The situation in Norway is definitely disappointing, because it’s an interesting stock exchange full of wealthy investors, but for most companies, the best source of analysis is still the discussion forum of the local business paper. In other words, the exact same situation as in Finland before Inderes.
Admittedly, that kind of greenfield expansion is slow and expensive, but the longer you delay starting it, the longer it will ultimately take, unless you get lucky and happen to be the player who invents the next disruption. If you are the only serious player and market creator, the customer base inevitably becomes very loyal.
If you didn’t have such a strong internal presence culture, you could expand there from the Helsinki or Sweden office via remote analysis and remote interviews, avoiding those large fixed costs, and only open the Norwegian office once sufficiently strong justifications are found. Or alternatively, retreat later without getting trapped as a prisoner of large upfront investments, which seems to have happened in Sweden.