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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedAug 29, 2025
DataAggregated Company Financials
Companies291
  • 7D-0.9%
  • 3M4.7%
  • 1Y6.5%
  • YTD6.3%

Over the last 7 days, the market has remained flat, with no particular sector making any big moves this week. As for the longer term, the market has risen 6.5% in the past 12 months. As for the next few years, earnings are expected to grow by 12% per annum.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Norwegian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 29 Aug 2025NOK 4.1tNOK 3.2tNOK 296.9b12.5x13.9x1.3x
Sun, 27 Jul 2025NOK 4.1tNOK 3.3tNOK 303.3b13x13.5x1.2x
Tue, 24 Jun 2025NOK 4.1tNOK 3.2tNOK 302.3b12.1x13.6x1.3x
Thu, 22 May 2025NOK 3.9tNOK 3.2tNOK 303.3b12x12.9x1.2x
Sat, 19 Apr 2025NOK 3.7tNOK 3.3tNOK 315.7b11.8x11.8x1.1x
Mon, 17 Mar 2025NOK 3.9tNOK 3.2tNOK 322.2b11.5x12x1.2x
Wed, 12 Feb 2025NOK 3.9tNOK 3.4tNOK 309.3b11.9x12.6x1.1x
Fri, 10 Jan 2025NOK 3.8tNOK 3.5tNOK 339.8b11.9x11.3x1.1x
Sun, 08 Dec 2024NOK 3.8tNOK 3.4tNOK 337.2b11.3x11.2x1.1x
Tue, 05 Nov 2024NOK 3.7tNOK 3.4tNOK 326.5b11x11.4x1.1x
Thu, 03 Oct 2024NOK 3.8tNOK 3.3tNOK 307.1b11.3x12.2x1.1x
Sat, 31 Aug 2024NOK 3.8tNOK 3.3tNOK 306.1b11.5x12.5x1.2x
Mon, 29 Jul 2024NOK 3.8tNOK 3.4tNOK 301.5b11.1x12.7x1.1x
Wed, 26 Jun 2024NOK 3.9tNOK 3.3tNOK 285.4b11.2x13.5x1.2x
Fri, 24 May 2024NOK 4.1tNOK 3.3tNOK 283.0b11.6x14.5x1.2x
Sun, 21 Apr 2024NOK 3.9tNOK 3.4tNOK 302.1b11.5x13x1.2x
Tue, 19 Mar 2024NOK 3.9tNOK 3.3tNOK 291.0b11.1x13.3x1.2x
Thu, 15 Feb 2024NOK 3.7tNOK 3.3tNOK 271.4b11.8x13.8x1.1x
Sat, 13 Jan 2024NOK 4.0tNOK 3.5tNOK 344.7b10.9x11.7x1.2x
Mon, 11 Dec 2023NOK 4.0tNOK 3.6tNOK 360.6b10.2x11.1x1.1x
Wed, 08 Nov 2023NOK 4.0tNOK 3.6tNOK 370.4b10.3x10.8x1.1x
Fri, 06 Oct 2023NOK 3.9tNOK 3.8tNOK 424.2b10.5x9.2x1x
Sun, 03 Sep 2023NOK 4.0tNOK 3.8tNOK 414.3b10.3x9.6x1.1x
Tue, 01 Aug 2023NOK 3.9tNOK 3.6tNOK 400.3b11x9.7x1.1x
Thu, 29 Jun 2023NOK 3.8tNOK 3.9tNOK 506.2b11.1x7.4x1x
Sat, 27 May 2023NOK 3.8tNOK 3.9tNOK 522.0b11.4x7.4x1x
Mon, 24 Apr 2023NOK 3.9tNOK 3.8tNOK 548.2b11.6x7.2x1x
Wed, 22 Mar 2023NOK 3.8tNOK 3.8tNOK 550.6b11.5x7x1x
Fri, 17 Feb 2023NOK 4.1tNOK 3.7tNOK 570.8b11.8x7.2x1.1x
Sun, 15 Jan 2023NOK 3.9tNOK 3.6tNOK 485.4b11.8x8.1x1.1x
Tue, 13 Dec 2022NOK 4.0tNOK 3.6tNOK 488.9b11.7x8.2x1.1x
Thu, 10 Nov 2022NOK 4.1tNOK 3.6tNOK 489.7b11.9x8.3x1.1x
Sat, 08 Oct 2022NOK 3.9tNOK 3.4tNOK 392.9b11.8x9.9x1.1x
Mon, 05 Sep 2022NOK 4.2tNOK 3.3tNOK 375.1b12.9x11.2x1.3x
Price to Earnings Ratio

11.2x


Total Market Cap: NOK 4.2tTotal Earnings: NOK 375.1bTotal Revenue: NOK 3.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 10.9x202320242025
Current Market PE
  • Investors are optimistic on the Norwegian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 13.9x which is higher than its 3-year average PE of 10.9x.
Past Earnings Growth
  • The earnings for Norwegian listed companies have declined 7.5% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Norwegian Market?

NO Market-0.88%
Utilities2.38%
Tech0.62%
Industrials0.42%
Real Estate0.27%
Energy-0.41%
Materials-0.57%
Telecom-0.83%
Consumer Discretionary-1.18%
Healthcare-1.86%
Consumer Staples-2.01%
Financials-2.58%
Sector PE
  • Investors favour the Tech sector the most for future growth even though it's trading below its 3-year average PE ratio of 344x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 33.6% which is higher than its past year's earnings decline of 11.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 47% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 7.7% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
COSH Constellation Oil Services HoldingNOK 97.5012.1%
+NOK 16.0b		n/aPS27.2xEnergy
KOG Kongsberg GruppenNOK 300.051.7%
+NOK 4.4b		33.7%PE39.3xIndustrials
SALM SalMarNOK 514.503.6%
+NOK 2.4b		-6.6%PE61.5xConsumer Staples
TEL TelenorNOK 167.601.0%
+NOK 2.3b		27.5%PE22.4xTelecom
VAR Vår EnergiNOK 34.371.6%
+NOK 1.3b		-3.5%PE14xEnergy
See more

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HAFNI
NOK 61.46
Hafnia
7D
2.0%
1Y
-28.5%
EQNR
NOK 247.80
Equinor
7D
-2.2%
1Y
-12.0%
VAR
NOK 34.37
Vår Energi
7D
1.6%
1Y
-3.5%

Jotun FPSO And Johan Castberg Ramps Will Boost Industry Potential

Vår Energi's consensus analyst price target was largely unchanged despite a dramatic increase in its Future P/E, suggesting sharply reduced earnings expectations, with fair value now at NOK38.60. What's in the News Vår Energi provided production guidance, targeting around 430 kboepd in Q4 2025 and expecting to reach the mid-point of its 2025 full-year guidance (330–360 kboepd); 2026 guidance at 400 kboepd and 350–400 kboepd for 2027–2030.
AKER
NOK 733.00
Aker
7D
1.0%
1Y
22.2%

Aker's (OB:AKER) Returns On Capital Are Heading Higher

Aug 28
Aker's (OB:AKER) Returns On Capital Are Heading Higher
SALM
NOK 514.50
SalMar
7D
3.6%
1Y
-6.6%
GJF
NOK 279.20
Gjensidige Forsikring
7D
-3.4%
1Y
48.6%

With EPS Growth And More, Gjensidige Forsikring (OB:GJF) Makes An Interesting Case

Aug 26
With EPS Growth And More, Gjensidige Forsikring (OB:GJF) Makes An Interesting Case
WAWI
NOK 93.95
Wallenius Wilhelmsen
7D
-10.0%
1Y
-14.4%

The Strong Earnings Posted By Wallenius Wilhelmsen (OB:WAWI) Are A Good Indication Of The Strength Of The Business

Aug 24
The Strong Earnings Posted By Wallenius Wilhelmsen (OB:WAWI) Are A Good Indication Of The Strength Of The Business
KOG
NOK 300.05
Kongsberg Gruppen
7D
1.7%
1Y
33.7%

Kongsberg Gruppen (OB:KOG) Could Easily Take On More Debt

Aug 24
Kongsberg Gruppen (OB:KOG) Could Easily Take On More Debt
YAR
NOK 365.70
Yara International
7D
-2.3%
1Y
18.4%
ORK
NOK 112.30
Orkla
7D
-1.9%
1Y
19.2%

There's Reason For Concern Over Orkla ASA's (OB:ORK) Price

Aug 18
There's Reason For Concern Over Orkla ASA's (OB:ORK) Price
TEL
NOK 167.60
Telenor
7D
1.0%
1Y
27.5%

Telenor (OB:TEL) Is Due To Pay A Dividend Of NOK4.60

Aug 14
Telenor (OB:TEL) Is Due To Pay A Dividend Of NOK4.60
DNB
NOK 264.70
DNB Bank
7D
-3.0%
1Y
18.1%
SB1NO
NOK 176.40
SpareBank 1 Sør-Norge
7D
-3.2%
1Y
29.7%
SUBC
NOK 209.80
Subsea 7
7D
1.5%
1Y
10.9%
VENDA
NOK 389.40
Vend Marketplaces
7D
-3.6%
1Y
19.7%
COSH
NOK 97.50
Constellation Oil Services Holding
7D
12.1%
1Y
n/a