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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedAug 23, 2025
DataAggregated Company Financials
Companies295
  • 7D1.6%
  • 3M6.9%
  • 1Y8.5%
  • YTD7.8%

The market has climbed 1.6% in the last 7 days, lead by the Energy sector with a gain of 3.2%. As for the past 12 months, the market is up 8.5%. 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
Sat, 23 Aug 2025NOK 4.2tNOK 3.2tNOK 303.1b13.2x13.8x1.3x
Mon, 21 Jul 2025NOK 4.1tNOK 3.3tNOK 302.9b13x13.5x1.3x
Wed, 18 Jun 2025NOK 4.1tNOK 3.2tNOK 299.6b12.6x13.7x1.3x
Fri, 16 May 2025NOK 3.9tNOK 3.3tNOK 311.0b12.5x12.4x1.2x
Sun, 13 Apr 2025NOK 3.6tNOK 3.3tNOK 318.9b11.5x11.3x1.1x
Tue, 11 Mar 2025NOK 3.8tNOK 3.3tNOK 327.4b11.6x11.7x1.2x
Thu, 06 Feb 2025NOK 3.9tNOK 3.4tNOK 336.3b12x11.6x1.1x
Sat, 04 Jan 2025NOK 3.8tNOK 3.5tNOK 339.6b11.7x11.2x1.1x
Mon, 02 Dec 2024NOK 3.8tNOK 3.4tNOK 329.6b11.5x11.4x1.1x
Wed, 30 Oct 2024NOK 3.8tNOK 3.4tNOK 326.0b11.4x11.7x1.1x
Fri, 27 Sep 2024NOK 3.7tNOK 3.3tNOK 305.7b11.1x12x1.1x
Sun, 25 Aug 2024NOK 3.8tNOK 3.3tNOK 301.5b11.2x12.6x1.2x
Tue, 23 Jul 2024NOK 3.9tNOK 3.3tNOK 303.1b11.2x12.8x1.2x
Thu, 20 Jun 2024NOK 3.8tNOK 3.3tNOK 285.1b11.2x13.5x1.2x
Sat, 18 May 2024NOK 4.1tNOK 3.3tNOK 285.7b11.8x14.2x1.2x
Mon, 15 Apr 2024NOK 4.1tNOK 3.4tNOK 301.7b11.7x13.5x1.2x
Wed, 13 Mar 2024NOK 3.8tNOK 3.3tNOK 288.8b11.2x13.2x1.1x
Fri, 09 Feb 2024NOK 3.7tNOK 3.4tNOK 282.9b11.7x13.3x1.1x
Sun, 07 Jan 2024NOK 4.1tNOK 3.5tNOK 345.1b10.9x11.8x1.2x
Tue, 05 Dec 2023NOK 4.0tNOK 3.6tNOK 361.1b10.2x11.1x1.1x
Thu, 02 Nov 2023NOK 4.0tNOK 3.6tNOK 366.1b10.6x11.1x1.1x
Sat, 30 Sep 2023NOK 4.0tNOK 3.7tNOK 415.0b10.5x9.8x1.1x
Mon, 28 Aug 2023NOK 3.9tNOK 3.7tNOK 411.9b10.5x9.4x1x
Wed, 26 Jul 2023NOK 3.9tNOK 3.7tNOK 448.6b10.8x8.6x1x
Fri, 23 Jun 2023NOK 3.8tNOK 3.8tNOK 500.9b11.4x7.6x1x
Sun, 21 May 2023NOK 3.9tNOK 3.9tNOK 558.2b11.7x7x1x
Tue, 18 Apr 2023NOK 4.0tNOK 3.8tNOK 504.9b11.8x7.9x1.1x
Thu, 16 Mar 2023NOK 3.8tNOK 3.8tNOK 560.1b11.3x6.8x1x
Sat, 11 Feb 2023NOK 4.1tNOK 3.6tNOK 553.2b11.4x7.4x1.1x
Mon, 09 Jan 2023NOK 3.9tNOK 3.6tNOK 490.9b11.8x8x1.1x
Wed, 07 Dec 2022NOK 4.0tNOK 3.6tNOK 487.7b11.4x8.2x1.1x
Fri, 04 Nov 2022NOK 4.1tNOK 3.6tNOK 482.9b11.4x8.4x1.1x
Sun, 02 Oct 2022NOK 3.8tNOK 3.5tNOK 398.1b11.4x9.4x1.1x
Tue, 30 Aug 2022NOK 4.3tNOK 3.2tNOK 368.3b12.4x11.7x1.3x
Price to Earnings Ratio

11.7x


Total Market Cap: NOK 4.3tTotal Earnings: NOK 368.3bTotal Revenue: NOK 3.2tTotal 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 13.8x which is higher than its 3-year average PE of 10.9x.
Past Earnings Growth
  • The earnings for Norwegian listed companies have declined 6.3% 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 Market1.62%
Healthcare4.24%
Utilities3.58%
Energy3.16%
Consumer Staples2.57%
Financials1.28%
Industrials1.15%
Consumer Discretionary1.08%
Real Estate0.76%
Telecom-0.25%
Materials-0.75%
Tech-2.05%
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 348x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 34.8% which is higher than its past year's earnings decline of 13.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 62% 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 8.3% 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 87.007.4%
+NOK 9.1b		n/aPS24.3xEnergy
EQNR EquinorNOK 253.301.4%
+NOK 7.9b		-10.4%PE7.5xEnergy
AKRBP Aker BPNOK 253.904.4%
+NOK 6.8b		-1.6%PE21.9xEnergy
SALM SalMarNOK 496.608.0%
+NOK 5.7b		-14.4%PE59.4xConsumer Staples
DNB DNB BankNOK 273.001.4%
+NOK 5.5b		22.0%PB1.5xFinancials
See more

Market Insights

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SALM
NOK 496.60
SalMar
7D
8.0%
1Y
-14.4%
BWLPG
NOK 166.20
BWG
7D
11.2%
1Y
-4.5%

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Aug 22
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BEWI
NOK 19.40
BEWI
7D
-16.9%
1Y
-31.0%
KOG
NOK 295.00
Kongsberg Gruppen
7D
-0.7%
1Y
33.5%
AKRBP
NOK 253.90
Aker BP
7D
4.4%
1Y
-1.6%
AUTO
NOK 8.49
AutoStore Holdings
7D
-6.7%
1Y
-25.1%

Industry Analysts Just Made A Notable Upgrade To Their AutoStore Holdings Ltd. (OB:AUTO) Revenue Forecasts

Aug 21
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MULTI
NOK 178.50
Multiconsult
7D
-11.6%
1Y
0.3%
YAR
NOK 374.30
Yara International
7D
-1.6%
1Y
22.8%
DNB
NOK 273.00
DNB Bank
7D
1.4%
1Y
22.0%
VAR
NOK 33.84
Vår Energi
7D
-1.2%
1Y
-4.1%
HAFNI
NOK 60.26
Hafnia
7D
10.2%
1Y
-27.5%

We Think Hafnia (OB:HAFNI) Can Stay On Top Of Its Debt

Aug 12
We Think Hafnia (OB:HAFNI) Can Stay On Top Of Its Debt
EQNR
NOK 253.30
Equinor
7D
1.4%
1Y
-10.4%
AKER
NOK 726.00
Aker
7D
5.2%
1Y
20.4%

There May Be Some Bright Spots In Aker's (OB:AKER) Earnings

Jul 24
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VENDA
NOK 403.80
Vend Marketplaces
7D
-1.8%
1Y
32.9%
COSH
NOK 87.00
Constellation Oil Services Holding
7D
7.4%
1Y
n/a
SDNS
NOK 21.00
Shelf Drilling (North Sea)
7D
-29.3%
1Y
-31.6%