Swedish Undervalued Small Caps

CellaVision

Market Cap: SEK 3.2b

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

Nolato

Market Cap: SEK 13.1b

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

New Wave Group

Market Cap: SEK 12.2b

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

Alimak Group

Market Cap: SEK 12.6b

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

Storytel

Market Cap: SEK 7.1b

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

Synsam

Market Cap: SEK 7.7b

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

Alligo

Market Cap: SEK 6.3b

Provides workwear, personal protection, tools, and consumables in Sweden, Norway, and Finland.

Viva Wine Group

Market Cap: SEK 2.5b

Develops, markets, imports, and sells wines.

Nederman Holding

Market Cap: SEK 4.5b

Operates as an environmental technology company.

Nyab

Market Cap: SEK 4.2b

Engages in the provision of advisory, engineering, project management, construction, and maintenance services to energy, infrastructure, and industrial construction projects for public and private sectors in Finland, 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.

NOTE

Market Cap: SEK 4.6b

Provides electronics manufacturing services in Western Europe and internationally.

Exsitec Holding

Market Cap: SEK 1.3b

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

Byggmax Group

Market Cap: SEK 2.8b

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

Zinzino

Market Cap: SEK 5.2b

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

Truecaller

Market Cap: SEK 4.1b

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

Storskogen Group

Market Cap: SEK 14.4b

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

ITAB Group

Market Cap: SEK 3.6b

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

Systemair

Market Cap: SEK 16.2b

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

Hemnet Group

Market Cap: SEK 6.4b

Operates a residential property platform in Sweden.

Gränges

Market Cap: SEK 18.0b

Engages in the development, production, and distribution of rolled aluminum products in the Americas, Asia, and Europe.

AcadeMedia

Market Cap: SEK 9.6b

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

Lindab International

Market Cap: SEK 10.3b

Manufactures and sells products and solutions for ventilation systems.

Electrolux Professional

Market Cap: SEK 12.2b

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

Modern Times Group MTG

Market Cap: SEK 14.4b

Through its subsidiaries, engages in the provision of game franchises in Sweden, the United Kingdom, Germany, rest of Europe, Singapore, India, the United States, and New Zealand.

VBG Group

Market Cap: SEK 7.7b

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

Norion Bank

Market Cap: SEK 11.4b

Provides financial solutions for medium-sized corporates and real estate companies, merchants, and private individuals in Sweden, Germany, Norway, Denmark, Finland, and internationally.

Svedbergs Group

Market Cap: SEK 3.4b

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

Vitec Software Group

Market Cap: SEK 9.1b

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

Lea Bank

Market Cap: SEK 1.2b

Provides various banking products and services in Norway, Sweden, Finland, and Spain.

Bilia

Market Cap: SEK 13.3b

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

Hanza

Market Cap: SEK 9.0b

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.

Dometic Group

Market Cap: SEK 8.0b

Provides mobile living solutions for food and beverage, climate, power and control, and other applications in the United States, Germany, Australia, Italy, France, United Kingdom, Japan, Canada, the Netherlands, Sweden, and internationally.

Bonesupport Holding

Market Cap: SEK 13.5b

An orthobiologics company, develops and commercializes injectable bio-ceramic bone graft substitutes in the United States, Europe, 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.

Nordrest Holding

Market Cap: SEK 3.2b

Operates as a foodservice company in Sweden and internationally.