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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies279
  • 7D-2.4%
  • 3M14.0%
  • 1Y30.8%
  • YTD16.1%

Over the last 7 days, the market has dropped 2.4%, driven by a loss of 3.5% in the Energy sector. In the last year, the market is actually up 31%. As for the next few years, earnings are expected to grow by 11% 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
Wed, 22 Apr 2026NOK 4.7tNOK 3.0tNOK 245.8b14.7x18.9x1.5x
Fri, 20 Mar 2026NOK 4.9tNOK 3.1tNOK 246.5b14.1x20x1.6x
Sun, 15 Feb 2026NOK 4.5tNOK 3.1tNOK 243.9b14.2x18.2x1.5x
Tue, 13 Jan 2026NOK 4.3tNOK 3.3tNOK 267.5b14.5x16x1.3x
Thu, 11 Dec 2025NOK 4.1tNOK 3.3tNOK 268.6b13.6x15.3x1.3x
Sat, 08 Nov 2025NOK 4.0tNOK 3.3tNOK 269.2b12.8x15x1.2x
Mon, 06 Oct 2025NOK 4.2tNOK 3.2tNOK 293.5b12.5x14.3x1.3x
Wed, 03 Sep 2025NOK 4.1tNOK 3.2tNOK 295.4b12.4x14x1.3x
Fri, 01 Aug 2025NOK 4.1tNOK 3.3tNOK 306.1b13x13.4x1.2x
Sun, 29 Jun 2025NOK 4.0tNOK 3.2tNOK 302.4b12.5x13.3x1.2x
Tue, 27 May 2025NOK 3.9tNOK 3.2tNOK 300.8b12x13x1.2x
Thu, 24 Apr 2025NOK 3.7tNOK 3.3tNOK 319.8b11.9x11.6x1.1x
Sat, 22 Mar 2025NOK 4.0tNOK 3.3tNOK 319.3b12x12.4x1.2x
Mon, 17 Feb 2025NOK 3.8tNOK 3.3tNOK 327.8b11.2x11.7x1.2x
Wed, 15 Jan 2025NOK 3.8tNOK 3.5tNOK 338.9b12.1x11.3x1.1x
Fri, 13 Dec 2024NOK 3.8tNOK 3.4tNOK 336.2b11.1x11.2x1.1x
Sun, 10 Nov 2024NOK 3.7tNOK 3.4tNOK 326.9b11.1x11.3x1.1x
Tue, 08 Oct 2024NOK 3.8tNOK 3.3tNOK 307.0b11.2x12.4x1.2x
Thu, 05 Sep 2024NOK 3.7tNOK 3.3tNOK 307.4b11x12x1.1x
Sat, 03 Aug 2024NOK 3.8tNOK 3.3tNOK 300.2b10.8x12.6x1.1x
Mon, 01 Jul 2024NOK 3.9tNOK 3.3tNOK 286.9b11.3x13.6x1.2x
Wed, 29 May 2024NOK 4.1tNOK 3.3tNOK 281.2b11.7x14.6x1.2x
Fri, 26 Apr 2024NOK 4.0tNOK 3.4tNOK 278.2b11.4x14.3x1.2x
Sun, 24 Mar 2024NOK 3.9tNOK 3.4tNOK 300.5b11.3x13x1.2x
Tue, 20 Feb 2024NOK 3.8tNOK 3.3tNOK 265.3b11.3x14.3x1.1x
Thu, 18 Jan 2024NOK 3.9tNOK 3.5tNOK 350.1b10.7x11.2x1.1x
Sat, 16 Dec 2023NOK 4.0tNOK 3.5tNOK 350.0b10.4x11.4x1.1x
Mon, 13 Nov 2023NOK 4.0tNOK 3.6tNOK 368.5b10.3x11x1.1x
Wed, 11 Oct 2023NOK 4.1tNOK 3.8tNOK 419.0b10.8x9.7x1.1x
Fri, 08 Sep 2023NOK 4.0tNOK 3.8tNOK 415.4b10.8x9.5x1.1x
Sun, 06 Aug 2023NOK 3.9tNOK 3.6tNOK 401.2b11.1x9.7x1.1x
Tue, 04 Jul 2023NOK 3.9tNOK 3.8tNOK 502.7b11.1x7.7x1x
Thu, 01 Jun 2023NOK 3.8tNOK 3.9tNOK 528.2b11.5x7.2x1x
Sat, 29 Apr 2023NOK 4.0tNOK 3.8tNOK 541.3b12.2x7.3x1x
Price to Earnings Ratio

7.3x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 541.3bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12.6x202420252026
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 18.9x which is higher than its 3-year average PE of 12.6x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 23% per year over the last three years.
  • Revenues have also declined 7.3% 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 Market-2.36%
Tech2.81%
Consumer Discretionary1.52%
Healthcare0.43%
Real Estate-0.36%
Telecom-0.51%
Financials-1.17%
Materials-1.94%
Industrials-3.05%
Consumer Staples-3.29%
Energy-3.52%
Utilities-4.20%
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 296x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.7%, which is higher than its past year's earnings growth of 14.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings growth rate of 18% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 4.6% 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
AUTO AutoStore HoldingsNOK 11.378.4%
+NOK 3.0b		57.3%PE50xIndustrials
NOD Nordic SemiconductorNOK 184.408.6%
+NOK 2.9b		69.6%PE238.9xTech
VEND Vend MarketplacesNOK 261.805.0%
+NOK 2.6b		-10.2%PS8.7xTelecom
TGS TGSNOK 139.609.9%
+NOK 2.5b		77.7%PE160.3xEnergy
DDRIL Dolphin DrillingNOK 3.1828.2%
+NOK 883.6m		-99.6%PS0.8xEnergy
See more

Market Insights

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Latest News

OET
NOK 490.00
Okeanis Eco Tankers
7D
4.0%
1Y
119.7%

Bullish: Analysts Just Made A Meaningful Upgrade To Their Okeanis Eco Tankers Corp. (OB:OET) Forecasts

Apr 22
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EQNR
NOK 344.90
Equinor
7D
-4.4%
1Y
41.8%

EQNR: Higher Discount-Rate Assumptions Will Pressure Future Project Returns

Equinor's updated fair value estimate has increased to roughly NOK 240 from about NOK 186, as analysts adjust their price targets across a wide NOK range and factor in revised assumptions on discount rates, revenue trends, margins, and future P/E levels. Analyst Commentary Recent Street research on Equinor highlights a mixed backdrop, with some firms lifting targets and ratings while others turn more cautious.
AKRBP
NOK 338.20
Aker BP
7D
-1.9%
1Y
52.3%

AKRBP: Future Returns Will Rely On Balanced Exploration Delivery And Capital Discipline

Aker BP's analyst fair value estimate has shifted from NOK 263.65 to NOK 314.71, as analysts update models for higher revenue growth and profit margins while acknowledging a slightly higher discount rate and modestly higher future P/E expectations following recent rating and price target changes around the name. Analyst Commentary Recent research on Aker BP shows a mix of optimism and caution, with several firms updating ratings and price targets in light of revised assumptions for revenue growth, profit margins, and risk.
GSF
NOK 33.90
Grieg Seafood
7D
-53.0%
1Y
-40.5%
TGS
NOK 139.60
TGS
7D
9.9%
1Y
77.7%

TGS: Rich Future P/E Will Outrun Softer Profit Margin Outlook

Analysts have raised their NOK price target on TGS to NOK104.49 from NOK95.57, citing updated assumptions on discount rates, revenue trends, profit margins and future P/E that align with the more positive research tone seen in recent upgrades and target increases across the sector. Analyst Commentary Recent research on TGS points to a more constructive tone, with the higher NOK104.49 price target reflecting updated views on risk, earnings power and valuation multiples.
DNB
NOK 308.30
DNB Bank
7D
-1.4%
1Y
18.6%

DNB: Future Returns Will Depend On Execution And Dividend And Buyback Discipline

Analysts have raised the DNB Bank fair value estimate from NOK 301.27 to about NOK 312.19. This reflects updated views on slightly stronger revenue growth, a small improvement in profit margin and a modestly higher future P/E multiple, supported by a series of recent price target hikes and upgrades across several firms.
TEL
NOK 162.70
Telenor
7D
-1.8%
1Y
7.9%
NOD
NOK 184.40
Nordic Semiconductor
7D
8.6%
1Y
69.6%

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

Analysts have nudged their price target for Nordic Semiconductor higher to NOK 225 from NOK 220, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E, as well as recent upward revisions and upgrades in Street research. Analyst Commentary Recent Street research has leaned more positive on Nordic Semiconductor, with bullish analysts adjusting their views and price targets in a way that points to increased confidence in the company’s execution and earnings power.
KOG
NOK 369.60
Kongsberg Gruppen
7D
-7.3%
1Y
18.0%

KOG: Fair Value View Balances Defence Contracts With Execution And Pricing Risks

Analysts have raised their fair value estimate for Kongsberg Gruppen to NOK 417.75, up from NOK 401.00, citing updated assumptions around revenue growth, profit margins, discount rates and future P/E levels in recent research. Analyst Commentary Recent Street research on Kongsberg Gruppen points to a split view, with some analysts focusing on upside potential and others calling out risks to execution and valuation.
SUBC
NOK 292.60
Subsea 7
7D
-6.1%
1Y
101.9%

SUBC: Rising Multiples And Weaker Margins Will Constrain Future Share Price Upside

The analyst price target for Subsea 7 has been increased from NOK 174.64 to NOK 192.81 as analysts factor in higher Street targets in the NOK 254 to NOK 320 range, supported by research citing strong recent utilization, firmer margins and expectations that these operational trends will persist into FY26. Analyst Commentary Recent Street research shows a mix of optimism on Subsea 7, with several large houses lifting price targets into the NOK 254 to NOK 320 range, while keeping ratings such as Buy, Overweight, Neutral and Sector Perform.
NEL
NOK 2.52
Nel
7D
16.1%
1Y
14.5%

NEL: Execution And Funding Will Shape Future Returns At Current Pricing

Analysts have trimmed their price target on Nel to about NOK 2.14 from roughly NOK 2.18, reflecting updated assumptions around discount rates, revenue growth and future P/E. These changes align with recent target cuts from NOK 2.70 to NOK 2.40 and a further NOK 0.30 reduction.
YAR
NOK 527.60
Yara International
7D
-2.8%
1Y
67.8%
DDRIL
NOK 3.18
Dolphin Drilling
7D
28.2%
1Y
-99.6%
VEND
NOK 261.80
Vend Marketplaces
7D
5.0%
1Y
-10.2%
AUTO
NOK 11.37
AutoStore Holdings
7D
8.4%
1Y
57.3%
AFK
NOK 189.00
Arendals Fossekompani
7D
8.6%
1Y
53.7%