Swedish Undervalued Small Caps

Hacksaw

Market Cap: SEK 16.8b

Operates as a B2B technology platform and game development company in Sweden and Czech Republic.

Afry

Market Cap: SEK 17.2b

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.

Bilia

Market Cap: SEK 12.1b

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

CellaVision

Market Cap: SEK 3.8b

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

Ambea

Market Cap: SEK 11.3b

Provides elderly care, disability care, and psychosocial support for the elderly and people with disabilities in Sweden, Norway, and Denmark.

Enea

Market Cap: SEK 1.5b

Provides software products for telecom and cybersecurity industries worldwide.

BTS Group

Market Cap: SEK 2.7b

Operates as a professional services firm.

Truecaller

Market Cap: SEK 5.5b

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

Surgical Science Sweden

Market Cap: SEK 1.6b

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

ITAB Shop Concept

Market Cap: SEK 4.9b

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

AcadeMedia

Market Cap: SEK 9.4b

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

New Wave Group

Market Cap: SEK 15.5b

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.

Betsson

Market Cap: SEK 14.6b

Through its subsidiaries, invests in and manages online gaming business in the Nordic countries, Latin America, Western Europe, Central and Eastern Europe, Central Asia, and internationally.

Eolus Aktiebolag

Market Cap: SEK 1.1b

Primarily engages in the development, construction, and operation of renewable energy assets in Sweden, Finland, the United States, Poland, Spain, and the Baltic states.

Viva Wine Group

Market Cap: SEK 3.2b

Develops, markets, imports, and sells wines.

Alligo

Market Cap: SEK 7.0b

Engages in the provision of workwear, personal protective equipment, tools, and consumables in Finland, Sweden, and Norway.

Ependion

Market Cap: SEK 3.5b

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

Nyab

Market Cap: SEK 4.3b

Provides engineering, construction, and maintenance services to energy, infrastructure, and industrial construction projects for public and private sectors in Finland and Sweden.

Vitrolife

Market Cap: SEK 18.0b

Provides assisted reproduction products in Europe, the Middle East, Africa, Asia-Pacific, and the Americas.

Zinzino

Market Cap: SEK 5.5b

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

Micro Systemation

Market Cap: SEK 1.1b

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

Storytel

Market Cap: SEK 6.6b

Provides audiobooks and e-books streaming services.

BioGaia

Market Cap: SEK 11.3b

A healthcare company, develops, manufactures, markets and sells probiotic products for gut, oral, and immune health in Europe, the Middle East, Africa, the United States, the Asia-Pacific, Australia, and New Zealand.

Scandi Standard

Market Cap: SEK 6.5b

Produces and sells chilled, frozen, and ready-to-eat chicken products in Sweden, Norway, Ireland, Denmark, Finland, Germany, the United Kingdom, rest of Europe, and internationally.

Gränges

Market Cap: SEK 15.9b

Engages in the development, production, and distribution of rolled aluminum products for thermal management systems, specialty packaging, and niche applications in Asia Pacific, Europe, and North and South Americas.

RugVista Group

Market Cap: SEK 1.4b

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

VBG Group

Market Cap: SEK 10.3b

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.

Green Landscaping Group

Market Cap: SEK 2.7b

Engages in the green space management and landscaping business in Sweden, Norway, and rest of Europe.

Lime Technologies

Market Cap: SEK 3.7b

Provides software as a service (SaaS) based customer relationship management (CRM) solutions in the Nordic region.

Synsam

Market Cap: SEK 9.5b

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

Vitec Software Group

Market Cap: SEK 11.5b

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