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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedOct 07, 2025
DataAggregated Company Financials
Companies293
  • 7D0.4%
  • 3M1.8%
  • 1Y8.6%
  • YTD8.3%

The market has been flat over the last week. More promisingly, the market is up 8.6% over the past year. Earnings are forecast to grow by 13% 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, 07 Oct 2025NOK 4.2tNOK 3.2tNOK 293.2b12.4x14.4x1.3x
Thu, 04 Sep 2025NOK 4.1tNOK 3.2tNOK 295.5b12.4x13.8x1.3x
Sat, 02 Aug 2025NOK 4.1tNOK 3.3tNOK 305.6b13.1x13.3x1.2x
Mon, 30 Jun 2025NOK 4.0tNOK 3.2tNOK 302.4b12.5x13.3x1.2x
Wed, 28 May 2025NOK 3.9tNOK 3.2tNOK 301.7b12x13x1.2x
Fri, 25 Apr 2025NOK 3.7tNOK 3.3tNOK 317.7b12x11.7x1.1x
Sun, 23 Mar 2025NOK 4.0tNOK 3.3tNOK 319.3b12.1x12.4x1.2x
Tue, 18 Feb 2025NOK 3.8tNOK 3.3tNOK 327.7b11.2x11.6x1.2x
Thu, 16 Jan 2025NOK 3.9tNOK 3.5tNOK 338.0b12.2x11.5x1.1x
Sat, 14 Dec 2024NOK 3.7tNOK 3.4tNOK 336.7b11.2x11.1x1.1x
Mon, 11 Nov 2024NOK 3.7tNOK 3.4tNOK 326.9b11.1x11.3x1.1x
Wed, 09 Oct 2024NOK 3.7tNOK 3.3tNOK 308.1b11.2x12.2x1.1x
Fri, 06 Sep 2024NOK 3.7tNOK 3.3tNOK 307.3b10.9x12x1.1x
Sun, 04 Aug 2024NOK 3.8tNOK 3.3tNOK 300.2b10.8x12.6x1.1x
Tue, 02 Jul 2024NOK 3.9tNOK 3.3tNOK 286.6b11.3x13.7x1.2x
Thu, 30 May 2024NOK 4.1tNOK 3.3tNOK 281.6b11.3x14.5x1.2x
Sat, 27 Apr 2024NOK 4.0tNOK 3.4tNOK 278.0b11.4x14.4x1.2x
Mon, 25 Mar 2024NOK 3.9tNOK 3.4tNOK 300.5b11.3x13x1.2x
Wed, 21 Feb 2024NOK 3.8tNOK 3.3tNOK 265.4b11.3x14.2x1.1x
Fri, 19 Jan 2024NOK 3.9tNOK 3.5tNOK 350.7b10.8x11.2x1.1x
Sun, 17 Dec 2023NOK 4.0tNOK 3.5tNOK 350.0b10.4x11.4x1.1x
Tue, 14 Nov 2023NOK 4.1tNOK 3.6tNOK 365.2b10.3x11.2x1.1x
Thu, 12 Oct 2023NOK 4.1tNOK 3.8tNOK 420.9b10.7x9.6x1.1x
Sat, 09 Sep 2023NOK 4.0tNOK 3.8tNOK 414.0b10.8x9.6x1.1x
Mon, 07 Aug 2023NOK 3.9tNOK 3.6tNOK 401.2b11.1x9.7x1.1x
Wed, 05 Jul 2023NOK 3.9tNOK 3.8tNOK 501.2b11.1x7.7x1x
Fri, 02 Jun 2023NOK 3.8tNOK 3.9tNOK 522.3b11.4x7.3x1x
Sun, 30 Apr 2023NOK 4.0tNOK 3.8tNOK 546.5b12.1x7.3x1x
Tue, 28 Mar 2023NOK 3.8tNOK 3.8tNOK 548.8b11.6x6.9x1x
Thu, 23 Feb 2023NOK 4.0tNOK 3.7tNOK 576.0b11.4x7x1.1x
Sat, 21 Jan 2023NOK 3.9tNOK 3.6tNOK 486.7b11.6x8.1x1.1x
Mon, 19 Dec 2022NOK 4.0tNOK 3.6tNOK 485.8b11.6x8.1x1.1x
Wed, 16 Nov 2022NOK 4.1tNOK 3.6tNOK 483.1b11.9x8.4x1.1x
Fri, 14 Oct 2022NOK 3.8tNOK 3.4tNOK 391.6b11.9x9.8x1.1x
Price to Earnings Ratio

9.8x


Total Market Cap: NOK 3.8tTotal Earnings: NOK 391.6bTotal 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 14.4x 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 Market0.43%
Tech2.10%
Industrials1.85%
Utilities1.61%
Materials1.24%
Healthcare1.11%
Telecom0.48%
Energy0.38%
Consumer Staples0.30%
Financials-0.81%
Consumer Discretionary-0.98%
Real Estate-1.96%
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 313x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 33.2% 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 6.9% 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 249.402.5%
+NOK 15.1b		-8.1%PE7.7xEnergy
AKRBP Aker BPNOK 262.803.8%
+NOK 6.1b		11.0%PE22.9xEnergy
VAR Vår EnergiNOK 35.095.4%
+NOK 4.5b		-0.7%PE14.4xEnergy
SALM SalMarNOK 555.004.1%
+NOK 3.0b		1.3%PE66.4xConsumer Staples
NHY Norsk HydroNOK 68.922.0%
+NOK 2.6b		4.4%PE14.2xMaterials
See more

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VAR
NOK 35.09
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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.
SALM
NOK 555.00
SalMar
7D
4.1%
1Y
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SalMar’s top valuation and profitability metrics were virtually unchanged, with only marginal adjustments in Future P/E and Net Profit Margin, resulting in a slight analyst price target increase from NOK527.14 to NOK535.71. What's in the News SalMar commenced a share repurchase program authorizing buybacks of up to 13,375,557 shares (10% of issued share capital), with a separate initiative to repurchase up to 100,000 shares for NOK 65 million to support employee incentive programs.
BWLPG
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NOK 249.40
Equinor
7D
2.5%
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The consensus price target for Equinor has been revised down to NOK250.44 as analysts express concern over weaker commodity prices, disappointing near-term earnings, limited growth prospects, and declining cash returns, with prior bullish views turning more cautious amid deteriorating market conditions. Analyst Commentary Bearish analysts cite expectations of lower commodity prices and disappointing near-term earnings, particularly in oil & gas and low carbon segments.
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Wallenius Wilhelmsen
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DNB
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DNB Bank
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HAUTO
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Höegh Autoliners
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AKRBP
NOK 262.80
Aker BP
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11.0%

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Orkla
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NHY
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