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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies285
  • 7D-0.04%
  • 3M-5.2%
  • 1Y13.5%
  • YTD9.7%

In the last week, the market has stayed flat, however the Consumer Staples sector stood out, gaining 3.6%. Meanwhile, the market is actually up 13% over the past year. Looking forward, earnings are forecast to grow by 11% annually.

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 Jul 2026NOK 4.5tNOK 3.2tNOK 300.7b13.5x14.8x1.4x
Fri, 19 Jun 2026NOK 4.4tNOK 3.1tNOK 272.2b13.5x16x1.4x
Sun, 17 May 2026NOK 4.6tNOK 3.1tNOK 261.9b13.9x17.7x1.5x
Tue, 14 Apr 2026NOK 4.8tNOK 3.1tNOK 246.9b14.8x19.5x1.6x
Thu, 12 Mar 2026NOK 4.7tNOK 3.1tNOK 249.9b13.7x18.8x1.5x
Sat, 07 Feb 2026NOK 4.5tNOK 3.2tNOK 251.4b15x18.1x1.4x
Mon, 05 Jan 2026NOK 4.3tNOK 3.3tNOK 267.6b14.6x16x1.3x
Wed, 03 Dec 2025NOK 4.1tNOK 3.3tNOK 273.6b13.3x14.8x1.2x
Fri, 31 Oct 2025NOK 4.1tNOK 3.3tNOK 266.9b12.5x15.2x1.2x
Sun, 28 Sep 2025NOK 4.2tNOK 3.2tNOK 294.3b12.5x14.4x1.3x
Tue, 26 Aug 2025NOK 4.2tNOK 3.3tNOK 300.5b13.1x13.9x1.3x
Thu, 24 Jul 2025NOK 4.1tNOK 3.3tNOK 308.1b13x13.2x1.3x
Sat, 21 Jun 2025NOK 4.1tNOK 3.2tNOK 302.7b12.3x13.6x1.3x
Mon, 19 May 2025NOK 3.9tNOK 3.3tNOK 310.4b12x12.6x1.2x
Wed, 16 Apr 2025NOK 3.7tNOK 3.3tNOK 318.5b11.8x11.7x1.1x
Fri, 14 Mar 2025NOK 3.8tNOK 3.2tNOK 322.9b11.6x11.9x1.2x
Sun, 09 Feb 2025NOK 3.8tNOK 3.4tNOK 312.3b12x12.3x1.1x
Tue, 07 Jan 2025NOK 3.8tNOK 3.5tNOK 337.6b12x11.3x1.1x
Thu, 05 Dec 2024NOK 3.8tNOK 3.4tNOK 334.8b11.2x11.4x1.1x
Sat, 02 Nov 2024NOK 3.8tNOK 3.4tNOK 328.2b11x11.4x1.1x
Mon, 30 Sep 2024NOK 3.7tNOK 3.3tNOK 305.1b11.1x12.2x1.1x
Wed, 28 Aug 2024NOK 3.8tNOK 3.3tNOK 303.6b11.2x12.6x1.2x
Fri, 26 Jul 2024NOK 3.8tNOK 3.4tNOK 301.4b11x12.7x1.1x
Sun, 23 Jun 2024NOK 3.8tNOK 3.3tNOK 285.3b11.2x13.5x1.2x
Tue, 21 May 2024NOK 4.1tNOK 3.3tNOK 283.7b11.6x14.3x1.2x
Thu, 18 Apr 2024NOK 4.0tNOK 3.4tNOK 303.6b11.4x13.1x1.2x
Sat, 16 Mar 2024NOK 3.9tNOK 3.4tNOK 290.3b11.1x13.3x1.1x
Mon, 12 Feb 2024NOK 3.8tNOK 3.3tNOK 275.8b11.7x13.6x1.1x
Wed, 10 Jan 2024NOK 4.0tNOK 3.5tNOK 346.1b10.7x11.6x1.2x
Fri, 08 Dec 2023NOK 4.0tNOK 3.6tNOK 360.1b10.2x11.1x1.1x
Sun, 05 Nov 2023NOK 4.0tNOK 3.6tNOK 366.7b10.6x11x1.1x
Tue, 03 Oct 2023NOK 4.0tNOK 3.8tNOK 419.9b10.6x9.6x1.1x
Thu, 31 Aug 2023NOK 3.9tNOK 3.7tNOK 408.2b10.3x9.6x1.1x
Sat, 29 Jul 2023NOK 3.8tNOK 3.6tNOK 401.7b11.1x9.6x1.1x
Price to Earnings Ratio

9.6x


Total Market Cap: NOK 3.8tTotal Earnings: NOK 401.7bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 13.4x202420252026
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 14.8x which is higher than its 3-year average PE of 13.4x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 9.2% 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 Market-0.042%
Consumer Staples3.64%
Energy1.57%
Consumer Discretionary1.45%
Utilities0.82%
Real Estate0.25%
Industrials-0.13%
Healthcare-0.13%
Financials-0.74%
Materials-2.71%
Tech-2.99%
Telecom-7.41%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 105x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 40.6% which is higher than its past year's earnings decline of 36.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 83% over the next 5 years.
  • However this is lower than its past earnings growth rate of 140% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 3.7% 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 364.403.9%
+NOK 34.1b		39.4%PE17xEnergy
VAR Vår EnergiNOK 46.706.3%
+NOK 6.9b		38.3%PE9.3xEnergy
MOWI MowiNOK 196.504.3%
+NOK 4.3b		0.5%PE11.1xConsumer Staples
AKRBP Aker BPNOK 331.102.1%
+NOK 4.2b		35.1%PE15.3xEnergy
STB StorebrandNOK 197.204.6%
+NOK 3.3b		34.9%PE17xFinancials
See more

Market Insights

Header cover image
A strong brand today doesn't guarantee a strong brand forever. Even the most established names can see their pricing power fade over time. In an industry landscape being reshaped by new entrants, shifting tastes and disruptive technology, it's worth understanding how to tell a temporary dip from a permanent decline.
Continue reading
What makes a lasting brand?

Latest News

VAR
NOK 46.70
Vår Energi
7D
6.3%
1Y
38.3%
EQNR
NOK 364.40
Equinor
7D
3.9%
1Y
39.4%
YAR
NOK 439.70
Yara International
7D
-6.2%
1Y
13.3%
Narrative Update • Jul 20

YAR: Rising Margin Outlook And Management Discipline Will Drive Re Rating

The updated analyst price target for Yara International has been reduced from about NOK 650 to around NOK 616. This reflects analysts' views of a weaker agricultural backdrop, softer fertilizer pricing, pressure on farmer incomes, more cautious sentiment and higher gas cost assumptions, even as they still point to solid management and capital allocation.
KOG
NOK 276.80
Kongsberg Gruppen
7D
-0.9%
1Y
-11.9%
TOM
NOK 102.60
Tomra Systems
7D
6.0%
1Y
-26.7%
MOWI
NOK 196.50
Mowi
7D
4.3%
1Y
0.5%
STB
NOK 197.20
Storebrand
7D
4.6%
1Y
34.9%
TEL
NOK 132.50
Telenor
7D
-9.9%
1Y
-17.8%
Narrative Update • Jul 17

TEL: Nordics Expansion And IoT Proceeds Will Support Upside Potential

Telenor's updated fair value estimate of NOK 164.35, down from NOK 168, reflects a recalibrated view of analyst price targets that now cluster around NOK 140 to NOK 170, as analysts weigh recent upgrades to Buy and trimmed targets against mixed sentiment on Nordic telecoms. Analyst Commentary Recent research on Telenor shows a split view, with some analysts turning more positive on the stock while others are trimming expectations and leaning cautious on the Nordic telecoms space.
AKRBP
NOK 331.10
Aker BP
7D
2.1%
1Y
35.1%
AKER
NOK 1,252.00
Aker
7D
-1.6%
1Y
93.5%
AKSO
NOK 42.74
Aker Solutions
7D
-5.4%
1Y
41.0%
NHY
NOK 83.70
Norsk Hydro
7D
-5.9%
1Y
31.4%
Narrative Update • Jul 16

NHY: Execution Risks And Slovalco Restart Will Likely Restrain Future Upside

Analysts have taken a slightly more cautious view on Norsk Hydro, trimming the fair value estimate and price targets. Several recent revisions in the NOK 93 to NOK 116 range factor in more moderate revenue growth assumptions, steady margins, and updated P/E expectations.
GJF
NOK 277.20
Gjensidige Forsikring
7D
-1.8%
1Y
-0.3%
SALM
NOK 492.60
SalMar
7D
3.5%
1Y
15.5%
SB1NO
NOK 207.50
SpareBank 1 Sør-Norge
7D
2.5%
1Y
12.9%
CAPT
NOK 122.72
Capital Tankers
7D
-5.5%
1Y
n/a