Norwegian (OSEAX) Telecom Sector Analysis

Sector Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 30 May 2026	NOK 261.8b	NOK 86.1b	NOK 12.9b	183.3x	20.3x	3x
Mon, 27 Apr 2026	NOK 277.6b	NOK 86.3b	NOK 10.3b	209x	27x	3.2x
Wed, 25 Mar 2026	NOK 281.1b	NOK 86.5b	NOK 10.2b	126.2x	27.5x	3.2x
Fri, 20 Feb 2026	NOK 293.4b	NOK 86.5b	NOK 10.2b	59.5x	28.7x	3.4x
Sun, 18 Jan 2026	NOK 260.8b	NOK 92.7b	NOK 11.6b	42.5x	22.4x	2.8x
Tue, 16 Dec 2025	NOK 260.6b	NOK 92.7b	NOK 11.6b	41.9x	22.4x	2.8x
Thu, 13 Nov 2025	NOK 300.3b	NOK 92.7b	NOK 11.6b	71.6x	25.8x	3.2x
Sat, 11 Oct 2025	NOK 304.3b	NOK 92.5b	NOK 17.5b	24.8x	17.4x	3.3x
Mon, 08 Sep 2025	NOK 311.0b	NOK 92.5b	NOK 17.5b	27.1x	17.8x	3.4x
Wed, 06 Aug 2025	NOK 309.5b	NOK 92.5b	NOK 18.1b	12.1x	17.1x	3.3x
Fri, 04 Jul 2025	NOK 295.7b	NOK 92.2b	NOK 12.4b	22.9x	23.8x	3.2x
Sun, 01 Jun 2025	NOK 292.3b	NOK 92.2b	NOK 12.5b	13.8x	23.4x	3.2x
Tue, 29 Apr 2025	NOK 278.6b	NOK 91.9b	NOK 24.0b	8.6x	11.6x	3x
Thu, 27 Mar 2025	NOK 270.5b	NOK 91.9b	NOK 24.0b	8.5x	11.3x	2.9x
Sat, 22 Feb 2025	NOK 268.7b	NOK 91.9b	NOK 24.7b	8.1x	10.9x	2.9x
Mon, 20 Jan 2025	NOK 260.0b	NOK 100.0b	NOK 30.6b	5.4x	8.5x	2.6x
Wed, 18 Dec 2024	NOK 264.2b	NOK 100.0b	NOK 30.6b	5.6x	8.6x	2.6x
Fri, 15 Nov 2024	NOK 269.6b	NOK 100.0b	NOK 30.7b	6.6x	8.8x	2.7x
Sun, 13 Oct 2024	NOK 260.2b	NOK 99.8b	NOK 26.4b	7.1x	9.9x	2.6x
Tue, 10 Sep 2024	NOK 263.7b	NOK 99.9b	NOK 26.4b	6.9x	10x	2.6x
Thu, 08 Aug 2024	NOK 246.3b	NOK 99.9b	NOK 25.8b	6.2x	9.5x	2.5x
Sat, 06 Jul 2024	NOK 241.3b	NOK 100.1b	NOK 24.0b	6.7x	10.1x	2.4x
Mon, 03 Jun 2024	NOK 242.1b	NOK 100.1b	NOK 24.0b	7.2x	10.1x	2.4x
Wed, 01 May 2024	NOK 390.0b	NOK 121.5b	NOK 10.0b	4.3x	39x	3.2x
Fri, 29 Mar 2024	NOK 385.6b	NOK 121.2b	NOK 10.4b	19.9x	37x	3.2x
Sun, 25 Feb 2024	NOK 371.1b	NOK 120.2b	-NOK 7,379,076,207.74	20.6x	-50.3x	3.1x
Tue, 23 Jan 2024	NOK 398.1b	NOK 145.5b	NOK 2.8b	36.7x	140.9x	2.7x
Thu, 21 Dec 2023	NOK 385.0b	NOK 145.2b	NOK 3.1b	39.3x	125.1x	2.7x
Sat, 18 Nov 2023	NOK 363.7b	NOK 145.7b	NOK 1.2b	15.2x	303.2x	2.5x
Mon, 16 Oct 2023	NOK 373.5b	NOK 144.5b	-NOK 17,783,890,016.00	26.3x	-21x	2.6x
Wed, 13 Sep 2023	NOK 315.0b	NOK 144.4b	-NOK 17,739,623,932.00	24.5x	-17.8x	2.2x
Fri, 11 Aug 2023	NOK 312.8b	NOK 143.4b	-NOK 17,943,333,959.00	90.9x	-17.4x	2.2x
Sun, 09 Jul 2023	NOK 293.0b	NOK 142.9b	-NOK 25,128,484,649.00	160.5x	-11.7x	2.1x
Tue, 06 Jun 2023	NOK 314.3b	NOK 143.3b	-NOK 25,432,048,635.00	170.2x	-12.4x	2.2x

Current Industry PE

Investors are pessimistic on the Norwegian Communication Services 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 20.4x which is lower than its 3-year average PE of 27.5x.

The industry is trading close to its 3-year average PS ratio of 2.8x.

Past Earnings Growth

Total earnings for the Communication Services industry have gone up over the last three years and the industry is now profitable.
Revenues have declined 16% 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 Telecom sector?


NO Market	-2.27%
Telecom	-2.35%
Wireless Telecom	0%	0
Interactive Media and Services	-0.50%
Media	-1.10%
Telecom Services and Carriers	-2.80%
Entertainment	-5.11%

Industry PE

Investors are most optimistic about the Media industry even though it's trading below its 3-year average PE ratio of 509x.

It looks like they are confident that earnings will grow faster in the future than they have historically.

Forecasted Growth

Analysts are most optimistic on the Interactive Media and Services industry, expecting annual earnings growth of 101% over the next 5 years.

In contrast, the Telecom Services and Carriers industry is expected to see its earnings decline by 6.8% per year over the next few years.

Company	Last Price	7D	1Y	Valuation
VEND Vend Marketplaces	NOK 245.40	1.4% +NOK 715.2m	-24.3%	PS8.1x
POL Polaris Media	NOK 60.00	3.4% +NOK 97.8m	-6.3%	PE274.1x
5PG 5th Planet Games	NOK 1.57	1.9% +NOK 8.1m	80.9%	PE183.3x

Company

Last Price

Valuation

VEND Vend Marketplaces

NOK 245.40

1.4%
+NOK 715.2m

-24.3%

PS8.1x

POL Polaris Media

NOK 60.00

3.4%
+NOK 97.8m

-6.3%

PE274.1x

5PG 5th Planet Games

NOK 1.57

1.9%
+NOK 8.1m

80.9%

PE183.3x

Telenor ASA Announces Management Changes, Effective 18 August 2026

Telenor ASA announced management changes. As part of the changes, the Nordic country CEOs will join Group Management directly, removing the current Nordic Business Area layer. This will ensure that customer, market and financial perspectives will be more closely reflected in Group-level decision-making. Effective from 18 August 2026, the company announced appointment of Jon Omund Revhaug, Chief Technology and Transformation Officer. This role will drive technology-led transformation and simplification, delivering cross-business unit efficiencies and synergies at scale across the Group. ?Mr Revhaug brings extensive international and operational experience from his 25 years with the company. Currently Head of Asia, he has held several key executive positions including acting Head of Nordics, Inger Gløersen Folkeson, Chief Corporate Development Officer. This role is key in defining long-term strategic direction and help building Telenor’s future revenue streams. Ms Folkeson will manage a development portfolio with assets across various industry life-cycle stages, including the current Telenor Amp portfolio, AI Factory, Skygard and Sovereign Cloud?. She has extensive experience from the telco industry, as CFO in Digi (Malaysia) and Telenor Group Holdings, she has experience from R&I and Group Strategy in Telenor, and most recently, as Head of Customer and Commercial in Telenor Nordics. The development portfolio will be led by Dan Ouchterlony, who will report to Ms Folkeson. Elisabeth Melander Stene, Acting Chief People & Organisation Officer. In this role, she will build a future-oriented, high-performance workforce that accelerates transformation and value creation across Telenor, including AI and digital capabilities. Ms Stene has served as Head of People at both Telenor Norway and Telenor Nordics. Thomas Midteide, Chief Corporate Affairs Officer. Mr Midteide currently holds the position of Head of Group Communications and Brand in Telenor and has 15 years of experience from the financial services industry including 10 years in Group Management at DNB. In his new role, he will lead the Communications, Brand, and Corporate Affairs & Sustainability functions. the company also announced that Siri Birgitte Bang Berge, General Counsel (GC), will report directly to the CEO as an advisor. Ms Berge has extensive experience in legal advisory work and decision-making processes at executive management and board level, and has served as Group General Counsel since 2018.

Norwegian (OSEAX) Telecom Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Telenor ASA Announces Management Changes, Effective 18 August 2026

First quarter 2026 earnings released: EPS: kr.0.002 (vs kr.0.009 loss in 1Q 2025)

Investors Can Find Comfort In Polaris Media's (OB:POL) Earnings Quality

Vend Marketplaces ASA (OB:VEND) commences an Equity Buyback Plan for 21,091,181 shares, representing 10% of its issued share capital, under the authorization approved on April 30, 2026.