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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedJan 17, 2026
DataAggregated Company Financials
Companies283
  • 7D3.0%
  • 3M7.9%
  • 1Y10.4%
  • YTD2.9%

The market has climbed 3.0% in the last 7 days, lead by the Energy sector with a gain of 5.2%. The market is up 10% over the last 12 months. As for the next few years, earnings are expected to grow by 15% 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, 17 Jan 2026NOK 4.4tNOK 3.3tNOK 267.8b14.5x16.5x1.3x
Mon, 15 Dec 2025NOK 4.2tNOK 3.3tNOK 268.5b13.8x15.5x1.3x
Wed, 12 Nov 2025NOK 4.1tNOK 3.3tNOK 270.8b13.4x15.1x1.2x
Fri, 10 Oct 2025NOK 4.2tNOK 3.2tNOK 295.5b12.2x14.1x1.3x
Sun, 07 Sep 2025NOK 4.1tNOK 3.2tNOK 295.7b12.4x13.9x1.3x
Tue, 05 Aug 2025NOK 4.1tNOK 3.3tNOK 306.0b13.1x13.4x1.2x
Thu, 03 Jul 2025NOK 4.0tNOK 3.2tNOK 302.0b12.7x13.2x1.2x
Sat, 31 May 2025NOK 3.9tNOK 3.3tNOK 305.7b12.1x12.7x1.2x
Mon, 28 Apr 2025NOK 3.7tNOK 3.3tNOK 320.3b12x11.6x1.1x
Wed, 26 Mar 2025NOK 4.0tNOK 3.3tNOK 319.5b12.2x12.4x1.2x
Fri, 21 Feb 2025NOK 3.8tNOK 3.3tNOK 328.6b11.3x11.7x1.2x
Sun, 19 Jan 2025NOK 3.9tNOK 3.5tNOK 340.1b12.2x11.4x1.1x
Tue, 17 Dec 2024NOK 3.7tNOK 3.4tNOK 336.5b11.3x11x1.1x
Thu, 14 Nov 2024NOK 3.7tNOK 3.4tNOK 330.4b10.6x11.1x1.1x
Sat, 12 Oct 2024NOK 3.8tNOK 3.3tNOK 307.8b11.5x12.4x1.2x
Mon, 09 Sep 2024NOK 3.7tNOK 3.3tNOK 308.9b11x11.9x1.1x
Wed, 07 Aug 2024NOK 3.7tNOK 3.3tNOK 299.6b10.7x12.3x1.1x
Fri, 05 Jul 2024NOK 3.9tNOK 3.3tNOK 284.7b11.4x13.6x1.2x
Sun, 02 Jun 2024NOK 4.0tNOK 3.3tNOK 281.9b11.7x14x1.2x
Tue, 30 Apr 2024NOK 4.0tNOK 3.4tNOK 277.2b11.4x14.4x1.2x
Thu, 28 Mar 2024NOK 3.9tNOK 3.4tNOK 302.6b11.8x13x1.2x
Sat, 24 Feb 2024NOK 3.8tNOK 3.3tNOK 267.7b11.7x14.1x1.1x
Mon, 22 Jan 2024NOK 3.9tNOK 3.5tNOK 349.5b10.8x11.3x1.1x
Wed, 20 Dec 2023NOK 4.0tNOK 3.5tNOK 345.4b10.5x11.6x1.2x
Fri, 17 Nov 2023NOK 4.1tNOK 3.6tNOK 360.6b10.4x11.3x1.1x
Sun, 15 Oct 2023NOK 4.1tNOK 3.8tNOK 423.2b10.7x9.7x1.1x
Tue, 12 Sep 2023NOK 4.0tNOK 3.7tNOK 413.2b10.8x9.7x1.1x
Thu, 10 Aug 2023NOK 3.9tNOK 3.6tNOK 403.5b10.9x9.8x1.1x
Sat, 08 Jul 2023NOK 3.8tNOK 3.8tNOK 499.3b11.1x7.6x1x
Mon, 05 Jun 2023NOK 3.9tNOK 3.9tNOK 520.8b11.5x7.4x1x
Wed, 03 May 2023NOK 3.9tNOK 3.8tNOK 555.3b11.6x7x1x
Fri, 31 Mar 2023NOK 3.9tNOK 3.7tNOK 545.3b11.6x7.1x1x
Sun, 26 Feb 2023NOK 4.0tNOK 3.7tNOK 579.1b11.5x7x1.1x
Tue, 24 Jan 2023NOK 4.0tNOK 3.6tNOK 483.9b11.8x8.2x1.1x
Price to Earnings Ratio

8.2x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 483.9bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.6x202420252026
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 16.5x which is higher than its 3-year average PE of 11.6x.
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 2.7% 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 Market3.05%
Industrials5.72%
Energy5.20%
Utilities3.75%
Materials2.77%
Financials1.88%
Real Estate0.48%
Tech-0.079%
Telecom-0.74%
Consumer Staples-0.88%
Consumer Discretionary-2.53%
Healthcare-3.61%
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 281x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 34.6% 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 51% over the next 5 years.
  • This is better than its past earnings growth rate of 40% per year.
  • In contrast, the Real Estate sector is expected to see its earnings grow by 3.0% 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 256.006.8%
+NOK 40.4b		-10.4%PE11.1xEnergy
KOG Kongsberg GruppenNOK 332.4011.1%
+NOK 29.2b		32.4%PE41.5xIndustrials
AKRBP Aker BPNOK 278.906.2%
+NOK 10.4b		8.7%PE20.8xEnergy
DNB DNB BankNOK 282.702.4%
+NOK 9.3b		18.9%PB1.5xFinancials
VAR Vår EnergiNOK 35.007.1%
+NOK 5.8b		-8.5%PE14.9xEnergy
See more

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Latest News

NOM
NOK 12.30
Nordic Mining
7D
-27.2%
1Y
-42.0%
KOG
NOK 332.40
Kongsberg Gruppen
7D
11.1%
1Y
32.4%
VAR
NOK 35.00
Vår Energi
7D
7.1%
1Y
-8.5%
TOM
NOK 132.20
Tomra Systems
7D
-2.4%
1Y
-13.9%

These 4 Measures Indicate That Tomra Systems (OB:TOM) Is Using Debt Reasonably Well

Jan 15
These 4 Measures Indicate That Tomra Systems (OB:TOM) Is Using Debt Reasonably Well
NORBT
NOK 184.60
Norbit
7D
-4.8%
1Y
98.5%

NORBT: Future Defence And Connectivity Contracts Will Support A Balanced Outlook

Narrative Update on Norbit Analysts have trimmed their price target on Norbit from €240 to about €207.50, reflecting updated assumptions for slightly higher discount rates, more moderate revenue growth, and lower profit margins, along with a marginally adjusted future P/E multiple. What's in the News NORBIT's PIR segment received contract manufacturing orders worth about NOK 170 million from an undisclosed European defence and security client, with most deliveries planned for the first quarter of 2026 (company announcement).
GJF
NOK 279.20
Gjensidige Forsikring
7D
-1.3%
1Y
33.1%

GJF: Capital Markets Day Will Clarify Earnings Quality And Risk Profile

Analysts have lifted their price target on Gjensidige Forsikring from NOK 310 to NOK 330, pointing to adjusted assumptions around the discount rate, revenue growth, profit margins and future P/E as the key drivers behind the change. What's in the News Gjensidige Forsikring is holding a Capital Markets Day, flagged as an Analyst/Investor Day event, which typically focuses on updating investors on the business and financial priorities (Key Developments).
MOWI
NOK 223.40
Mowi
7D
-3.4%
1Y
6.2%

MOWI: Harvest Volumes And Dividends Will Support Returns After Hold Downgrade

Analysts have trimmed their price target on Mowi slightly to about €256 from roughly €257, citing updated assumptions for revenue growth, profit margins and future P/E, alongside a recent shift in Street ratings toward a Hold stance. Analyst Commentary Recent Street commentary around Mowi has turned more cautious, with the latest move being a downgrade to Hold.
EQNR
NOK 256.00
Equinor
7D
6.8%
1Y
-10.4%

EQNR: Renewables Execution Risks And Capital Returns Will Guide Future Cash Generation

Narrative Update on Equinor Our analyst price target for Equinor has been reduced by NOK 3.51 to NOK 238.78, as analysts factor in lower Street targets and concerns around renewables execution risk and capital distribution capacity highlighted in recent research updates. Analyst Commentary Recent Street research on Equinor leans cautious overall, with several firms trimming price targets and questioning the balance between growth plans and capital returns.
SALM
NOK 571.00
SalMar
7D
-1.5%
1Y
-0.09%

SALM: Higher Harvest Volumes And Margin Resilience Will Support Future Earnings

The analyst price target on SalMar has been reduced from NOK 700 to NOK 680. Analysts attribute the adjustment to slightly lower assumptions for revenue growth and profit margins, partially offset by recent target and rating changes from the Street in the NOK 500 to NOK 570 range.
YAR
NOK 418.30
Yara International
7D
5.6%
1Y
26.0%

YAR: Raised NOK 430 Expectation Will Expose Execution Risks Ahead

Narrative Update on Yara International Analysts have lifted their price target for Yara International to NOK 430 from NOK 387. This reflects updated views on fair value, discount rate, revenue expectations, profit margins and future P/E assumptions.
AKRBP
NOK 278.90
Aker BP
7D
6.2%
1Y
8.7%

AKRBP: Revised Earnings Assumptions Will Support Higher Future P/E Multiple

Analysts have lifted their fair value estimate for Aker BP to $320 from $300, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E that they see as better reflecting the stock's current risk and earnings profile. Analyst Commentary Bullish analysts point to the revised fair value estimate of $320 as a sign that updated assumptions on discount rates, revenue growth, profit margins and future P/E now align more closely with how they see Aker BP's risk and earnings profile.
DNB
NOK 282.70
DNB Bank
7D
2.4%
1Y
18.9%

DNB: Future Returns Will Reflect Legal Uncertainty And Stable Profitability Assumptions

The analyst price target for DNB Bank has shifted slightly higher to NOK 276.80 from NOK 275.60. Analysts attribute this to updated views on revenue growth, profit margins, discount rates and future P/E multiples, following recent target revisions from NOK 286 to NOK 283 and from NOK 252 to NOK 265.
NHY
NOK 83.80
Norsk Hydro
7D
2.6%
1Y
22.0%

NHY: Restructuring And Hydropower Expansion Are Expected To Support Higher Multiples

Narrative Update The analyst price target for Norsk Hydro has moved to NOK 99 from NOK 79. Analysts attribute this change to updated views on long-term fair value, margins and future P/E support, as reflected in recent target increases across the Street.
SUBC
NOK 222.60
Subsea 7
7D
6.0%
1Y
12.7%

SUBC: Offshore Contract Backlog And Margin Outlook Will Shape Balanced Prospects

Analysts have nudged their fair value estimate for Subsea 7 slightly higher to NOK 228.39, while Street targets have moved from NOK 212 to NOK 208, reflecting updated views on revenue growth, profitability and the appropriate P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts see the updated fair value estimate of NOK 228.39 as leaving a modest gap to the revised NOK 208 target.
VEND
NOK 287.80
Vend Marketplaces
7D
-1.1%
1Y
-8.7%
TEL
NOK 143.10
Telenor
7D
-0.6%
1Y
7.9%