Swedish Undervalued Small Caps

CellaVision

Market Cap: SEK 2.9b

Develops and sells instruments, software, and reagents for blood and body fluids analysis in Sweden and internationally.

AddLife

Market Cap: SEK 18.5b

Provides instruments and equipment, consumables, and reagents primarily to medical care, research, colleges, and universities, as well as the food and pharmaceutical industries.

New Wave Group

Market Cap: SEK 12.7b

Designs, acquires, and develops brands and products in the corporate, sports, gifts, and home furnishings sectors in Sweden, the United States, Central Europe, rest of Nordiac countries, Southern Europe, and internationally.

Nolato

Market Cap: SEK 13.2b

Develops, manufactures, and sells plastic, silicone, and thermoplastic elastomer products in Europe, Asia, North America, and internationally.

Alimak Group

Market Cap: SEK 11.3b

Designs, manufactures, sells, and services vertical access and working at height solutions worldwide.

Svedbergs Group

Market Cap: SEK 2.9b

Develops, manufactures, and markets bathroom products in the Nordic region, the United Kingdom, and the Netherlands.

Nederman Holding

Market Cap: SEK 4.1b

Operates as an environmental technology company.

Viva Wine Group

Market Cap: SEK 2.9b

Develops, markets, imports, and sells wines.

Afry

Market Cap: SEK 12.7b

Provides engineering, design, and advisory services for the infrastructure, industry, and energy sectors in the Nordics, North America, South America, Asia, rest of Europe, and internationally.

NOTE

Market Cap: SEK 4.9b

Provides electronics manufacturing services in Sweden, Finland, the United Kingdom, Bulgaria, Estonia, China, and internationally.

Byggmax Group

Market Cap: SEK 2.8b

Sells building materials and related products for DIY projects in Sweden, Norway, and internationally.

Ework Group

Market Cap: SEK 1.1b

Engages in the provision of total talent solutions for IT/OT, research and development, engineering, and business development in Sweden, Norway, Finland, Germany, Denmark, Poland, the Netherlands, and Slovakia.

Zinzino

Market Cap: SEK 4.9b

A direct sales company, provides dietary supplements and skincare products in Sweden and internationally.

MilDef Group

Market Cap: SEK 8.2b

Develops, manufactures, and sells rugged IT solutions in Sweden, Norway, Finland, Denmark, the United Kingdom, Germany, Switzerland, the United States, Australia, and internationally.

Truecaller

Market Cap: SEK 3.9b

Develops and publishes mobile caller ID applications for individuals and business in India, the Middle East, Africa, and internationally.

Micro Systemation

Market Cap: SEK 1.2b

Provides forensic technology for mobile device examination and analysis in Sweden and internationally.

Lindab International

Market Cap: SEK 11.6b

Manufactures and sells products and solutions for ventilation systems in Sweden, Denmark, Germany, France, the United Kingdom, Norway, Ireland, and internationally.

ITAB Shop Concept

Market Cap: SEK 3.6b

Develops, manufactures, sells, and installs store concepts for retail chain stores.

AcadeMedia

Market Cap: SEK 9.6b

Operates as an independent education provider in Sweden, Finland, Norway, the Netherlands, and Germany.

Storytel

Market Cap: SEK 7.2b

Engages in the audiobook and publishing market in Sweden, Denmark, the United States, Finland, the Netherlands, Poland, Iceland, and internationally.

RaySearch Laboratories

Market Cap: SEK 6.2b

A medical technology company, provides software solutions for cancer treatment worldwide.

VBG Group

Market Cap: SEK 8.2b

Develops, manufactures, markets, and sells various industrial products in Sweden, Germany, rest of the Nordic countries and Europe, the United States, rest of North America, Brazil, Australia, New Zealand, China, and internationally.

Electrolux Professional

Market Cap: SEK 13.3b

Provides food service, beverage, and laundry products and solutions to restaurants, hotels, healthcare, educational, and other service facilities.

Synsam

Market Cap: SEK 8.2b

Operates in the optical retail and eye health sector in the Nordic Region.

Bilia

Market Cap: SEK 11.7b

Operates as a full-service supplier for car ownership in Sweden, Norway, Luxembourg, and Belgium.

Ependion

Market Cap: SEK 3.8b

Provides digital solutions for secure control, management, visualization, and data communication for industrial applications.

Momentum Group

Market Cap: SEK 5.2b

Supplies industrial components, industrial services, and related services to the industrial sector in Sweden, Norway, Denmark, Finland, and internationally.

Volati

Market Cap: SEK 6.5b

A private equity firm specializing in growth capital, buyouts, add on acquisitions in mature and middle market companies.

Hanza

Market Cap: SEK 8.7b

Provides contract manufacturing solutions in Sweden, Finland, Estonia, Germany, Poland, the Czech Republic, rest of the European Union, Norway, rest of Europe, North America, and internationally.

RVRC Holding

Market Cap: SEK 6.0b

Engages in the e-commerce outdoor clothing business in Germany, Sweden, and internationally.

CTT Systems

Market Cap: SEK 1.5b

Provides humidity control systems for aircraft in Sweden, Denmark, France, the United States, and internationally.

Systemair

Market Cap: SEK 14.7b

Manufactures and sells of ventilation, heating and cooling products, and systems in Europe, North America, the Middle East, Asia, Australia, and Africa.

Surgical Science Sweden

Market Cap: SEK 1.7b

Develops and markets virtual reality simulators and customized training solutions for evidence-based medical training in Europe, North and South America, Asia, and internationally.

RugVista Group

Market Cap: SEK 1.1b

Operates direct-to-consumer online platforms for carpet and rug sales in Sweden and internationally.

Vitec Software Group

Market Cap: SEK 10.6b

Develops and delivers vertical software solutions in Sweden, Denmark, Finland, Norway, the Netherlands, the United States, and internationally.