Swedish Undervalued Small Caps

CellaVision

Market Cap: SEK 3.8b

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

Bilia

Market Cap: SEK 11.6b

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

Afry

Market Cap: SEK 17.4b

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.

Ambea

Market Cap: SEK 11.1b

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

Hacksaw

Market Cap: SEK 18.2b

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

NOTE

Market Cap: SEK 5.1b

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

BTS Group

Market Cap: SEK 2.6b

Operates as a professional services firm.

Enea

Market Cap: SEK 1.3b

Provides software products for telecom and cybersecurity industries worldwide.

Truecaller

Market Cap: SEK 8.0b

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 1.7b

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

New Wave Group

Market Cap: SEK 14.7b

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.

Gränges

Market Cap: SEK 14.9b

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.

ITAB Shop Concept

Market Cap: SEK 4.6b

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

AcadeMedia

Market Cap: SEK 10.2b

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

Green Landscaping Group

Market Cap: SEK 2.6b

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

Eolus Aktiebolag

Market Cap: SEK 978.8m

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

Alligo

Market Cap: SEK 5.9b

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

Better Collective

Market Cap: SEK 6.8b

Operates as a digital sports media company in Europe, North America, and internationally.

Nyab

Market Cap: SEK 4.1b

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

Byggmax Group

Market Cap: SEK 3.0b

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

Hanza

Market Cap: SEK 5.5b

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.

Micro Systemation

Market Cap: SEK 1.1b

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

Catella

Market Cap: SEK 2.3b

A real estate investment firm.

Storytel

Market Cap: SEK 5.9b

Provides audiobooks and e-books streaming services.

Vimian Group

Market Cap: SEK 15.2b

Engages in the animal health business worldwide.

Systemair

Market Cap: SEK 15.9b

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

Scandi Standard

Market Cap: SEK 6.2b

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.

BioGaia

Market Cap: SEK 10.1b

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.

VBG Group

Market Cap: SEK 9.6b

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 18.6b

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

Synsam

Market Cap: SEK 9.5b

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

Lime Technologies

Market Cap: SEK 4.2b

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

Hexatronic Group

Market Cap: SEK 4.2b

Develops, manufactures, markets, and sells fiber communication solutions in Sweden, the United States, Germany, the United Kingdom, and internationally.