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Norwegian (OSEAX) Utilities Sector Analysis

UpdatedAug 08, 2026
DataAggregated Company Financials
Companies9
  • 7D1.0%
  • 3M-2.1%
  • 1Y-3.2%
  • YTD-5.2%

In the last week, the Utilities industry is up 1.0%, with Scatec up 1.5%. However, the industry is down 3.2% over the past year. Looking forward, earnings are forecast to grow by 41% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 08 Aug 2026NOK 26.6bNOK 19.8bNOK 232.3m24.8x114.3x1.3x
Mon, 06 Jul 2026NOK 27.5bNOK 19.9bNOK 233.3m24.4x118.1x1.4x
Wed, 03 Jun 2026NOK 26.9bNOK 19.8bNOK 239.0m18.7x112.4x1.4x
Fri, 01 May 2026NOK 30.1bNOK 17.0bNOK 1.1b22.9x27.4x1.8x
Sun, 29 Mar 2026NOK 30.0bNOK 17.1bNOK 1.1b22.7x28x1.8x
Tue, 24 Feb 2026NOK 28.4bNOK 17.0bNOK 1.0b19.8x27.2x1.7x
Thu, 22 Jan 2026NOK 28.5bNOK 16.4bNOK 999.4m17.2x28.5x1.7x
Sat, 20 Dec 2025NOK 26.8bNOK 16.4bNOK 996.4m16.4x26.9x1.6x
Mon, 17 Nov 2025NOK 25.7bNOK 16.4bNOK 1.0b15.4x25.6x1.6x
Wed, 15 Oct 2025NOK 24.8bNOK 16.1bNOK 2.5b9.3x9.8x1.5x
Fri, 12 Sep 2025NOK 25.0bNOK 16.1bNOK 2.5b9.5x9.9x1.6x
Sun, 10 Aug 2025NOK 25.0bNOK 16.9bNOK 2.4b12.5x10.5x1.5x
Tue, 08 Jul 2025NOK 25.6bNOK 16.9bNOK 2.7b11.8x9.6x1.5x
Thu, 05 Jun 2025NOK 23.2bNOK 16.9bNOK 2.7b12.1x8.7x1.4x
Sat, 03 May 2025NOK 22.3bNOK 17.5bNOK 1.9b10.4x12x1.3x
Mon, 31 Mar 2025NOK 22.1bNOK 17.5bNOK 1.9b10.5x11.6x1.3x
Wed, 26 Feb 2025NOK 21.7bNOK 17.5bNOK 1.9b10x11.3x1.2x
Fri, 24 Jan 2025NOK 21.9bNOK 19.3bNOK 2.2b9.9x9.9x1.1x
Sun, 22 Dec 2024NOK 22.4bNOK 19.3bNOK 2.2b9.6x10.2x1.2x
Tue, 19 Nov 2024NOK 22.2bNOK 19.3bNOK 2.2b10.4x10.1x1.1x
Thu, 17 Oct 2024NOK 21.9bNOK 19.9bNOK 562.9m17.4x38.9x1.1x
Sat, 14 Sep 2024NOK 21.0bNOK 19.7bNOK 270.3m29.9x77.5x1.1x
Mon, 12 Aug 2024NOK 21.4bNOK 20.9bNOK 796.5m20.4x26.9x1x
Wed, 10 Jul 2024NOK 22.6bNOK 20.9bNOK 1.0b18.4x22.2x1.1x
Fri, 07 Jun 2024NOK 21.1bNOK 20.9bNOK 836.4m18.7x25.2x1x
Sun, 05 May 2024NOK 19.1bNOK 23.5bNOK 930.1m17.9x20.5x0.8x
Tue, 02 Apr 2024NOK 18.7bNOK 23.1bNOK 879.6m18.3x21.2x0.8x
Thu, 29 Feb 2024NOK 17.0bNOK 23.3bNOK 788.7m16.2x21.6x0.7x
Sat, 27 Jan 2024NOK 19.7bNOK 28.2bNOK 826.1m19.7x23.9x0.7x
Mon, 25 Dec 2023NOK 19.9bNOK 26.8bNOK 23.8m30.7x835.4x0.7x
Wed, 22 Nov 2023NOK 17.4bNOK 26.8bNOK 10.7m25.2x1627.8x0.7x
Fri, 20 Oct 2023NOK 15.9bNOK 30.4bNOK 273.6m274.2x58.2x0.5x
Sun, 17 Sep 2023NOK 17.3bNOK 30.4bNOK 275.7m306.9x62.6x0.6x
Tue, 15 Aug 2023NOK 18.8bNOK 31.0b-NOK 319,717,704.0019.9x-58.8x0.6x
Price to Earnings Ratio

-58.8x


Total Market Cap: NOK 18.8bTotal Earnings: -NOK 319,717,704.00Total Revenue: NOK 31.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Utilities Sector Price to Earnings3Y Average 107.4x202420252026
Current Industry PE
  • Investors are optimistic on the Norwegian Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 114x which is higher than its 3-year average PE of 107x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.3x.
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 14% 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 Market0.25%
Utilities1.00%
Renewable Energy1.29%
Electric Utilities-0.16%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 116x.
    • Analysts are expecting annual earnings growth of 47.0%, which is higher than its past year's earnings growth of 23.5% 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 8.2x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 47% over the next 5 years.
  • This is better than its past earnings growth rate of 24% per year.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 18% 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 92.951.5%
+NOK 215.8m		-9.7%PE265.3x
MGN MagnoraNOK 23.404.7%
+NOK 75.9m		-0.8%PS33.7x
MPCES MPC Energy SolutionsNOK 13.653.0%
+NOK 8.9m		33.2%PS11x
SKAND Skandia GreenPowerNOK 1.375.4%
+NOK 8.4m		-21.5%PE15.6x
ENERG EnergeiaNOK 7.802.6%
+NOK 1.9m		-68.6%PS1.4x

Latest News

SCATC
NOK 92.95
Scatec
7D
1.5%
1Y
-9.7%
MPCES
NOK 13.65
MPC Energy Solutions
7D
3.0%
1Y
33.2%
EAM
NOK 0.66
EAM Solar
7D
-3.2%
1Y
-58.6%
MGN
NOK 23.40
Magnora
7D
4.7%
1Y
-0.8%
Narrative Update • Jul 09

MGN: Data Center Projects And Conservative Assumptions Will Support Future Upside

The analyst price target for Magnora has been revised lower by approximately NOK 7. This change is based on reduced fair value assumptions, slightly higher discount rates, more moderate revenue growth and profit margin expectations, and a higher assumed future P/E multiple following recent downgrades.
ELMRA
NOK 45.55
Elmera Group
7D
-0.3%
1Y
30.5%
Narrative Update • Jul 07

ELMRA: Takeover Premium Will Likely Prove Unsustainable Given Weakening Fundamentals

Analysts have raised their Elmera Group price target from NOK 25 to NOK 32, citing updated assumptions for fair value, discount rate, revenue trends, profit margins and future P/E levels. What’s in the News for Elmera Group Fortum Consumer Solutions AS has proposed to acquire Elmera Group ASA for NOK 5.1b, offering NOK 47 in cash per share for 109,346,270 shares, according to a merger and acquisition announcement.
CLOUD
NOK 12.98
Cloudberry Clean Energy
7D
-0.6%
1Y
-3.4%
ENERG
NOK 7.80
Energeia
7D
2.6%
1Y
-68.6%
SKAND
NOK 1.37
Skandia GreenPower
7D
5.4%
1Y
-21.5%
NOFIN
NOK 1.60
Nordic Financials
7D
-0.6%
1Y
-36.1%