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Norwegian (OSEAX) Utilities Sector Analysis

UpdatedJun 24, 2026
DataAggregated Company Financials
Companies9
  • 7D-0.08%
  • 3M-16.6%
  • 1Y1.6%
  • YTD-10.8%

The Utilities industry has stayed flat over the last week. In line with that, the industry has also been flat over the past 12 months. Looking forward, earnings are forecast to grow by 48% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Jun 2026NOK 24.9bNOK 19.9bNOK 233.6m18.7x106.6x1.3x
Fri, 22 May 2026NOK 27.4bNOK 19.8bNOK 238.8m19.1x114.6x1.4x
Sun, 19 Apr 2026NOK 29.4bNOK 17.1bNOK 1.0b23.2x28.2x1.7x
Tue, 17 Mar 2026NOK 29.1bNOK 17.0bNOK 1.1b23.2x27.1x1.7x
Thu, 12 Feb 2026NOK 28.8bNOK 16.4bNOK 1.2b16.4x24.4x1.8x
Sat, 10 Jan 2026NOK 27.6bNOK 16.4bNOK 997.0m17.1x27.6x1.7x
Mon, 08 Dec 2025NOK 26.1bNOK 16.4bNOK 1.0b15.8x26.1x1.6x
Wed, 05 Nov 2025NOK 25.7bNOK 16.0bNOK 895.6m13x28.7x1.6x
Fri, 03 Oct 2025NOK 24.2bNOK 16.1bNOK 2.5b9.3x9.6x1.5x
Sun, 31 Aug 2025NOK 25.4bNOK 16.1bNOK 2.6b9.7x9.9x1.6x
Tue, 29 Jul 2025NOK 25.1bNOK 16.9bNOK 2.3b11.9x10.7x1.5x
Thu, 26 Jun 2025NOK 23.9bNOK 16.9bNOK 2.7b10.9x9x1.4x
Sat, 24 May 2025NOK 23.2bNOK 16.9bNOK 2.6b11.4x8.8x1.4x
Mon, 21 Apr 2025NOK 21.3bNOK 17.5bNOK 1.9b10.7x11.2x1.2x
Wed, 19 Mar 2025NOK 21.7bNOK 17.4bNOK 1.9b10.9x11.4x1.2x
Fri, 14 Feb 2025NOK 21.4bNOK 19.3bNOK 1.7b11.1x12.7x1.1x
Sun, 12 Jan 2025NOK 22.2bNOK 19.3bNOK 2.2b9.6x10.1x1.1x
Tue, 10 Dec 2024NOK 22.6bNOK 19.3bNOK 2.2b9.9x10.3x1.2x
Thu, 07 Nov 2024NOK 21.9bNOK 20.1bNOK 2.2b10.5x10.1x1.1x
Sat, 05 Oct 2024NOK 20.7bNOK 19.7bNOK 270.7m30.4x76.5x1x
Mon, 02 Sep 2024NOK 20.9bNOK 19.7bNOK 271.4m29.5x77x1.1x
Wed, 31 Jul 2024NOK 21.8bNOK 20.9bNOK 834.0m20.5x26.1x1x
Fri, 28 Jun 2024NOK 21.3bNOK 20.9bNOK 837.6m20.3x25.4x1x
Sun, 26 May 2024NOK 19.0bNOK 20.8bNOK 933.6m16.9x20.3x0.9x
Tue, 23 Apr 2024NOK 17.4bNOK 23.1bNOK 861.4m16.9x20.2x0.8x
Thu, 21 Mar 2024NOK 18.2bNOK 23.1bNOK 900.3m18x20.2x0.8x
Sat, 17 Feb 2024NOK 18.0bNOK 23.6bNOK 789.8m16.4x22.8x0.8x
Mon, 15 Jan 2024NOK 19.3bNOK 26.8bNOK 23.1m31.1x833.5x0.7x
Wed, 13 Dec 2023NOK 18.2bNOK 26.8bNOK 16.2m26.1x1122.8x0.7x
Fri, 10 Nov 2023NOK 16.6bNOK 26.8bNOK 17.1m25.3x969.7x0.6x
Sun, 08 Oct 2023NOK 14.7bNOK 30.4bNOK 274.7m240x53.5x0.5x
Tue, 05 Sep 2023NOK 17.3bNOK 30.4bNOK 276.6m315.6x62.5x0.6x
Thu, 03 Aug 2023NOK 19.7bNOK 31.0b-NOK 318,239,699.0019.9x-62x0.6x
Sat, 01 Jul 2023NOK 18.1bNOK 30.9b-NOK 305,119,538.0021.4x-59.5x0.6x
Price to Earnings Ratio

-59.5x


Total Market Cap: NOK 18.1bTotal Earnings: -NOK 305,119,538.00Total Revenue: NOK 30.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Utilities Sector Price to Earnings3Y Average 100.1x202420252026
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 106x which is higher than its 3-year average PE of 100x.
  • The industry is trading close to its 3-year average PS ratio of 1.1x.
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 Market-0.51%
Utilities-0.076%
Electric Utilities0.63%
Renewable Energy-0.19%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 83.6x.
    • Analysts are expecting annual earnings growth of 52.9%, 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 4.6x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 53% 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
ELMRA Elmera GroupNOK 29.950.8%
+NOK 27.3m		-10.2%PE17x
MPCES MPC Energy SolutionsNOK 14.055.6%
+NOK 16.7m		39.1%PS7.6x
SKAND Skandia GreenPowerNOK 1.727.2%
+NOK 13.7m		15.1%PE19.5x
NOFIN Nordic FinancialsNOK 1.903.8%
+NOK 1.4m		-36.1%PS26.1x

Latest News

SCATC
NOK 97.60
Scatec
7D
-1.4%
1Y
9.7%
EAM
NOK 1.27
EAM Solar
7D
-38.6%
1Y
-70.1%
MGN
NOK 23.50
Magnora
7D
-0.4%
1Y
0.6%
ELMRA
NOK 29.95
Elmera Group
7D
0.8%
1Y
-10.2%
Narrative Update • Jun 08

ELMRA: Dividend Visibility And Higher Future P/E Will Support Bullish Outlook

Analysts have adjusted their price target on Elmera Group to NOK 43.0, with the unchanged fair value reflecting updated assumptions for a lower discount rate, more moderate revenue growth, softer profit margins and a higher future P/E multiple. What's in the News The annual general meeting on April 30, 2026, approved a dividend of NOK 2.00 per share for the 2025 financial year.
ENERG
NOK 7.12
Energeia
7D
-10.8%
1Y
-82.2%
MPCES
NOK 14.05
MPC Energy Solutions
7D
5.6%
1Y
39.1%
CLOUD
NOK 11.02
Cloudberry Clean Energy
7D
-3.3%
1Y
-6.6%
Analysis Article • May 20

Shareholders Shouldn’t Be Too Comfortable With Cloudberry Clean Energy's (OB:CLOUD) Strong Earnings

Despite posting strong earnings, Cloudberry Clean Energy ASA's ( OB:CLOUD ) stock didn't move much over the last week...
SKAND
NOK 1.72
Skandia GreenPower
7D
7.2%
1Y
15.1%
NOFIN
NOK 1.90
Nordic Financials
7D
3.8%
1Y
-36.1%