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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedJul 20, 2025
DataAggregated Company Financials
Companies296
  • 7D-0.6%
  • 3M8.6%
  • 1Y5.2%
  • YTD5.5%

In the last week, the market has stayed flat, however the Communication Services sector stood out, gaining 5.6%. Meanwhile, the market is actually up 5.2% over the past year. Earnings are forecast to grow by 10% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Norwegian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 21 Jul 2025NOK 4.1tNOK 3.3tNOK 302.9b13x13.5x1.3x
Wed, 18 Jun 2025NOK 4.1tNOK 3.2tNOK 299.6b12.6x13.7x1.3x
Fri, 16 May 2025NOK 3.9tNOK 3.3tNOK 311.0b12.5x12.4x1.2x
Sun, 13 Apr 2025NOK 3.6tNOK 3.3tNOK 318.9b11.5x11.3x1.1x
Tue, 11 Mar 2025NOK 3.8tNOK 3.3tNOK 327.4b11.6x11.7x1.2x
Thu, 06 Feb 2025NOK 3.9tNOK 3.4tNOK 336.3b12x11.6x1.1x
Sat, 04 Jan 2025NOK 3.8tNOK 3.5tNOK 339.6b11.7x11.2x1.1x
Mon, 02 Dec 2024NOK 3.8tNOK 3.4tNOK 329.6b11.5x11.4x1.1x
Wed, 30 Oct 2024NOK 3.8tNOK 3.4tNOK 326.0b11.4x11.7x1.1x
Fri, 27 Sep 2024NOK 3.7tNOK 3.3tNOK 305.7b11.1x12x1.1x
Sun, 25 Aug 2024NOK 3.8tNOK 3.3tNOK 301.5b11.2x12.6x1.2x
Tue, 23 Jul 2024NOK 3.9tNOK 3.3tNOK 303.1b11.2x12.8x1.2x
Thu, 20 Jun 2024NOK 3.8tNOK 3.3tNOK 285.1b11.2x13.5x1.2x
Sat, 18 May 2024NOK 4.1tNOK 3.3tNOK 285.7b11.8x14.2x1.2x
Mon, 15 Apr 2024NOK 4.1tNOK 3.4tNOK 301.7b11.7x13.5x1.2x
Wed, 13 Mar 2024NOK 3.8tNOK 3.3tNOK 288.8b11.2x13.2x1.1x
Fri, 09 Feb 2024NOK 3.7tNOK 3.4tNOK 282.9b11.7x13.3x1.1x
Sun, 07 Jan 2024NOK 4.1tNOK 3.5tNOK 345.1b10.9x11.8x1.2x
Tue, 05 Dec 2023NOK 4.0tNOK 3.6tNOK 361.1b10.2x11.1x1.1x
Thu, 02 Nov 2023NOK 4.0tNOK 3.6tNOK 366.1b10.6x11.1x1.1x
Sat, 30 Sep 2023NOK 4.0tNOK 3.7tNOK 415.0b10.5x9.8x1.1x
Mon, 28 Aug 2023NOK 3.9tNOK 3.7tNOK 411.9b10.5x9.4x1x
Wed, 26 Jul 2023NOK 3.9tNOK 3.7tNOK 448.6b10.8x8.6x1x
Fri, 23 Jun 2023NOK 3.8tNOK 3.8tNOK 500.9b11.4x7.6x1x
Sun, 21 May 2023NOK 3.9tNOK 3.9tNOK 558.2b11.7x7x1x
Tue, 18 Apr 2023NOK 4.0tNOK 3.8tNOK 504.9b11.8x7.9x1.1x
Thu, 16 Mar 2023NOK 3.8tNOK 3.8tNOK 560.1b11.3x6.8x1x
Sat, 11 Feb 2023NOK 4.1tNOK 3.6tNOK 553.2b11.4x7.4x1.1x
Mon, 09 Jan 2023NOK 3.9tNOK 3.6tNOK 490.9b11.8x8x1.1x
Wed, 07 Dec 2022NOK 4.0tNOK 3.6tNOK 487.7b11.4x8.2x1.1x
Fri, 04 Nov 2022NOK 4.1tNOK 3.6tNOK 482.9b11.4x8.4x1.1x
Sun, 02 Oct 2022NOK 3.8tNOK 3.5tNOK 398.1b11.4x9.4x1.1x
Tue, 30 Aug 2022NOK 4.3tNOK 3.2tNOK 368.3b12.4x11.7x1.3x
Thu, 28 Jul 2022NOK 4.1tNOK 3.0tNOK 299.8b12.6x13.7x1.4x
Price to Earnings Ratio

13.7x


Total Market Cap: NOK 4.1tTotal Earnings: NOK 299.8bTotal Revenue: NOK 3.0tTotal 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 remained mostly flat over the last three years.
  • Meanwhile revenues have grown 2.9% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Sector Trends

Which sectors have driven the changes within the Norwegian Market?

NO Market-0.60%
Telecom5.56%
Healthcare3.83%
Tech2.45%
Utilities1.21%
Consumer Staples0.69%
Real Estate0.64%
Consumer Discretionary0.61%
Financials0.019%
Materials-0.21%
Industrials-1.87%
Energy-2.60%
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 361x.
    • 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 56% over the next 5 years.
  • This is better than its past earnings decline of 18% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 12% 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
VENDA Vend MarketplacesNOK 401.6012.5%
+NOK 10.0b		28.6%PE12.5xTelecom
TEL TelenorNOK 160.001.7%
+NOK 3.6b		25.2%PE21.4xTelecom
NHY Norsk HydroNOK 62.002.1%
+NOK 2.6b		-2.9%PE12.7xMaterials
AUTO AutoStore HoldingsNOK 7.068.4%
+NOK 1.8b		-50.2%PE20.5xIndustrials
NOD Nordic SemiconductorNOK 143.704.7%
+NOK 1.2b		-3.3%PS4.5xTech
See more

Market Insights

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The tide is turning for UK & European markets. Index ETFs won’t cut it since sector spreads are massive. Picking the right companies matters now more than ever.
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NOK 410.40
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7D
-12.2%
1Y
-25.7%
TOM
NOK 140.00
Tomra Systems
7D
-14.3%
1Y
-15.6%
TEL
NOK 160.00
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7D
1.7%
1Y
25.2%
VENDA
NOK 401.60
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7D
12.5%
1Y
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1Y
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AKER
NOK 635.00
Aker
7D
-5.9%
1Y
-3.5%
DNB
NOK 258.00
DNB Bank
7D
-1.9%
1Y
16.2%
AUTO
NOK 7.06
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7D
8.4%
1Y
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EQNR
NOK 262.00
Equinor
7D
-3.1%
1Y
-10.3%
STB
NOK 147.30
Storebrand
7D
1.3%
1Y
34.6%
KOG
NOK 313.15
Kongsberg Gruppen
7D
-2.7%
1Y
43.9%
COSH
NOK 75.55
Constellation Oil Services Holding
7D
-5.6%
1Y
n/a
NOD
NOK 143.70
Nordic Semiconductor
7D
4.7%
1Y
-3.3%
MOWI
NOK 194.50
Mowi
7D
0.7%
1Y
9.5%

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NHY
NOK 62.00
Norsk Hydro
7D
2.1%
1Y
-2.9%

Norsk Hydro ASA's (OB:NHY) P/E Is On The Mark

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SUBC
NOK 199.90
Subsea 7
7D
1.4%
1Y
-5.3%