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 17.4b

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

Alimak Group

Market Cap: SEK 11.5b

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

New Wave Group

Market Cap: SEK 12.8b

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 13.4b

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

Svedbergs Group

Market Cap: SEK 2.9b

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

Viva Wine Group

Market Cap: SEK 2.9b

Develops, markets, imports, and sells wines.

Nederman Holding

Market Cap: SEK 4.1b

Operates as an environmental technology company.

NOTE

Market Cap: SEK 4.9b

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

Storskogen Group

Market Cap: SEK 15.2b

Owns and develops small and medium-sized businesses operating in trade, industry, and services business areas.

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.

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.

Zinzino

Market Cap: SEK 5.0b

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

AcadeMedia

Market Cap: SEK 9.5b

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

ITAB Shop Concept

Market Cap: SEK 3.4b

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

Lindab International

Market Cap: SEK 11.7b

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

Green Landscaping Group

Market Cap: SEK 1.7b

Engages in the green space management business in Sweden, Norway, Germany, and Europe.

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.

VBG Group

Market Cap: SEK 8.4b

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.

Synsam

Market Cap: SEK 8.0b

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

Bilia

Market Cap: SEK 11.6b

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

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.

Volati

Market Cap: SEK 6.6b

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

Byggmax Group

Market Cap: SEK 2.8b

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

RVRC Holding

Market Cap: SEK 5.9b

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

Exsitec Holding

Market Cap: SEK 1.5b

Provides digital solutions to medium-sized companies in Sweden, Norway, Denmark, and Finland.

Hanza

Market Cap: SEK 8.6b

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.

Boozt

Market Cap: SEK 7.0b

Operates as an online retailer in Sweden, Denmark, Norway, Finland, Iceland, and rest of Europe.

Ependion

Market Cap: SEK 4.1b

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

Momentum Group

Market Cap: SEK 5.3b

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

Cheffelo

Market Cap: SEK 1.3b

Engages in the supply and delivery of meal kits to various customers in Sweden, Norway, and Denmark.

CTT Systems

Market Cap: SEK 1.5b

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

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.

Storytel

Market Cap: SEK 7.4b

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

RaySearch Laboratories

Market Cap: SEK 6.5b

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