Swedish Undiscovered Gems With Strong Fundamentals

Freetrailer Group

Market Cap: DKK 778.8m

A technology company, operates a sharing-economy platform for the free rental of trailers and cargo bikes in Denmark, Sweden, Germany, and the Netherlands.

Train Alliance

Market Cap: SEK 1.6b

Provides railway facilities in Sweden.

Firefly

Market Cap: SEK 1.1b

Develops and sells industrial fire prevention and protection systems for the process industry worldwide.

Kopparbergs Bryggeri

Market Cap: SEK 2.3b

Manufactures, distributes, and sells water, soft drinks, beer, cider, wine, and spirits in Sweden and internationally.

Berner Industrier

Market Cap: SEK 1.8b

Engages in the technology distribution, and energy and environment business in Sweden, Norway, Finland, and Denmark.

ByggPartner Gruppen

Market Cap: SEK 1.9b

Operates as a construction company in Sweden.

Softronic

Market Cap: SEK 1.1b

Provides IT and management services in Sweden.

Karnell Group

Market Cap: SEK 3.2b

A private equity firm specializing investments in add-on acquisitions, expansion and small and medium-sized companies.

Investment AB Öresund

Market Cap: SEK 6.7b

Operates as an investment company that engages in the asset management activities in Sweden.

Viking Supply Ships

Market Cap: SEK 1.9b

Provides offshore anchor handling and ice-breaking services to oil industry primarily in the Arctic and North Sea.

Nelly Group

Market Cap: SEK 1.6b

Operates as a fashion company in Sweden, rest of Nordics, and internationally.

XANO Industri

Market Cap: SEK 3.3b

Develops, manufactures, and sells industrial products and automation equipment in Sweden, rest of Nordic countries, Europe, and internationally.

Plejd

Market Cap: SEK 7.5b

A technology company, develops products and services for smart lighting control in Sweden, Norway, Finland, the Netherlands, Germany, and internationally.

Idun Industrier

Market Cap: SEK 3.6b

An investment holding company, invests in and develops industrial and service businesses in Sweden, rest of Nordic countries, rest of Europe, and internationally.

Studsvik

Market Cap: SEK 2.5b

Provides technical solutions across the nuclear and radioactive material in Sweden, Germany, Europe, Asia, North America, and internationally.

Cloetta

Market Cap: SEK 15.3b

Operates as a confectionery company.

Bahnhof

Market Cap: SEK 5.6b

Provides internet services to individuals and businesses in Sweden and internationally.

Saniona

Market Cap: SEK 2.3b

A clinical-stage biopharmaceutical company, engages in the research, development, and commercialization of treatments for rare disease patients in Sweden, the United States, Germany, Denmark, and the United Kingdom.

SyntheticMR

Market Cap: SEK 1.2b

Engages in the development and marketing of imaging and software solutions for magnetic resonance imaging (MRI) in Sweden and internationally.

Apotea

Market Cap: SEK 6.5b

Operates an online pharmacy in Sweden.

Byggmax Group

Market Cap: SEK 3.2b

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

Ework Group

Market Cap: SEK 1.2b

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.

AddLife

Market Cap: SEK 17.3b

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

FM Mattsson

Market Cap: SEK 4.0b

Develops, manufactures, and sells water taps and related products for bathrooms and kitchens in Sweden, Norway, Denmark, Finland, Benelux, the United Kingdom, Germany, Italy, and internationally.

Bokusgruppen

Market Cap: SEK 1.1b

Operates as a book retailer in Sweden.

Zinzino

Market Cap: SEK 5.6b

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

Micro Systemation

Market Cap: SEK 1.2b

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

Nordrest Holding

Market Cap: SEK 3.9b

Operates as a foodservice company in Sweden and internationally.

BioGaia

Market Cap: SEK 11.8b

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.

Morrow Bank

Market Cap: SEK 2.9b

Provides unsecured financing to private individuals in Norway, Sweden, and Finland.

Duni

Market Cap: SEK 4.6b

Develops, manufactures, and sells concepts and products for the serving, take-away, and packaging of meals in Sweden, Poland, and internationally.

Viva Wine Group

Market Cap: SEK 2.9b

Develops, markets, imports, and sells wines.

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.

TF Bank

Market Cap: SEK 10.8b

A digital credit and payment platform, provides consumer banking services and e-commerce solutions in Sweden.

SkiStar

Market Cap: SEK 12.7b

Owns and operates Alpine ski resorts in Sweden and Norway.

NOTE

Market Cap: SEK 4.9b

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