Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Norwegian (OSEAX) Market Analysis & Valuation

UpdatedJul 29, 2025
DataAggregated Company Financials
Companies296
  • 7D1.1%
  • 3M8.3%
  • 1Y5.6%
  • YTD5.9%

The market is up 1.1% over the last week, with the Energy sector leading the way, up 2.7%. In the last year, the market has climbed 5.6%. 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
Tue, 29 Jul 2025NOK 4.1tNOK 3.3tNOK 303.7b13.1x13.5x1.3x
Thu, 26 Jun 2025NOK 4.0tNOK 3.2tNOK 303.1b12.4x13.2x1.2x
Sat, 24 May 2025NOK 3.9tNOK 3.2tNOK 300.8b11.9x12.8x1.2x
Mon, 21 Apr 2025NOK 3.7tNOK 3.3tNOK 315.7b11.8x11.8x1.1x
Wed, 19 Mar 2025NOK 3.9tNOK 3.3tNOK 320.6b11.6x12.3x1.2x
Fri, 14 Feb 2025NOK 3.8tNOK 3.3tNOK 323.3b11.6x11.8x1.1x
Sun, 12 Jan 2025NOK 3.9tNOK 3.5tNOK 340.4b11.9x11.3x1.1x
Tue, 10 Dec 2024NOK 3.8tNOK 3.4tNOK 336.1b11.3x11.2x1.1x
Thu, 07 Nov 2024NOK 3.7tNOK 3.4tNOK 326.9b11.2x11.3x1.1x
Sat, 05 Oct 2024NOK 3.8tNOK 3.3tNOK 307.0b11.2x12.4x1.2x
Mon, 02 Sep 2024NOK 3.8tNOK 3.3tNOK 305.9b11.6x12.5x1.2x
Wed, 31 Jul 2024NOK 3.9tNOK 3.4tNOK 300.5b11.1x12.9x1.2x
Fri, 28 Jun 2024NOK 3.9tNOK 3.3tNOK 286.4b11.2x13.5x1.2x
Sun, 26 May 2024NOK 4.1tNOK 3.3tNOK 282.5b11.6x14.4x1.2x
Tue, 23 Apr 2024NOK 3.9tNOK 3.4tNOK 302.1b11.5x13x1.2x
Thu, 21 Mar 2024NOK 3.9tNOK 3.3tNOK 289.1b11.8x13.4x1.2x
Sat, 17 Feb 2024NOK 3.8tNOK 3.3tNOK 268.0b11.8x14.1x1.1x
Mon, 15 Jan 2024NOK 4.0tNOK 3.5tNOK 344.7b10.9x11.7x1.2x
Wed, 13 Dec 2023NOK 4.0tNOK 3.6tNOK 362.4b10.2x11x1.1x
Fri, 10 Nov 2023NOK 4.0tNOK 3.6tNOK 369.4b10.4x10.9x1.1x
Sun, 08 Oct 2023NOK 3.9tNOK 3.8tNOK 422.5b10.5x9.3x1x
Tue, 05 Sep 2023NOK 4.0tNOK 3.7tNOK 413.3b10.3x9.6x1.1x
Thu, 03 Aug 2023NOK 3.8tNOK 3.6tNOK 405.5b11.1x9.5x1.1x
Sat, 01 Jul 2023NOK 3.8tNOK 3.8tNOK 504.4b11.2x7.6x1x
Mon, 29 May 2023NOK 3.8tNOK 3.9tNOK 525.1b11.4x7.3x1x
Wed, 26 Apr 2023NOK 3.9tNOK 3.8tNOK 552.6b11.5x7.1x1x
Fri, 24 Mar 2023NOK 3.8tNOK 3.7tNOK 545.3b11.6x7x1x
Sun, 19 Feb 2023NOK 4.0tNOK 3.7tNOK 572.5b11.6x7.1x1.1x
Tue, 17 Jan 2023NOK 3.9tNOK 3.6tNOK 487.1b11.8x8x1.1x
Thu, 15 Dec 2022NOK 4.0tNOK 3.5tNOK 480.4b11.6x8.4x1.1x
Sat, 12 Nov 2022NOK 4.0tNOK 3.6tNOK 483.3b12.2x8.4x1.1x
Mon, 10 Oct 2022NOK 3.9tNOK 3.4tNOK 392.9b11.8x9.9x1.1x
Wed, 07 Sep 2022NOK 4.1tNOK 3.3tNOK 376.4b12.6x10.9x1.3x
Fri, 05 Aug 2022NOK 4.2tNOK 3.2tNOK 344.6b12.4x12.1x1.3x
Price to Earnings Ratio

12.1x


Total Market Cap: NOK 4.2tTotal Earnings: NOK 344.6bTotal Revenue: NOK 3.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 10.9x202320242025
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 13.5x which is higher than its 3-year average PE of 10.9x.
Past Earnings Growth
  • The earnings for Norwegian listed companies have declined 4.1% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Norwegian Market?

NO Market1.14%
Energy2.66%
Utilities1.69%
Materials1.50%
Industrials1.15%
Consumer Staples0.94%
Financials0.072%
Real Estate-0.13%
Consumer Discretionary-0.51%
Telecom-0.54%
Healthcare-1.12%
Tech-2.09%
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 359x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 37.2%, which is higher than its past year's earnings growth of 0.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 57% over the next 5 years.
  • This is better than its past earnings decline of 18% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 10% 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 271.003.7%
+NOK 23.5b		-4.1%PE7.9xEnergy
AKRBP Aker BPNOK 255.104.1%
+NOK 6.4b		-0.3%PE21.7xEnergy
VAR Vår EnergiNOK 35.755.9%
+NOK 4.9b		4.6%PE14.3xEnergy
DNB DNB BankNOK 260.401.2%
+NOK 4.6b		15.6%PB1.4xFinancials
COSH Constellation Oil Services HoldingNOK 77.502.6%
+NOK 3.0b		n/aPS21.3xEnergy
See more

Market Insights

Header cover image

Who Will Win In The Age Of Agentic AI

Bailey Pemberton avatar
Bailey Pemberton
|
|
Companies across the globe are beginning to pay attention to agentic AI. It’s also a term you’re likely to hear a lot during earnings season. In fact, it came up 26 times during...
Continue reading
🇪🇺 🇬🇧 Momentum Is Returning to European and UK Markets
Last Week

🇪🇺 🇬🇧 Momentum Is Returning to European and UK Markets

Latest News

VAR
NOK 35.75
Vår Energi
7D
5.9%
1Y
4.6%

Vår Energi AS Just Missed EPS By 38%: Here's What Analysts Think Will Happen Next

Jul 25
Vår Energi AS Just Missed EPS By 38%: Here's What Analysts Think Will Happen Next
EQNR
NOK 271.00
Equinor
7D
3.7%
1Y
-4.1%
KOG
NOK 309.25
Kongsberg Gruppen
7D
-1.6%
1Y
42.5%

Is Kongsberg Gruppen ASA (OB:KOG) Expensive For A Reason? A Look At Its Intrinsic Value

Jul 24
Is Kongsberg Gruppen ASA (OB:KOG) Expensive For A Reason? A Look At Its Intrinsic Value
AKRBP
NOK 255.10
Aker BP
7D
4.1%
1Y
-0.3%

Some May Be Optimistic About Aker BP's (OB:AKRBP) Earnings

Jul 22
Some May Be Optimistic About Aker BP's (OB:AKRBP) Earnings
TEL
NOK 159.10
Telenor
7D
-1.3%
1Y
21.7%
GJF
NOK 274.20
Gjensidige Forsikring
7D
-1.4%
1Y
49.8%
DNB
NOK 260.40
DNB Bank
7D
1.2%
1Y
15.6%
KIT
NOK 61.60
Kitron
7D
-4.2%
1Y
69.5%

Earnings Update: Here's Why Analysts Just Lifted Their Kitron ASA (OB:KIT) Price Target To kr65.00

Jul 16
Earnings Update: Here's Why Analysts Just Lifted Their Kitron ASA (OB:KIT) Price Target To kr65.00
PROT
NOK 510.00
Protector Forsikring
7D
-1.5%
1Y
125.7%

Protector Forsikring ASA's (OB:PROT) 28% Share Price Surge Not Quite Adding Up

Jul 15
Protector Forsikring ASA's (OB:PROT) 28% Share Price Surge Not Quite Adding Up
SALM
NOK 418.20
SalMar
7D
-1.9%
1Y
-32.0%

Why We're Not Concerned About SalMar ASA's (OB:SALM) Share Price

Jul 14
Why We're Not Concerned About SalMar ASA's (OB:SALM) Share Price
COSH
NOK 77.50
Constellation Oil Services Holding
7D
2.6%
1Y
n/a
WAWI
NOK 95.40
Wallenius Wilhelmsen
7D
7.6%
1Y
-6.0%

What Does Wallenius Wilhelmsen ASA's (OB:WAWI) Share Price Indicate?

Jul 06
What Does Wallenius Wilhelmsen ASA's (OB:WAWI) Share Price Indicate?
MOWI
NOK 193.80
Mowi
7D
-0.9%
1Y
6.5%

We Think Mowi (OB:MOWI) Is Taking Some Risk With Its Debt

Jun 30
We Think Mowi (OB:MOWI) Is Taking Some Risk With Its Debt
HAUTO
NOK 107.70
Höegh Autoliners
7D
10.5%
1Y
-9.9%
DOFG
NOK 95.50
DOF Group
7D
7.7%
1Y
-15.2%
SDNS
NOK 21.00
Shelf Drilling (North Sea)
7D
-29.3%
1Y
-31.6%