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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedOct 09, 2025
DataAggregated Company Financials
Companies293
  • 7D-0.6%
  • 3M1.2%
  • 1Y8.5%
  • YTD7.3%

In the last week, the market has been flat. Meanwhile, the market is actually up 8.5% over the past year. As for the next few years, earnings are expected to grow by 14% 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, 10 Oct 2025NOK 4.2tNOK 3.2tNOK 294.0b12.7x14.2x1.3x
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
Thu, 22 Dec 2022NOK 4.0tNOK 3.6tNOK 484.6b11.4x8.3x1.1x
Sat, 19 Nov 2022NOK 4.0tNOK 3.6tNOK 492.5b11.4x8x1.1x
Mon, 17 Oct 2022NOK 3.8tNOK 3.4tNOK 393.1b11.9x9.7x1.1x
Price to Earnings Ratio

9.7x


Total Market Cap: NOK 3.8tTotal Earnings: NOK 393.1bTotal Revenue: NOK 3.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11x202320242025
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 14.2x which is higher than its 3-year average PE of 11.0x.
Past Earnings Growth
  • The earnings for Norwegian listed companies have declined 9.2% 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 Market-0.61%
Healthcare1.83%
Utilities1.45%
Materials0.62%
Tech-0.063%
Energy-0.19%
Consumer Staples-0.92%
Industrials-1.00%
Financials-1.03%
Telecom-1.18%
Real Estate-1.27%
Consumer Discretionary-2.74%
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 312x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 33.1% which is higher than its past year's earnings decline of 11.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 47% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 6.6% 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
AKRBP Aker BPNOK 264.103.4%
+NOK 5.5b		10.0%PE22.8xEnergy
SALM SalMarNOK 564.005.0%
+NOK 3.6b		-1.5%PE67.5xConsumer Staples
NHY Norsk HydroNOK 69.802.0%
+NOK 2.8b		2.4%PE14.4xMaterials
MOWI MowiNOK 216.002.5%
+NOK 2.7b		10.9%PE28.6xConsumer Staples
YAR Yara InternationalNOK 379.802.8%
+NOK 2.6b		9.7%PE13.7xMaterials
See more

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TEL
NOK 163.80
Telenor
7D
-0.5%
1Y
21.9%
SALM
NOK 564.00
SalMar
7D
5.0%
1Y
-1.5%

Integration With Wilsgård AS Will Expand Presence In Northern Norway

SalMar's analyst price target has been raised from NOK 535.71 to NOK 552.86, as analysts cite recent valuation reviews and evolving market conditions in their updated outlook. Analyst Commentary Analysts have provided a balanced view on SalMar's outlook in light of recent ratings adjustments and price target revisions.
NHY
NOK 69.80
Norsk Hydro
7D
2.0%
1Y
2.4%

Sustainable Metals Demand Will Transform Future Industry Landscape

The analyst price target for Norsk Hydro has increased modestly, with the consensus fair value estimate rising from NOK 65.93 to NOK 66.87. Analysts cite slightly improved profit margins and recent upward price target revisions despite lingering market uncertainty.
WAWI
NOK 83.35
Wallenius Wilhelmsen
7D
-7.0%
1Y
-34.9%

Does Wallenius Wilhelmsen (OB:WAWI) Deserve A Spot On Your Watchlist?

Oct 08
Does Wallenius Wilhelmsen (OB:WAWI) Deserve A Spot On Your Watchlist?
MOWI
NOK 216.00
Mowi
7D
2.5%
1Y
10.9%
AUTO
NOK 10.24
AutoStore Holdings
7D
7.2%
1Y
-4.3%

AutoStore Holdings (OB:AUTO) Takes On Some Risk With Its Use Of Debt

Oct 07
AutoStore Holdings (OB:AUTO) Takes On Some Risk With Its Use Of Debt
VAR
NOK 34.95
Vår Energi
7D
2.9%
1Y
-0.7%

Jotun FPSO And Johan Castberg Ramps Will Boost Industry Potential

Vår Energi's fair value estimate has risen from NOK 37.05 to NOK 38.62. Analysts cite modest project pipeline growth and production estimates above market consensus as key drivers for the upward revision.
HAFNI
NOK 59.30
Hafnia
7D
-4.4%
1Y
-25.4%

There's No Escaping Hafnia Limited's (OB:HAFNI) Muted Earnings

Oct 01
There's No Escaping Hafnia Limited's (OB:HAFNI) Muted Earnings
TOM
NOK 142.70
Tomra Systems
7D
-6.6%
1Y
-4.1%
BWLPG
NOK 131.60
BWG
7D
-5.5%
1Y
-21.5%

BWG (OB:BWLPG) Could Be Struggling To Allocate Capital

Sep 23
BWG (OB:BWLPG) Could Be Struggling To Allocate Capital
KOG
NOK 308.00
Kongsberg Gruppen
7D
-6.5%
1Y
42.7%

Subdued Growth No Barrier To Kongsberg Gruppen ASA's (OB:KOG) Price

Sep 22
Subdued Growth No Barrier To Kongsberg Gruppen ASA's (OB:KOG) Price
COSH
NOK 104.00
Constellation Oil Services Holding
7D
-5.5%
1Y
n/a

We Think Constellation Oil Services Holding (OB:COSH) Has A Fair Chunk Of Debt

Sep 20
We Think Constellation Oil Services Holding (OB:COSH) Has A Fair Chunk Of Debt
YAR
NOK 379.80
Yara International
7D
2.8%
1Y
9.7%
STB
NOK 156.20
Storebrand
7D
3.7%
1Y
30.8%

Storebrand ASA's (OB:STB) Popularity With Investors Is Under Threat From Overpricing

Sep 05
Storebrand ASA's (OB:STB) Popularity With Investors Is Under Threat From Overpricing
HAUTO
NOK 94.80
Höegh Autoliners
7D
-13.1%
1Y
-28.6%

US Tariffs And Cargo Shifts Will Exacerbate Cost Pressures

The upward revision in fair value for Höegh Autoliners is primarily driven by a sharp increase in its future P/E multiple, partially offset by a modest improvement in expected revenue growth trends, resulting in a new consensus analyst price target of NOK94.93. Valuation Changes Summary of Valuation Changes for Höegh Autoliners The Consensus Analyst Price Target has risen from NOK90.16 to NOK94.93.
AKRBP
NOK 264.10
Aker BP
7D
3.4%
1Y
10.0%

Yggdrasil Will Sustain Production But Profit Margins May Shrink Amid Emission Costs

Aker BP’s consensus price target was revised marginally lower as a sharp increase in its future P/E signals reduced earnings expectations despite stable discount rates. What's in the News Aker BP completed the Omega Alfa exploration campaign in the Norwegian North Sea, discovering 96-134 mmboe and significantly increasing resources in the Yggdrasil area.