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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedJul 22, 2025
DataAggregated Company Financials
Companies295
  • 7D-1.5%
  • 3M8.4%
  • 1Y3.9%
  • YTD4.6%

Over the last 7 days, the market has dropped 1.5%, driven by a loss of 3.7% in the Energy sector. On the other hand, the Communication Services has risen by 4.4%. As for the longer term, the market has actually risen by 3.9% in the last year. Looking forward, earnings are forecast to grow by 10% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 22 Jul 2025NOK 4.1tNOK 3.3tNOK 307.7b13x13.3x1.3x
Thu, 19 Jun 2025NOK 4.1tNOK 3.2tNOK 300.4b12.3x13.7x1.3x
Sat, 17 May 2025NOK 3.9tNOK 3.3tNOK 310.4b12.3x12.6x1.2x
Mon, 14 Apr 2025NOK 3.6tNOK 3.3tNOK 318.6b11.5x11.4x1.1x
Wed, 12 Mar 2025NOK 3.8tNOK 3.2tNOK 325.3b11.5x11.7x1.2x
Fri, 07 Feb 2025NOK 3.9tNOK 3.4tNOK 332.8b11.9x11.6x1.1x
Sun, 05 Jan 2025NOK 3.8tNOK 3.5tNOK 339.1b11.7x11.3x1.1x
Tue, 03 Dec 2024NOK 3.8tNOK 3.4tNOK 331.3b11.5x11.4x1.1x
Thu, 31 Oct 2024NOK 3.8tNOK 3.4tNOK 326.1b11.3x11.7x1.1x
Sat, 28 Sep 2024NOK 3.7tNOK 3.3tNOK 305.1b11.1x12.2x1.1x
Mon, 26 Aug 2024NOK 3.8tNOK 3.3tNOK 301.6b11.2x12.6x1.2x
Wed, 24 Jul 2024NOK 3.9tNOK 3.3tNOK 302.5b11.2x12.8x1.2x
Fri, 21 Jun 2024NOK 3.9tNOK 3.3tNOK 284.8b11.3x13.6x1.2x
Sun, 19 May 2024NOK 4.1tNOK 3.3tNOK 283.9b11.6x14.3x1.2x
Tue, 16 Apr 2024NOK 4.0tNOK 3.4tNOK 302.5b11.5x13.3x1.2x
Thu, 14 Mar 2024NOK 3.8tNOK 3.3tNOK 287.6b11.3x13.4x1.2x
Sat, 10 Feb 2024NOK 3.8tNOK 3.3tNOK 280.9b11.7x13.4x1.1x
Mon, 08 Jan 2024NOK 4.1tNOK 3.5tNOK 345.1b10.9x11.8x1.2x
Wed, 06 Dec 2023NOK 4.0tNOK 3.6tNOK 364.1b10.2x11x1.1x
Fri, 03 Nov 2023NOK 4.1tNOK 3.6tNOK 365.6b10.6x11.1x1.1x
Sun, 01 Oct 2023NOK 4.0tNOK 3.8tNOK 416.0b10.6x9.7x1.1x
Tue, 29 Aug 2023NOK 3.9tNOK 3.8tNOK 413.0b10.3x9.5x1x
Thu, 27 Jul 2023NOK 3.8tNOK 3.7tNOK 450.8b10.7x8.5x1x
Sat, 24 Jun 2023NOK 3.8tNOK 3.9tNOK 509.2b11.2x7.4x1x
Mon, 22 May 2023NOK 3.9tNOK 3.9tNOK 558.2b11.5x7x1x
Wed, 19 Apr 2023NOK 4.0tNOK 3.8tNOK 504.7b11.9x7.9x1.1x
Fri, 17 Mar 2023NOK 3.8tNOK 3.8tNOK 560.2b11.3x6.8x1x
Sun, 12 Feb 2023NOK 4.1tNOK 3.7tNOK 569.2b11.7x7.2x1.1x
Tue, 10 Jan 2023NOK 3.9tNOK 3.6tNOK 485.5b11.8x8.1x1.1x
Thu, 08 Dec 2022NOK 4.0tNOK 3.6tNOK 490.6b11.6x8.1x1.1x
Sat, 05 Nov 2022NOK 4.1tNOK 3.6tNOK 495.1b11.4x8.3x1.1x
Mon, 03 Oct 2022NOK 3.8tNOK 3.5tNOK 397.9b11.4x9.4x1.1x
Wed, 31 Aug 2022NOK 4.2tNOK 3.2tNOK 370.2b12.2x11.4x1.3x
Fri, 29 Jul 2022NOK 4.1tNOK 3.0tNOK 299.8b12.6x13.7x1.4x
Price to Earnings Ratio

13.7x


Total Market Cap: NOK 4.1tTotal Earnings: NOK 299.8bTotal Revenue: NOK 3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 10.8x202320242025
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 13.3x which is higher than its 3-year average PE of 10.8x.
Past Earnings Growth
  • The earnings for Norwegian listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have grown 3.0% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Sector Trends

Which sectors have driven the changes within the Norwegian Market?

NO Market-1.54%
Telecom4.38%
Utilities2.46%
Healthcare1.82%
Real Estate0.78%
Materials0.58%
Tech0.031%
Consumer Staples-0.24%
Consumer Discretionary-0.63%
Financials-1.46%
Industrials-2.37%
Energy-3.70%
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 361x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 37.2%, which is higher than its past year's earnings growth of 0.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 56% over the next 5 years.
  • This is better than its past earnings decline of 18% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 9.9% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
VENDA Vend MarketplacesNOK 401.6012.5%
+NOK 10.0b		28.6%PE12.5xTelecom
TEL TelenorNOK 160.001.7%
+NOK 3.6b		25.2%PE21.4xTelecom
NHY Norsk HydroNOK 62.002.1%
+NOK 2.6b		-2.9%PE12.7xMaterials
AUTO AutoStore HoldingsNOK 7.068.4%
+NOK 1.8b		-50.2%PE20.6xIndustrials
NOD Nordic SemiconductorNOK 143.704.7%
+NOK 1.2b		-3.3%PS4.5xTech
See more

Market Insights

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The tide is turning for UK & European markets. Index ETFs won’t cut it since sector spreads are massive. Picking the right companies matters now more than ever.
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Last Week

The Big Beautiful Deficit

Latest News

NOD
NOK 143.70
Nordic Semiconductor
7D
4.7%
1Y
-3.3%

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AKRBP
NOK 243.90
Aker BP
7D
-8.3%
1Y
-6.6%

Some May Be Optimistic About Aker BP's (OB:AKRBP) Earnings

Jul 22
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BAKKA
NOK 410.40
P/F Bakkafrost
7D
-12.2%
1Y
-25.7%
TOM
NOK 140.00
Tomra Systems
7D
-14.3%
1Y
-15.6%
TEL
NOK 160.00
Telenor
7D
1.7%
1Y
25.2%
VENDA
NOK 401.60
Vend Marketplaces
7D
12.5%
1Y
28.6%
AKER
NOK 635.00
Aker
7D
-5.9%
1Y
-3.5%
DNB
NOK 258.00
DNB Bank
7D
-1.9%
1Y
16.2%
AUTO
NOK 7.06
AutoStore Holdings
7D
8.4%
1Y
-50.2%

Revenues Not Telling The Story For AutoStore Holdings Ltd. (OB:AUTO) After Shares Rise 30%

Jul 16
Revenues Not Telling The Story For AutoStore Holdings Ltd. (OB:AUTO) After Shares Rise 30%
EQNR
NOK 262.00
Equinor
7D
-3.1%
1Y
-10.3%
STB
NOK 147.30
Storebrand
7D
1.3%
1Y
34.6%
KOG
NOK 313.15
Kongsberg Gruppen
7D
-2.7%
1Y
43.9%
COSH
NOK 75.55
Constellation Oil Services Holding
7D
-5.6%
1Y
n/a
MOWI
NOK 194.50
Mowi
7D
0.7%
1Y
9.5%

We Think Mowi (OB:MOWI) Is Taking Some Risk With Its Debt

Jun 30
We Think Mowi (OB:MOWI) Is Taking Some Risk With Its Debt
NHY
NOK 62.00
Norsk Hydro
7D
2.1%
1Y
-2.9%

Norsk Hydro ASA's (OB:NHY) P/E Is On The Mark

Jun 30
Norsk Hydro ASA's (OB:NHY) P/E Is On The Mark
SUBC
NOK 199.90
Subsea 7
7D
1.4%
1Y
-5.3%