692,885.009.6x-35.7x2.1x
Tue, 20 Jun 2023NOK 35.9bNOK 16.9b-NOK 1,062,319,708.0010.1x-33.8x2.1x
Thu, 18 May 2023NOK 32.9bNOK 16.5b-NOK 791,958,531.0026.8x-41.6x2x
Sat, 15 Apr 2023NOK 31.5bNOK 16.1b-NOK 1,431,545,979.0049.6x-22x2x
Mon, 13 Mar 2023NOK 32.0bNOK 16.1b-NOK 1,444,386,522.0042.7x-22.1x2x
Wed, 08 Feb 2023NOK 35.7bNOK 38.1b-NOK 733,509,390.0034.1x-48.7x0.9x
Fri, 06 Jan 2023NOK 34.7bNOK 38.1b-NOK 732,200,735.0035.3x-47.4x0.9x
Price to Earnings Ratio

-47.4x


Total Market Cap: NOK 34.7bTotal Earnings: -NOK 732,200,735.00Total Revenue: NOK 38.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Software Industry Price to Earnings3Y Average -6.1x20242025
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 29.5x which is higher than its 3-year average PE of -6.1x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.5x.
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 35% 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 Market0.94%
Tech1.73%
Software1.45%
Application Software1.45%
Systems Software0%0
Industry PE
  • Investors are most optimistic about the Application Software industry even though it's trading below its 3-year average PE ratio of 47.0x.
    • Analysts are expecting annual earnings growth of 49.2%, which is higher than its past year's earnings decline of 22.7% per year.
  • Investors are most pessimistic about the Application Software industry, which is trading below its 3-year average of 47.0x.
Forecasted Growth
  • Analysts are most optimistic on the Application Software industry, expecting annual earnings growth of 49% over the next 5 years.
  • This is better than its past earnings decline of 23% per year.
  • In contrast, the Application Software industry is expected to see its earnings grow by 49% 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
PEXIP Pexip HoldingNOK 77.903.6%
+NOK 276.7m		77.4%PE40.8x
LINK LINK Mobility Group HoldingNOK 33.501.1%
+NOK 101.4m		45.7%PE92.4x
ELABS Elliptic LaboratoriesNOK 6.794.9%
+NOK 33.7m		-35.2%PS5.1x
SMCRT SmartCraftNOK 25.000.4%
+NOK 16.5m		-15.5%PE41.5x

Latest News

SMCRT
NOK 25.00
SmartCraft
7D
0.4%
1Y
-15.5%
LINK
NOK 33.50
LINK Mobility Group Holding
7D
1.1%
1Y
45.7%
PEXIP
NOK 77.90
Pexip Holding
7D
3.6%
1Y
77.4%

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.
ELABS
NOK 6.79
Elliptic Laboratories
7D
4.9%
1Y
-35.2%

ELABS: Smartphone Deployment Momentum Will Drive Future Upside Despite Leadership Changes

Narrative Update on Elliptic Laboratories Analysts have modestly revised their price target on Elliptic Laboratories to NOK 13.00, reflecting largely unchanged expectations for growth, profitability, and valuation multiples, with only minor model adjustments. What's in the News CEO transition: long-time CEO Laila Danielsen will step down after 12 years, with SVP Product Development and IR Ola Sandstad appointed interim CEO from 6 November 2025 (company announcement) CFO change: CFO Lars Holmøy has resigned after more than four years, with Senior Finance Manager Mathias Norderud named interim CFO effective 24 September 2025, while Holmøy remains to 30 November to support the handover (company announcement) Client momentum: Elliptic Labs shipped its AI Virtual Smart Sensor Platform on nine new smartphone models in September 2025 across HONOR, vivo and Transsion, taking year-to-date launches to 54 models (company announcement) New OEM relationship: the company expanded its reach in October 2025 by debuting on TCL smartphone NxtPaper 60 Ultra, alongside launches with vivo and Xiaomi, lifting year-to-date deployments to 58 models (company announcement) Valuation Changes Fair value: unchanged at NOK 13.0 per share, indicating stable overall valuation assumptions.
OTEC
NOK 18.15
Otello
7D
-0.5%
1Y
136.9%
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%
SPIR
NOK 8.44
Spir Group
7D
-0.2%
1Y
-0.5%
AIX
NOK 3.75
Ayfie International
7D
-5.8%
1Y
-14.8%