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Norwegian (OSEAX) Utilities Sector Analysis

UpdatedDec 19, 2025
DataAggregated Company Financials
Companies9
  • 7D2.3%
  • 3M2.1%
  • 1Y9.4%
  • YTD1.7%

Over the last 7 days, the Utilities industry has risen 1.6%, driven by gains from Scatec of 2.4%. In the last 12 months, the industry was up 8.9%. Looking forward, earnings are forecast to grow by 26% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 19 Dec 2025NOK 26.4bNOK 16.4bNOK 995.8m16.1x26.6x1.6x
Sun, 16 Nov 2025NOK 25.7bNOK 16.4bNOK 1.0b15.4x25.6x1.6x
Tue, 14 Oct 2025NOK 25.1bNOK 16.1bNOK 2.5b9.3x9.9x1.6x
Thu, 11 Sep 2025NOK 25.0bNOK 16.1bNOK 2.5b9.5x9.9x1.6x
Sat, 09 Aug 2025NOK 25.0bNOK 16.9bNOK 2.4b12.5x10.5x1.5x
Mon, 07 Jul 2025NOK 25.7bNOK 16.9bNOK 2.7b11.9x9.6x1.5x
Wed, 04 Jun 2025NOK 23.1bNOK 16.9bNOK 2.7b11.8x8.7x1.4x
Fri, 02 May 2025NOK 22.5bNOK 17.5bNOK 1.9b11.4x12.1x1.3x
Sun, 30 Mar 2025NOK 22.1bNOK 17.5bNOK 1.9b10.5x11.6x1.3x
Tue, 25 Feb 2025NOK 21.6bNOK 17.5bNOK 1.9b9.9x11.3x1.2x
Thu, 23 Jan 2025NOK 22.0bNOK 19.3bNOK 2.2b9.6x10x1.1x
Sat, 21 Dec 2024NOK 22.4bNOK 19.3bNOK 2.2b9.6x10.2x1.2x
Mon, 18 Nov 2024NOK 22.6bNOK 19.3bNOK 2.2b10.8x10.3x1.2x
Wed, 16 Oct 2024NOK 20.5bNOK 19.7bNOK 268.5m29.5x76.2x1x
Fri, 13 Sep 2024NOK 20.7bNOK 19.7bNOK 269.4m29x76.7x1x
Sun, 11 Aug 2024NOK 21.4bNOK 20.9bNOK 796.5m20.4x26.9x1x
Tue, 09 Jul 2024NOK 22.5bNOK 20.9bNOK 1.0b18.4x22.1x1.1x
Thu, 06 Jun 2024NOK 21.1bNOK 20.9bNOK 836.3m18.6x25.3x1x
Sat, 04 May 2024NOK 19.1bNOK 23.5bNOK 930.1m17.9x20.5x0.8x
Mon, 01 Apr 2024NOK 18.7bNOK 23.1bNOK 879.8m18.3x21.2x0.8x
Wed, 28 Feb 2024NOK 17.1bNOK 23.3bNOK 789.2m16.4x21.6x0.7x
Fri, 26 Jan 2024NOK 18.8bNOK 26.8bNOK 21.9m32.2x857.1x0.7x
Sun, 24 Dec 2023NOK 19.9bNOK 26.8bNOK 23.8m30.7x835.4x0.7x
Tue, 21 Nov 2023NOK 17.4bNOK 26.8bNOK 10.2m25.8x1696.2x0.6x
Thu, 19 Oct 2023NOK 15.7bNOK 30.4bNOK 273.5m266.5x57.3x0.5x
Sat, 16 Sep 2023NOK 17.3bNOK 30.4bNOK 276.2m311.9x62.7x0.6x
Mon, 14 Aug 2023NOK 19.3bNOK 31.0b-NOK 319,503,479.0020.2x-60.4x0.6x
Wed, 12 Jul 2023NOK 18.3bNOK 31.0b-NOK 298,782,560.0025.4x-61.2x0.6x
Fri, 09 Jun 2023NOK 19.3bNOK 30.9b-NOK 305,556,395.0022.3x-63.1x0.6x
Sun, 07 May 2023NOK 17.9bNOK 29.5b-NOK 455,551,738.0025.5x-39.3x0.6x
Tue, 04 Apr 2023NOK 17.6bNOK 29.8b-NOK 1,411,846,950.0026.9x-12.5x0.6x
Thu, 02 Mar 2023NOK 17.2bNOK 29.8b-NOK 1,392,719,215.0024.4x-12.4x0.6x
Sat, 28 Jan 2023NOK 20.4bNOK 27.6b-NOK 718,874,172.0031.9x-28.3x0.7x
Mon, 26 Dec 2022NOK 19.8bNOK 27.6b-NOK 715,832,855.0032.5x-27.6x0.7x
Price to Earnings Ratio

-27.6x


Total Market Cap: NOK 19.8bTotal Earnings: -NOK 715,832,855.00Total Revenue: NOK 27.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Utilities Sector Price to Earnings3Y Average 85.9x202320242025
Current Industry PE
  • Investors are pessimistic on the Norwegian Utilities 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 26.5x which is lower than its 3-year average PE of 85.9x.
  • The 3-year average PS ratio of 0.98x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • Total earnings for the Utilities 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 Utilities sector?

NO Market0.32%
Utilities2.30%
Renewable Energy2.45%
Electric Utilities1.54%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry even though it's trading below its 3-year average PE ratio of 53.1x.
    • Analysts are expecting annual earnings growth of 27.0%, which is higher than its past year's earnings decline of 53.0% per year.
  • Investors are most pessimistic about the Electric Utilities industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 2.0x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 27% over the next 5 years.
  • This is better than its past earnings decline of 53% per year.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 20% 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
SCATC ScatecNOK 102.702.4%
+NOK 381.4m		31.4%PE18.3x
CLOUD Cloudberry Clean EnergyNOK 12.782.1%
+NOK 82.7m		6.5%PE83x
ELMRA Elmera GroupNOK 37.901.5%
+NOK 60.1m		-2.9%PE13.8x
MGN MagnoraNOK 20.204.8%
+NOK 58.8m		-27.6%PS25x
SKAND Skandia GreenPowerNOK 1.703.0%
+NOK 6.0m		61.9%PE13.5x

Latest News

CLOUD
NOK 12.78
Cloudberry Clean Energy
7D
2.1%
1Y
6.5%
EAM
NOK 0.91
EAM Solar
7D
2.7%
1Y
-71.3%
SCATC
NOK 102.70
Scatec
7D
2.4%
1Y
31.4%

SCATC: New Long-Term Power Contracts Will Support Future Cash Flow Visibility

Analysts raised their 12 month price target for Scatec to NOK 121.14, a modest increase driven by slightly lower perceived risk and marginally improved long term profitability assumptions. Analyst Commentary Analysts highlight that the recent upgrade and target price reflect a more constructive view on Scatec’s risk profile and earnings trajectory, but they also caution that execution and market dynamics remain key swing factors for the valuation.
NOFIN
NOK 1.80
Nordic Financials
7D
-1.1%
1Y
-98.6%
SKAND
NOK 1.70
Skandia GreenPower
7D
3.0%
1Y
61.9%
ELMRA
NOK 37.90
Elmera Group
7D
1.5%
1Y
-2.9%
MPCES
NOK 13.10
MPC Energy Solutions
7D
1.9%
1Y
36.5%
MGN
NOK 20.20
Magnora
7D
4.8%
1Y
-27.6%