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

Norwegian (OSEAX) Market Analysis & Valuation

UpdatedNov 14, 2025
DataAggregated Company Financials
Companies289
  • 7D0.5%
  • 3M-1.9%
  • 1Y5.4%
  • YTD4.1%

The Real Estate sector gained 8.1% while the market remained flat over the last week. As for the longer term, the market has risen 5.4% in the past 12 months. Looking forward, earnings are forecast to grow by 16% 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, 18 Nov 2025NOK 4.1tNOK 3.3tNOK 270.2b13.1x15.1x1.2x
Thu, 16 Oct 2025NOK 4.1tNOK 3.3tNOK 296.1b12.2x14x1.3x
Sat, 13 Sep 2025NOK 4.2tNOK 3.2tNOK 292.5b12.6x14.2x1.3x
Mon, 11 Aug 2025NOK 4.1tNOK 3.3tNOK 307.9b13.1x13.3x1.2x
Wed, 09 Jul 2025NOK 4.0tNOK 3.2tNOK 302.8b12.7x13.3x1.2x
Fri, 06 Jun 2025NOK 3.9tNOK 3.2tNOK 301.8b12.2x13.1x1.2x
Sun, 04 May 2025NOK 3.8tNOK 3.3tNOK 325.0b11.9x11.7x1.1x
Tue, 01 Apr 2025NOK 3.9tNOK 3.3tNOK 319.6b12.1x12.3x1.2x
Thu, 27 Feb 2025NOK 3.9tNOK 3.3tNOK 334.9b11.5x11.5x1.2x
Sat, 25 Jan 2025NOK 3.8tNOK 3.4tNOK 335.1b12.1x11.5x1.1x
Mon, 23 Dec 2024NOK 3.6tNOK 3.5tNOK 340.0b11.4x10.7x1x
Wed, 20 Nov 2024NOK 3.7tNOK 3.4tNOK 328.7b10.5x11.4x1.1x
Fri, 18 Oct 2024NOK 3.8tNOK 3.3tNOK 315.2b11.1x12x1.1x
Sun, 15 Sep 2024NOK 3.7tNOK 3.3tNOK 308.4b11.2x12.1x1.1x
Tue, 13 Aug 2024NOK 3.8tNOK 3.3tNOK 298.9b10.9x12.8x1.2x
Thu, 11 Jul 2024NOK 3.8tNOK 3.3tNOK 286.8b11.2x13.3x1.2x
Sat, 08 Jun 2024NOK 3.9tNOK 3.3tNOK 287.7b11.4x13.6x1.2x
Mon, 06 May 2024NOK 4.0tNOK 3.3tNOK 287.8b11.5x13.8x1.2x
Wed, 03 Apr 2024NOK 4.0tNOK 3.4tNOK 299.9b12x13.2x1.2x
Fri, 01 Mar 2024NOK 3.8tNOK 3.3tNOK 272.5b11.4x13.8x1.1x
Sun, 28 Jan 2024NOK 4.0tNOK 3.5tNOK 346.7b11.2x11.5x1.1x
Tue, 26 Dec 2023NOK 4.0tNOK 3.5tNOK 344.0b10.5x11.7x1.2x
Thu, 23 Nov 2023NOK 4.0tNOK 3.6tNOK 358.2b10x11.1x1.1x
Sat, 21 Oct 2023NOK 4.0tNOK 3.8tNOK 427.6b10.7x9.4x1.1x
Mon, 18 Sep 2023NOK 4.1tNOK 3.8tNOK 418.3b10.6x9.7x1.1x
Wed, 16 Aug 2023NOK 3.9tNOK 3.7tNOK 413.1b11.4x9.5x1.1x
Fri, 14 Jul 2023NOK 3.8tNOK 3.7tNOK 476.2b10.8x8x1x
Sun, 11 Jun 2023NOK 3.9tNOK 3.8tNOK 510.0b11.5x7.6x1x
Tue, 09 May 2023NOK 3.9tNOK 3.7tNOK 540.8b11.7x7.3x1.1x
Thu, 06 Apr 2023NOK 3.9tNOK 3.7tNOK 538.0b11.6x7.3x1x
Sat, 04 Mar 2023NOK 4.1tNOK 3.7tNOK 549.9b11.9x7.5x1.1x
Mon, 30 Jan 2023NOK 4.0tNOK 3.6tNOK 486.0b11.8x8.1x1.1x
Wed, 28 Dec 2022NOK 4.0tNOK 3.6tNOK 483.2b11.5x8.3x1.1x
Fri, 25 Nov 2022NOK 4.1tNOK 3.6tNOK 485.7b10.8x8.4x1.1x
Price to Earnings Ratio

8.4x


Total Market Cap: NOK 4.1tTotal Earnings: NOK 485.7bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.2x202320242025
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 15.1x which is higher than its 3-year average PE of 11.2x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 18% per year over the last three years.
  • Revenues have also declined 3.1% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

Which sectors have driven the changes within the Norwegian Market?

NO Market0.50%
Real Estate8.08%
Materials2.44%
Energy1.33%
Financials0.64%
Utilities0.52%
Consumer Discretionary0.023%
Consumer Staples-0.35%
Industrials-0.63%
Tech-1.08%
Healthcare-2.28%
Telecom-3.50%
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 295x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 38.4% which is higher than its past year's earnings decline of 0.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 51% over the next 5 years.
  • This is better than its past earnings growth rate of 40% per year.
  • In contrast, the Real Estate industry is expected to see its earnings growth to stay flat 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 246.802.2%
+NOK 13.2b		-5.7%PE10.7xEnergy
DNB DNB BankNOK 265.501.7%
+NOK 6.6b		15.4%PB1.4xFinancials
OLT Olav Thon EiendomsselskapNOK 333.0022.4%
+NOK 6.2b		51.4%PE14xReal Estate
ORK OrklaNOK 106.305.0%
+NOK 5.1b		8.6%PE16.5xConsumer Staples
AKRBP Aker BPNOK 262.802.3%
+NOK 3.8b		16.4%PE19.6xEnergy
See more

Market Insights

Header cover image
💸 The Return of Share Buybacks in Tech
Richard Bowman avatar
Richard Bowman
|
|
Some of the biggest names in tech are restarting their buyback programs. By the end of this piece, you’ll see: What’s really driving this new buyback cycle, which companies are using it to create genuine value, and when repurchases are smart capital allocation or financial sleight of hand.
Continue reading
⚠️ Default Distress: What Private Credit Troubles Could Mean for Regional Banks
Last Week

⚠️ Default Distress: What Private Credit Troubles Could Mean for Regional Banks

Latest News

ORK
NOK 106.30
Orkla
7D
5.0%
1Y
8.6%
NHY
NOK 72.34
Norsk Hydro
7D
1.1%
1Y
3.0%

Subdued Growth No Barrier To Norsk Hydro ASA's (OB:NHY) Price

Nov 15
Subdued Growth No Barrier To Norsk Hydro ASA's (OB:NHY) Price
NORBT
NOK 174.60
Norbit
7D
-9.0%
1Y
94.6%
SALM
NOK 571.50
SalMar
7D
-2.9%
1Y
0.7%

SalMar's (OB:SALM) Anemic Earnings Might Be Worse Than You Think

Nov 14
SalMar's (OB:SALM) Anemic Earnings Might Be Worse Than You Think
LSG
NOK 45.30
Lerøy Seafood Group
7D
-3.6%
1Y
-9.9%

LSG: Ongoing Efficiency Gains Will Support Earnings Momentum Ahead

Narrative Update on Lerøy Seafood Group Analysts have lowered their fair value estimate for Lerøy Seafood Group from NOK 57.33 to NOK 55.17, citing concerns related to revisions in growth forecasts and profitability. Analyst Commentary Bullish Takeaways Bullish analysts point to Lerøy Seafood Group's diversified operations across seafood segments as a stabilizing factor for future earnings.
TEL
NOK 144.20
Telenor
7D
-3.5%
1Y
9.4%
OLT
NOK 333.00
Olav Thon Eiendomsselskap
7D
22.4%
1Y
51.4%
AKRBP
NOK 262.80
Aker BP
7D
2.3%
1Y
16.4%

AKRBP: Future Performance Will Depend On Project Execution And Market Conditions

Aker BP's analyst price target has seen a modest increase to NOK 261.41 from NOK 260.53, as analysts highlight the company's stable profitability and refined growth outlook as key factors supporting the updated valuation. Analyst Commentary Recent analyst attention has focused on Aker BP's strengths and ongoing challenges as the company navigates a competitive oil and gas landscape.
VEND
NOK 301.00
Vend Marketplaces
7D
-7.3%
1Y
-13.4%
BAKKA
NOK 466.20
P/F Bakkafrost
7D
-6.3%
1Y
-26.4%

BAKKA: Production Strength And Improved Margins Will Shape Outlook Amid Industry Challenges

The analyst fair value estimate for P/F Bakkafrost has increased from NOK 509.27 to NOK 532.01. Analysts cite improved profit margins and recent upgrades to their outlook on the company as reasons for this change.
YAR
NOK 370.00
Yara International
7D
3.5%
1Y
16.5%

YAR: Future Margins And Cost Control Will Shape Near-Term Outlook

Yara International’s analyst price target has increased modestly from NOK 370.35 to NOK 380.17. Analysts are factoring in improved profit margins and a lower future price-to-earnings ratio, despite tempered revenue growth expectations.
DNB
NOK 265.50
DNB Bank
7D
1.7%
1Y
15.4%

DNB: Future Performance Will Reflect Stable Margins and Sector Shifts Ahead

DNB Bank's analyst price target saw a slight decrease to NOK 275.13 as analysts cite minor adjustments in revenue growth expectations and discount rates, balanced by stable profit margins and future valuation metrics. Analyst Commentary Recent analyst updates reflect a range of perspectives on DNB Bank's outlook, balancing optimism regarding valuation and growth prospects with some caution around execution and sector dynamics.
EQNR
NOK 246.80
Equinor
7D
2.2%
1Y
-5.7%

EQNR: Renewables Execution Risks and Capital Distribution Will Determine Performance

Equinor’s analyst price target has decreased significantly, dropping from approximately NOK 325 to NOK 230. Analysts point to rising execution risks in renewables, as well as concerns over the company’s future capital framework and distribution capacity.
MOWI
NOK 220.00
Mowi
7D
-2.3%
1Y
10.8%
AUTO
NOK 9.85
AutoStore Holdings
7D
-8.6%
1Y
-14.5%
HAFNI
NOK 66.40
Hafnia
7D
4.8%
1Y
11.3%