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Norwegian (OSEAX) Utilities Sector Analysis

UpdatedMar 22, 2026
DataAggregated Company Financials
Companies9
  • 7D-1.9%
  • 3M7.1%
  • 1Y25.9%
  • YTD3.7%

Over the last 7 days, the Utilities industry has dropped 1.9%, driven by a pullback from Scatec of 3.0%. Over the past 12 months, the industry was up 26%. Looking forward, earnings are forecast to grow by 8.2% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 22 Mar 2026NOK 28.5bNOK 17.0bNOK 1.1b23x26.5x1.7x
Tue, 17 Feb 2026NOK 28.0bNOK 17.0bNOK 1.0b20.3x26.8x1.6x
Thu, 15 Jan 2026NOK 28.2bNOK 16.4bNOK 997.9m17.3x28.3x1.7x
Sat, 13 Dec 2025NOK 26.2bNOK 16.4bNOK 997.4m16x26.3x1.6x
Mon, 10 Nov 2025NOK 25.5bNOK 15.9bNOK 995.7m15.8x25.6x1.6x
Wed, 08 Oct 2025NOK 24.9bNOK 16.1bNOK 2.5b9.4x9.8x1.5x
Fri, 05 Sep 2025NOK 24.9bNOK 16.1bNOK 2.5b9.4x9.8x1.5x
Sun, 03 Aug 2025NOK 24.8bNOK 16.9bNOK 2.4b11.7x10.4x1.5x
Tue, 01 Jul 2025NOK 25.2bNOK 16.9bNOK 2.7b11.5x9.5x1.5x
Thu, 29 May 2025NOK 23.5bNOK 16.9bNOK 2.6b11.4x8.9x1.4x
Sat, 26 Apr 2025NOK 22.3bNOK 17.5bNOK 1.9b11x11.7x1.3x
Mon, 24 Mar 2025NOK 21.9bNOK 17.4bNOK 1.9b11.3x11.5x1.3x
Wed, 19 Feb 2025NOK 21.1bNOK 17.5bNOK 1.9b10.1x11x1.2x
Fri, 17 Jan 2025NOK 22.0bNOK 19.3bNOK 2.2b9.8x10x1.1x
Sun, 15 Dec 2024NOK 22.5bNOK 19.3bNOK 2.2b10.1x10.2x1.2x
Tue, 12 Nov 2024NOK 22.4bNOK 19.5bNOK 2.2b10.7x10.2x1.2x
Thu, 10 Oct 2024NOK 20.8bNOK 19.7bNOK 269.0m30.2x77.2x1.1x
Sat, 07 Sep 2024NOK 20.0bNOK 19.7bNOK 269.4m28.3x74.4x1x
Mon, 05 Aug 2024NOK 21.3bNOK 20.9bNOK 794.5m20.3x26.8x1x
Wed, 03 Jul 2024NOK 23.1bNOK 20.9bNOK 1.0b18.5x22.8x1.1x
Fri, 31 May 2024NOK 20.7bNOK 20.8bNOK 934.3m17x22.2x1x
Sun, 28 Apr 2024NOK 18.5bNOK 23.1bNOK 864.2m18x21.4x0.8x
Tue, 26 Mar 2024NOK 18.4bNOK 23.1bNOK 896.1m18.5x20.6x0.8x
Thu, 22 Feb 2024NOK 17.5bNOK 23.3bNOK 789.7m16.7x22.2x0.8x
Sat, 20 Jan 2024NOK 17.6bNOK 26.8bNOK 21.2m29.9x831.9x0.7x
Mon, 18 Dec 2023NOK 19.4bNOK 26.8bNOK 21.5m27.9x900.1x0.7x
Wed, 15 Nov 2023NOK 17.0bNOK 26.8bNOK 19.1m25x889.3x0.6x
Fri, 13 Oct 2023NOK 15.5bNOK 30.4bNOK 274.3m258.8x56.6x0.5x
Sun, 10 Sep 2023NOK 17.1bNOK 30.4bNOK 276.5m307.4x61.9x0.6x
Tue, 08 Aug 2023NOK 18.7bNOK 31.0b-NOK 317,348,118.0019.5x-58.9x0.6x
Thu, 06 Jul 2023NOK 18.1bNOK 30.9b-NOK 304,626,368.0020.6x-59.5x0.6x
Sat, 03 Jun 2023NOK 19.0bNOK 30.9b-NOK 306,264,296.0022.1x-62x0.6x
Mon, 01 May 2023NOK 17.1bNOK 29.4b-NOK 1,329,936,606.0026.1x-12.8x0.6x
Wed, 29 Mar 2023NOK 16.0bNOK 29.8b-NOK 1,395,093,683.0025.3x-11.5x0.5x
Price to Earnings Ratio

-11.5x


Total Market Cap: NOK 16.0bTotal Earnings: -NOK 1,395,093,683.00Total Revenue: NOK 29.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Utilities Sector Price to Earnings3Y Average 89.9x202420252026
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 89.9x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.7x.
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 17% 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 Market1.87%
Utilities-1.92%
Electric Utilities-1.10%
Renewable Energy-2.04%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry even though it's trading below its 3-year average PE ratio of 57.0x.
    • Analysts are expecting annual earnings growth of 5.9%, which is higher than its past year's earnings decline of 36.5% 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 1.8x.
Forecasted Growth
  • Analysts are most optimistic on the Electric Utilities industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 0.7% per year.
  • In contrast, the Renewable Energy industry is expected to see its earnings grow by 5.9% 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
CLOUD Cloudberry Clean EnergyNOK 13.100%
NOK 235.5m		18.9%PE72.2x
MGN MagnoraNOK 23.654.2%
+NOK 60.7m		2.4%PE75.2x
ENERG EnergeiaNOK 7.741.6%
+NOK 1.1m		-65.4%PS1.2x
MPCES MPC Energy SolutionsNOK 13.100.4%
+NOK 1.1m		40.9%PS2.8x
EAM EAM SolarNOK 1.102.2%
+NOK 479.6k		-92.8%PS1.7x

Latest News

CLOUD
NOK 13.10
Cloudberry Clean Energy
7D
0%
1Y
18.9%
SCATC
NOK 115.70
Scatec
7D
-3.0%
1Y
44.6%

SCATC: Long-Term PPAs And New Solar Projects Will Support Future Cash Flows

Scatec's analyst price target has been reaffirmed at NOK 129.57, with analysts pointing to largely unchanged fair value, discount rate, revenue growth, profit margin and forward P/E assumptions as support for maintaining their view. What's in the News Reached commercial operations for the 60 MW Sidi Bouzid solar plant in Tunisia, with the parallel 60 MW Tozeur project progressing toward COD.
MGN
NOK 23.65
Magnora
7D
4.2%
1Y
2.4%

MGN: Nordic High Capacity Data Center Projects Will Support Future Upside

Analysts have adjusted their Magnora price target from NOK 32.64 to NOK 31.04, reflecting updated views on future growth, profitability, and a slightly lower discount rate applied to the company’s cash flows. What's in the News Magnora ASA has secured land for a new 100 MW data center development in northwestern Norway, located next to a substation where three 420 kV power lines meet, targeting customers with high redundancy and capacity needs (Key Developments).
NOFIN
NOK 1.80
Nordic Financials
7D
-3.2%
1Y
-98.1%
ELMRA
NOK 34.20
Elmera Group
7D
-1.2%
1Y
-6.3%
EAM
NOK 1.10
EAM Solar
7D
2.2%
1Y
-92.8%
ENERG
NOK 7.74
Energeia
7D
1.6%
1Y
-65.4%
MPCES
NOK 13.10
MPC Energy Solutions
7D
0.4%
1Y
40.9%