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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedDec 26, 2025
DataAggregated Company Financials
Companies284
  • 7D0.5%
  • 3M-0.8%
  • 1Y9.7%
  • YTD7.6%

In the last week, the market has been flat. Meanwhile, the market is actually up 9.7% over the past year. As for the next few years, earnings are expected to grow by 16% 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, 27 Dec 2025NOK 4.2tNOK 3.3tNOK 266.8b14.5x15.8x1.3x
Mon, 24 Nov 2025NOK 4.0tNOK 3.3tNOK 271.6b13.5x14.7x1.2x
Wed, 22 Oct 2025NOK 4.1tNOK 3.2tNOK 295.5b12.3x13.8x1.3x
Fri, 19 Sep 2025NOK 4.2tNOK 3.2tNOK 292.9b12.4x14.2x1.3x
Sun, 17 Aug 2025NOK 4.1tNOK 3.3tNOK 306.7b13.3x13.4x1.3x
Tue, 15 Jul 2025NOK 4.0tNOK 3.3tNOK 304.0b12.9x13.2x1.2x
Thu, 12 Jun 2025NOK 4.0tNOK 3.2tNOK 301.9b12.6x13.3x1.2x
Sat, 10 May 2025NOK 3.8tNOK 3.3tNOK 314.4b12x12x1.2x
Mon, 07 Apr 2025NOK 3.6tNOK 3.3tNOK 320.3b11.5x11.2x1.1x
Wed, 05 Mar 2025NOK 3.8tNOK 3.3tNOK 334.7b11x11.2x1.1x
Fri, 31 Jan 2025NOK 3.9tNOK 3.5tNOK 337.5b12.3x11.5x1.1x
Sun, 29 Dec 2024NOK 3.7tNOK 3.5tNOK 340.8b11.3x10.9x1.1x
Tue, 26 Nov 2024NOK 3.8tNOK 3.4tNOK 330.5b11.5x11.5x1.1x
Thu, 24 Oct 2024NOK 3.8tNOK 3.4tNOK 318.7b11x11.9x1.1x
Sat, 21 Sep 2024NOK 3.7tNOK 3.3tNOK 305.3b11.3x12.1x1.1x
Mon, 19 Aug 2024NOK 3.8tNOK 3.3tNOK 299.5b11x12.8x1.2x
Wed, 17 Jul 2024NOK 3.8tNOK 3.3tNOK 292.2b11.3x13.1x1.2x
Fri, 14 Jun 2024NOK 3.9tNOK 3.3tNOK 286.4b11.4x13.5x1.2x
Sun, 12 May 2024NOK 4.1tNOK 3.3tNOK 287.3b11.7x14.3x1.2x
Tue, 09 Apr 2024NOK 4.0tNOK 3.3tNOK 296.9b12.4x13.4x1.2x
Thu, 07 Mar 2024NOK 3.8tNOK 3.3tNOK 289.5b11.3x13.1x1.1x
Sat, 03 Feb 2024NOK 3.9tNOK 3.6tNOK 353.2b11.3x11.1x1.1x
Mon, 01 Jan 2024NOK 4.0tNOK 3.5tNOK 341.0b10.9x11.9x1.2x
Wed, 29 Nov 2023NOK 4.0tNOK 3.5tNOK 356.6b10.2x11.3x1.1x
Fri, 27 Oct 2023NOK 4.0tNOK 3.8tNOK 423.2b10.7x9.4x1x
Sun, 24 Sep 2023NOK 4.1tNOK 3.8tNOK 417.8b10.5x9.7x1.1x
Tue, 22 Aug 2023NOK 3.9tNOK 3.7tNOK 421.1b10.3x9.2x1x
Thu, 20 Jul 2023NOK 3.8tNOK 3.7tNOK 452.9b10.6x8.3x1x
Sat, 17 Jun 2023NOK 3.9tNOK 3.8tNOK 498.2b11.5x7.9x1x
Mon, 15 May 2023NOK 3.9tNOK 3.8tNOK 549.2b11.8x7x1x
Wed, 12 Apr 2023NOK 3.9tNOK 3.8tNOK 507.8b11.9x7.8x1x
Fri, 10 Mar 2023NOK 4.0tNOK 3.8tNOK 557.5b11.9x7.2x1.1x
Sun, 05 Feb 2023NOK 4.0tNOK 3.7tNOK 499.1b11.5x8x1.1x
Tue, 03 Jan 2023NOK 4.0tNOK 3.6tNOK 486.1b11.7x8.2x1.1x
Price to Earnings Ratio

8.2x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 486.1bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.5x20242025
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 15.8x which is higher than its 3-year average PE of 11.5x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 18% per year over the last three years.
  • Revenues have also declined 2.8% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

Which sectors have driven the changes within the Norwegian Market?

NO Market0.53%
Industrials1.00%
Materials0.96%
Healthcare0.86%
Tech0.81%
Energy0.67%
Financials0.64%
Utilities0.44%
Real Estate0.31%
Telecom0.30%
Consumer Discretionary-0.38%
Consumer Staples-0.93%
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 287x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 37.6% which is higher than its past year's earnings decline of 0.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 50% over the next 5 years.
  • This is better than its past earnings growth rate of 40% per year.
  • In contrast, the Real Estate industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
AKRBP Aker BPNOK 250.302.0%
+NOK 3.1b		13.8%PE18.8xEnergy
DNB DNB BankNOK 282.400.6%
+NOK 2.5b		24.1%PB1.5xFinancials
KOG Kongsberg GruppenNOK 260.700.9%
+NOK 2.2b		0.7%PE32.5xIndustrials
AUTO AutoStore HoldingsNOK 10.975.4%
+NOK 1.9b		-3.4%PE45.4xIndustrials
SUBC Subsea 7NOK 205.003.1%
+NOK 1.8b		14.3%PE21.1xEnergy
See more

Market Insights

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Three Sectors Expected to Rally in 2026 📈
With the backdrop of consistently strong broad market returns over the last few years, analysts are now looking at sector-specific plays that could outperform in 2026.
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Latest News

AKRBP
NOK 250.30
Aker BP
7D
2.0%
1Y
13.8%

AKRBP: Future Returns Will Depend On Exploration Delivery And Disciplined Capital Allocation

Analysts have nudged their price target on Aker BP slightly higher to approximately NOK 264 from NOK 261, citing a marginally lower discount rate and still solid long term earnings prospects, despite slightly softer expectations for revenue growth and profit margins. Analyst Commentary Bullish Takeaways Bullish analysts highlight that the modest price target increase, even amid trimmed growth and margin assumptions, signals confidence in Aker BP's resilience and earnings quality.
BAKKA
NOK 512.00
P/F Bakkafrost
7D
-1.7%
1Y
-19.1%

BAKKA: Upgraded NOK 540 View Will Emphasize Resilient Operations And Ongoing Risks

Narrative Update on P/F Bakkafrost The analyst price target for P/F Bakkafrost has been nudged higher to NOK 540, reflecting analysts' more constructive view on the company’s earnings resilience and valuation following recent upgrades, despite only marginal tweaks to long term growth and profitability assumptions. Analyst Commentary Bullish analysts view the upgrade and NOK 540 price target as confirmation that P/F Bakkafrost is better positioned to navigate near term volatility than previously assumed, with a more supportive risk reward profile at current levels.
YAR
NOK 416.90
Yara International
7D
1.5%
1Y
39.1%

YAR: Low Carbon Ammonia Projects And Margin Headwinds Will Shape Future Performance

Analysts have nudged their price target for Yara International higher to approximately $386 per share from about $379, reflecting a slightly lower perceived risk profile and marginally richer future valuation multiples, despite softer expectations for revenue growth and profit margins. What's in the News Yara and Air Products entered advanced negotiations to partner on large scale low emission ammonia projects in the United States, aiming to diversify Yara's energy position and enhance competitiveness of its European nitrate operations (Key Developments).
DNB
NOK 282.40
DNB Bank
7D
0.6%
1Y
24.1%

DNB: Future Returns Will Balance Profitability Strength Against Macro And Execution Risks

Analysts have nudged their price target on DNB Bank slightly higher to NOK 275.60 from about NOK 274.93, citing modestly stronger profit margin expectations despite mixed recent target revisions across the Street. Analyst Commentary Recent Street updates on DNB Bank present a mixed but generally constructive picture, with price targets adjusting in a relatively tight range and reflecting differing views on execution and earnings momentum.
SALM
NOK 607.50
SalMar
7D
-2.3%
1Y
11.6%

SalMar (OB:SALM) Takes On Some Risk With Its Use Of Debt

Dec 23
SalMar (OB:SALM) Takes On Some Risk With Its Use Of Debt
OET
NOK 328.00
Okeanis Eco Tankers
7D
-4.2%
1Y
40.8%
MOWI
NOK 240.20
Mowi
7D
-1.0%
1Y
22.7%

MOWI: Future Harvest Volumes And Dividends Will Offset Downgrade And Execution Risks

Analysts have raised their price target on Mowi by approximately NOK 10 to around NOK 257 per share, reflecting a modestly higher fair value despite slightly softer growth and margin assumptions and a recent downgrade to Hold. Analyst Commentary Analysts acknowledge that Mowi remains a high quality salmon producer with solid fundamentals, but the recent downgrade to Hold and modest price target increase signal a more balanced risk reward profile.
VEND
NOK 266.40
Vend Marketplaces
7D
-0.5%
1Y
-20.0%
AUTO
NOK 10.97
AutoStore Holdings
7D
5.4%
1Y
-3.4%

AutoStore Holdings Ltd.'s (OB:AUTO) Intrinsic Value Is Potentially 98% Above Its Share Price

Dec 17
AutoStore Holdings Ltd.'s (OB:AUTO) Intrinsic Value Is Potentially 98% Above Its Share Price
KOG
NOK 260.70
Kongsberg Gruppen
7D
0.9%
1Y
0.7%

The Trend Of High Returns At Kongsberg Gruppen (OB:KOG) Has Us Very Interested

Dec 17
The Trend Of High Returns At Kongsberg Gruppen (OB:KOG) Has Us Very Interested
SUBC
NOK 205.00
Subsea 7
7D
3.1%
1Y
14.3%
SNI
NOK 316.50
Stolt-Nielsen
7D
-3.5%
1Y
9.1%

SNI: Higher Profitability And Capital Returns Will Drive Stronger Future Upside

Analysts have raised their price target for Stolt-Nielsen by approximately NOK 46 to reflect a higher fair value estimate of about NOK 381, citing improved profit margin expectations and a slightly lower discount rate, despite more muted long term revenue growth assumptions. What's in the News CFO Jens F.
ORK
NOK 112.00
Orkla
7D
-0.6%
1Y
12.6%

Calculating The Fair Value Of Orkla ASA (OB:ORK)

Dec 02
Calculating The Fair Value Of Orkla ASA (OB:ORK)
TEL
NOK 143.80
Telenor
7D
0.6%
1Y
13.1%
ATEA
NOK 155.60
Atea
7D
-2.5%
1Y
11.8%
AKER
NOK 749.00
Aker
7D
2.0%
1Y
37.2%