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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedSep 11, 2026
DataAggregated Company Financials
Companies287
  • 7D0.5%
  • 3M6.7%
  • 1Y22.6%
  • YTD19.8%

Over the last 7 days, the market has remained flat, with no particular sector making any big moves this week. Meanwhile, the market is actually up 23% over the past year. As for the next few years, earnings are expected to grow by 7.5% 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, 11 Sep 2026NOK 4.9tNOK 3.4tNOK 346.2b13.9x14.2x1.5x
Sun, 09 Aug 2026NOK 4.7tNOK 3.4tNOK 351.8b14x13.4x1.4x
Tue, 07 Jul 2026NOK 4.4tNOK 3.2tNOK 276.7b13.7x15.9x1.4x
Thu, 04 Jun 2026NOK 4.6tNOK 3.1tNOK 266.2b14x17.2x1.5x
Sat, 02 May 2026NOK 4.7tNOK 3.0tNOK 248.2b14.5x18.9x1.5x
Mon, 30 Mar 2026NOK 4.7tNOK 3.1tNOK 253.7b14.1x18.5x1.5x
Wed, 25 Feb 2026NOK 4.6tNOK 3.1tNOK 244.5b13.9x18.8x1.5x
Fri, 23 Jan 2026NOK 4.3tNOK 3.2tNOK 264.2b14.7x16.4x1.3x
Sun, 21 Dec 2025NOK 4.2tNOK 3.3tNOK 268.6b14.1x15.6x1.3x
Tue, 18 Nov 2025NOK 4.1tNOK 3.3tNOK 269.1b13x15.2x1.2x
Thu, 16 Oct 2025NOK 4.1tNOK 3.3tNOK 296.1b12.2x14x1.3x
Sat, 13 Sep 2025NOK 4.2tNOK 3.2tNOK 292.5b12.6x14.2x1.3x
Mon, 11 Aug 2025NOK 4.1tNOK 3.3tNOK 307.9b13.1x13.3x1.2x
Wed, 09 Jul 2025NOK 4.0tNOK 3.2tNOK 302.8b12.7x13.3x1.2x
Fri, 06 Jun 2025NOK 3.9tNOK 3.2tNOK 301.8b12.2x13.1x1.2x
Sun, 04 May 2025NOK 3.8tNOK 3.3tNOK 325.0b11.9x11.7x1.1x
Tue, 01 Apr 2025NOK 3.9tNOK 3.3tNOK 319.6b12.1x12.3x1.2x
Thu, 27 Feb 2025NOK 3.9tNOK 3.3tNOK 334.9b11.5x11.5x1.2x
Sat, 25 Jan 2025NOK 3.8tNOK 3.4tNOK 335.1b12.1x11.5x1.1x
Mon, 23 Dec 2024NOK 3.6tNOK 3.5tNOK 340.0b11.4x10.7x1x
Wed, 20 Nov 2024NOK 3.7tNOK 3.4tNOK 328.7b10.5x11.4x1.1x
Fri, 18 Oct 2024NOK 3.8tNOK 3.3tNOK 315.2b11.1x12x1.1x
Sun, 15 Sep 2024NOK 3.7tNOK 3.3tNOK 308.4b11.2x12.1x1.1x
Tue, 13 Aug 2024NOK 3.8tNOK 3.3tNOK 298.9b10.9x12.8x1.2x
Thu, 11 Jul 2024NOK 3.8tNOK 3.3tNOK 286.8b11.2x13.3x1.2x
Sat, 08 Jun 2024NOK 3.9tNOK 3.3tNOK 287.7b11.4x13.6x1.2x
Mon, 06 May 2024NOK 4.0tNOK 3.3tNOK 287.8b11.5x13.8x1.2x
Wed, 03 Apr 2024NOK 4.0tNOK 3.4tNOK 299.9b12x13.2x1.2x
Fri, 01 Mar 2024NOK 3.8tNOK 3.3tNOK 272.5b11.4x13.8x1.1x
Sun, 28 Jan 2024NOK 4.0tNOK 3.5tNOK 346.7b11.2x11.5x1.1x
Tue, 26 Dec 2023NOK 4.0tNOK 3.5tNOK 344.0b10.5x11.7x1.2x
Thu, 23 Nov 2023NOK 4.0tNOK 3.6tNOK 358.2b10x11.1x1.1x
Sat, 21 Oct 2023NOK 4.0tNOK 3.8tNOK 427.6b10.7x9.4x1.1x
Mon, 18 Sep 2023NOK 4.1tNOK 3.8tNOK 418.3b10.6x9.7x1.1x
Price to Earnings Ratio

9.7x


Total Market Cap: NOK 4.1tTotal Earnings: NOK 418.3bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 13.6x202420252026
Current Market PE
  • Investors are relatively neutral on the Norwegian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 13.6x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 6.1% per year over the last three years.
  • Revenues have also declined 3.6% 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 Market0.47%
Energy2.64%
Utilities0.36%
Consumer Staples0.21%
Tech-0.14%
Real Estate-0.30%
Industrials-0.33%
Healthcare-0.72%
Financials-0.84%
Telecom-1.81%
Materials-2.22%
Consumer Discretionary-2.31%
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 418x.
    • Analysts are expecting annual earnings growth of 28.4%, which is lower than the prior year's growth of 39.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 81% over the next 5 years.
  • However this is lower than its past earnings growth rate of 207% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 5.8% 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
EQNR EquinorNOK 415.505.6%
+NOK 52.0b		72.0%PE11.7xEnergy
VAR Vår EnergiNOK 53.126.1%
+NOK 7.6b		59.2%PE10.9xEnergy
AKRBP Aker BPNOK 360.402.3%
+NOK 5.2b		47.6%PE17.3xEnergy
SALM SalMarNOK 581.505.7%
+NOK 4.3b		5.5%PE36xConsumer Staples
MOWI MowiNOK 205.802.0%
+NOK 2.1b		-4.6%PE15.8xConsumer Staples
See more

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Latest News

ODL
NOK 102.60
Odfjell Drilling
7D
7.8%
1Y
31.4%
KOG
NOK 303.00
Kongsberg Gruppen
7D
-1.8%
1Y
-2.0%
NHY
NOK 87.54
Norsk Hydro
7D
-6.8%
1Y
31.0%
VAR
NOK 53.12
Vår Energi
7D
6.1%
1Y
59.2%
Narrative Update • Sep 09

VAR: BlueNord Acquisition And Higher Leverage Will Constrain Future Returns

The analyst price target for Vår Energi has shifted modestly, with the updated fair value moving from about NOK 41.37 to NOK 40.19 as analysts weigh the new NOK 56 and NOK 55 targets against balance sheet pressures following the BlueNord acquisition. Analyst Commentary Recent research coverage on Vår Energi highlights a split view.
AKRBP
NOK 360.40
Aker BP
7D
2.3%
1Y
47.6%
Narrative Update • Sep 09

AKRBP: Execution Risks On Skarv Developments Will Pressure Future Share Returns

Aker BP's updated analyst price target now reflects a fair value of NOK 240.15, compared with NOK 232.48 previously. Analysts have factored in higher assumed discount rates, slightly lower revenue growth and profit margin expectations, and a higher future P/E multiple following recent initiation and downgrade actions on the stock.
MOWI
NOK 205.80
Mowi
7D
2.0%
1Y
-4.6%
Narrative Update • Sep 09

MOWI: Dividend Strength And China Expansion Will Support Future Returns

Mowi’s analyst price target has been revised down by about NOK 7 to reflect a lower fair value estimate and reduced revenue growth assumptions, with analysts highlighting recent downgrades to Hold and NOK 200 price targets amid concerns about costs. Analyst Commentary Recent commentary on Mowi points to a more cautious stance from research houses, with several moving to Hold ratings and aligning around a NOK 200 price target.
EQNR
NOK 415.50
Equinor
7D
5.6%
1Y
72.0%
SALM
NOK 581.50
SalMar
7D
5.7%
1Y
5.5%
Narrative Update • Sep 03

SALM: Higher Costs And Rich Pricing Will Likely Cap Record Volume Upside

Analysts have raised their SalMar price target from NOK 480 to NOK 520, citing limited downside at current levels and slightly firmer margin expectations, even though they maintain a more measured view on revenue growth and future P/E. Analyst Commentary Recent SalMar research points to a more cautious tone, even as some price targets remain relatively close to current market levels.
TOM
NOK 94.70
Tomra Systems
7D
-10.6%
1Y
-36.3%
Narrative Update • Sep 03

TOM: Deposit Return Rollout And Margin Outlook Will Shape Fairly Balanced Upside

Analysts have lifted their fair value price target for Tomra Systems from about NOK 85.51 to roughly NOK 105.14, supported by updated assumptions on discount rate, revenue growth, profit margins, and future P/E. Recent Street research, such as the Barclays move to NOK 120, provides additional context on how the stock is being valued today.
DNB
NOK 316.50
DNB Bank
7D
-1.2%
1Y
18.2%
Narrative Update • Sep 03

DNB: Future Returns Will Weigh Nordic Tailwinds Against Margin Pressure Risks

The analyst fair value estimate for DNB Bank has been revised higher to NOK 310.24 from NOK 302.47, reflecting updated assumptions on earnings power in combination with recent Street price target moves that cite a better Nordic banking backdrop, rate conditions, volumes and spreads. Analyst Commentary Recent Street research on DNB Bank shows a split view on the stock, with several bullish analysts raising price targets alongside more cautious voices trimming targets or ratings.
GJF
NOK 278.00
Gjensidige Forsikring
7D
-1.5%
1Y
-1.8%
VEND
NOK 238.00
Vend Marketplaces
7D
-5.1%
1Y
-35.0%
AKER
NOK 1,572.00
Aker
7D
-2.4%
1Y
123.9%
HAFNI
NOK 88.65
Hafnia
7D
4.5%
1Y
45.8%
ORK
NOK 91.10
Orkla
7D
-2.3%
1Y
-19.6%
Narrative Update • Aug 21

ORK: Share Buybacks And Margins Will Support Reappraisal Despite Downgrade

Analysts have trimmed their price target for Orkla to NOK 112 from NOK 115. This change reflects updated expectations that factor in weaker relative growth and margin prospects cited in recent research.
NOD
NOK 175.20
Nordic Semiconductor
7D
4.2%
1Y
15.4%
Narrative Update • Aug 10

NOD: Edge AI And Cloud Services Will Support Future Earnings Re Rating

Analysts have modestly lifted their fair value estimate for Nordic Semiconductor, with the implied price target moving from NOK 235.00 to NOK 250.00. They cite refined assumptions around growth, profitability and discount rates, alongside recent mixed Street targets in the NOK 165 to NOK 175 range.