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Norwegian (OSEAX) Utilities Sector Analysis

UpdatedNov 20, 2025
DataAggregated Company Financials
Companies9
  • 7D-0.3%
  • 3M-6.4%
  • 1Y1.7%
  • YTD-2.1%

In the last week, Utilities has been flat. Furthermore, the industry has been flat for the past year as well. 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, 21 Nov 2025NOK 25.5bNOK 16.4bNOK 1.0b15.7x25.5x1.6x
Sun, 19 Oct 2025NOK 24.7bNOK 16.1bNOK 2.5b9.3x9.7x1.5x
Tue, 16 Sep 2025NOK 25.1bNOK 16.1bNOK 2.5b9.6x9.9x1.6x
Thu, 14 Aug 2025NOK 24.4bNOK 16.9bNOK 2.4b12.8x10.3x1.4x
Sat, 12 Jul 2025NOK 25.7bNOK 16.9bNOK 2.7b12.2x9.7x1.5x
Mon, 09 Jun 2025NOK 23.2bNOK 16.9bNOK 2.7b11.8x8.7x1.4x
Wed, 07 May 2025NOK 22.5bNOK 17.5bNOK 1.9b10.6x12.1x1.3x
Fri, 04 Apr 2025NOK 21.5bNOK 17.5bNOK 1.9b9.6x11.3x1.2x
Sun, 02 Mar 2025NOK 21.7bNOK 17.4bNOK 1.9b10x11.4x1.2x
Tue, 28 Jan 2025NOK 21.7bNOK 19.3bNOK 2.2b9.6x9.8x1.1x
Thu, 26 Dec 2024NOK 22.7bNOK 19.3bNOK 2.2b10x10.3x1.2x
Sat, 23 Nov 2024NOK 22.3bNOK 19.3bNOK 2.2b10x10.1x1.2x
Mon, 21 Oct 2024NOK 22.1bNOK 19.8bNOK 555.8m17.4x39.8x1.1x
Wed, 18 Sep 2024NOK 21.2bNOK 19.7bNOK 270.9m30.6x78.1x1.1x
Fri, 16 Aug 2024NOK 21.8bNOK 19.5bNOK 824.8m20.8x26.5x1.1x
Sun, 14 Jul 2024NOK 23.5bNOK 20.9bNOK 1.0b18.9x23.1x1.1x
Tue, 11 Jun 2024NOK 20.8bNOK 20.9bNOK 836.6m18.2x24.9x1x
Thu, 09 May 2024NOK 19.4bNOK 20.9bNOK 832.8m17.5x23.3x0.9x
Sat, 06 Apr 2024NOK 18.7bNOK 23.1bNOK 864.2m18.6x21.7x0.8x
Mon, 04 Mar 2024NOK 17.8bNOK 23.3bNOK 784.2m17.1x22.7x0.8x
Wed, 31 Jan 2024NOK 19.3bNOK 26.9bNOK 826.0m19.1x23.4x0.7x
Fri, 29 Dec 2023NOK 20.6bNOK 26.8bNOK 24.0m30.6x857.7x0.8x
Sun, 26 Nov 2023NOK 17.3bNOK 26.8bNOK 10.4m25x1671.8x0.6x
Tue, 24 Oct 2023NOK 15.1bNOK 30.4bNOK 272.9m253.6x55.4x0.5x
Thu, 21 Sep 2023NOK 17.4bNOK 30.4bNOK 276.2m311.5x63x0.6x
Sat, 19 Aug 2023NOK 18.3bNOK 31.2b-NOK 31,335,059.0015.7x-585x0.6x
Mon, 17 Jul 2023NOK 19.1bNOK 31.0b-NOK 296,874,973.0024.9x-64.5x0.6x
Wed, 14 Jun 2023NOK 18.7bNOK 30.9b-NOK 303,572,442.0023x-61.7x0.6x
Fri, 12 May 2023NOK 18.1bNOK 30.8b-NOK 443,530,861.0027.3x-40.7x0.6x
Sun, 09 Apr 2023NOK 17.9bNOK 29.8b-NOK 1,415,539,567.0026.3x-12.6x0.6x
Tue, 07 Mar 2023NOK 17.1bNOK 29.8b-NOK 1,390,732,097.0024.7x-12.3x0.6x
Thu, 02 Feb 2023NOK 19.8bNOK 27.6b-NOK 721,331,588.0030.9x-27.4x0.7x
Sat, 31 Dec 2022NOK 19.6bNOK 27.6b-NOK 715,580,845.0033x-27.4x0.7x
Mon, 28 Nov 2022NOK 20.9bNOK 27.5b-NOK 704,093,580.0037x-29.7x0.8x
Price to Earnings Ratio

-29.7x


Total Market Cap: NOK 20.9bTotal Earnings: -NOK 704,093,580.00Total Revenue: NOK 27.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Utilities Sector Price to Earnings3Y Average 84.5x202320242025
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 25.5x which is lower than its 3-year average PE of 84.5x.
  • The 3-year average PS ratio of 0.96x 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 Market-1.22%
Utilities-0.34%
Renewable Energy-0.33%
Electric Utilities-0.41%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry even though it's trading below its 3-year average PE ratio of 51.8x.
    • Analysts are expecting annual earnings growth of 27.1%, 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 1.9x.
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
ELMRA Elmera GroupNOK 34.251.0%
+NOK 38.2m		-12.2%PE12.5x
SKAND Skandia GreenPowerNOK 1.738.5%
+NOK 16.2m		59.4%PE13.7x
CLOUD Cloudberry Clean EnergyNOK 12.520.2%
+NOK 6.4m		13.0%PE81.3x

Latest News

SCATC
NOK 98.00
Scatec
7D
-3.4%
1Y
22.7%
ELMRA
NOK 34.25
Elmera Group
7D
1.0%
1Y
-12.2%
SKAND
NOK 1.73
Skandia GreenPower
7D
8.5%
1Y
59.4%

We Think Skandia GreenPower's (OB:SKAND) Solid Earnings Are Understated

Nov 14
We Think Skandia GreenPower's (OB:SKAND) Solid Earnings Are Understated
MPCES
NOK 12.80
MPC Energy Solutions
7D
-2.3%
1Y
33.3%
CLOUD
NOK 12.52
Cloudberry Clean Energy
7D
0.2%
1Y
13.0%

There Are Some Holes In Cloudberry Clean Energy's (OB:CLOUD) Solid Earnings Release

Nov 12
There Are Some Holes In Cloudberry Clean Energy's (OB:CLOUD) Solid Earnings Release
MGN
NOK 19.00
Magnora
7D
-3.5%
1Y
-23.7%
EAM
NOK 0.95
EAM Solar
7D
-2.6%
1Y
-71.7%
NOFIN
NOK 1.92
Nordic Financials
7D
-1.0%
1Y
-97.4%
ENERG
NOK 0.029
Energeia
7D
-4.9%
1Y
-95.9%