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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedJul 27, 2025
DataAggregated Company Financials
Companies296
  • 7D-0.4%
  • 3M7.7%
  • 1Y5.6%
  • YTD5.2%

Over the last 7 days, the market has remained flat, although notably the Utilities sector gained 4.0% in that time. Meanwhile, the market is actually up 5.6% over the past year. 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 303.3b13x13.5x1.2x
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 4.2% 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-0.36%
Utilities4.02%
Materials2.76%
Consumer Staples1.49%
Financials-0.013%
Real Estate-0.27%
Telecom-0.65%
Industrials-0.69%
Energy-1.36%
Consumer Discretionary-1.67%
Healthcare-2.61%
Tech-2.79%
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 37.1%, 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 265.401.3%
+NOK 8.3b		-7.2%PE7.8xEnergy
AKRBP Aker BPNOK 255.004.6%
+NOK 7.0b		-1.4%PE21.7xEnergy
COSH Constellation Oil Services HoldingNOK 80.005.9%
+NOK 6.8b		n/aPS22xEnergy
VAR Vår EnergiNOK 35.465.5%
+NOK 4.6b		2.5%PE14.2xEnergy
WAWI Wallenius WilhelmsenNOK 95.356.8%
+NOK 2.6b		-6.6%PE3.9xIndustrials
See more

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NOK 35.46
Vår Energi
7D
5.5%
1Y
2.5%

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EQNR
NOK 265.40
Equinor
7D
1.3%
1Y
-7.2%
DDRIL
NOK 0.01
Dolphin Drilling
7D
-85.7%
1Y
-99.8%
KOG
NOK 305.00
Kongsberg Gruppen
7D
-2.6%
1Y
41.2%

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NHY
NOK 63.16
Norsk Hydro
7D
1.9%
1Y
5.5%
NOD
NOK 138.30
Nordic Semiconductor
7D
-3.8%
1Y
3.2%

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AKRBP
NOK 255.00
Aker BP
7D
4.6%
1Y
-1.4%

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Jul 22
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TEL
NOK 157.50
Telenor
7D
-1.6%
1Y
21.9%
GJF
NOK 273.00
Gjensidige Forsikring
7D
-2.1%
1Y
51.3%
DNB
NOK 259.50
DNB Bank
7D
0.6%
1Y
15.6%
KIT
NOK 61.20
Kitron
7D
-6.3%
1Y
65.8%

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NAS
NOK 16.81
Norwegian Air Shuttle
7D
-4.4%
1Y
51.3%

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AUTO
NOK 7.71
AutoStore Holdings
7D
9.1%
1Y
-39.8%

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COSH
NOK 80.00
Constellation Oil Services Holding
7D
5.9%
1Y
n/a
WAWI
NOK 95.35
Wallenius Wilhelmsen
7D
6.8%
1Y
-6.6%

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SDNS
NOK 21.00
Shelf Drilling (North Sea)
7D
-29.3%
1Y
-31.6%