Swedish Undiscovered Gems With Strong Fundamentals

VNV Global

Market Cap: SEK 2.8b

VNV Global AB (publ) formerly known as Vostok New Ventures Ltd., is a private equity and venture capital firm specializing in growth capital, buyout investments, incubation, seed/startup, early venture, mid venture, late venture.

KABE Group AB (publ.)

Market Cap: SEK 1.9b

Engages in the construction and sale of caravans, motorhomes, and camping accessories in Sweden, the United Kingdom, Germany, Norway, Finland, Denmark, Poland, and internationally.

Intellego Technologies

Market Cap: SEK 1.6b

Manufactures and sells colorimetric ultraviolet indicators in Sweden.

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.

Firefly

Market Cap: SEK 1.2b

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

Flat Capital

Market Cap: SEK 7.9b

Operates as an investment company that focuses on companies with various entrepreneurs worldwide.

Berner Industrier

Market Cap: SEK 1.7b

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

FM Mattsson

Market Cap: SEK 2.5b

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.

Kopparbergs Bryggeri

Market Cap: SEK 2.3b

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

ByggPartner Gruppen

Market Cap: SEK 1.9b

Operates as a construction company in Sweden.

Softronic

Market Cap: SEK 1.2b

Provides IT and management services in Sweden.

Arla Plast

Market Cap: SEK 986.1m

Through its subsidiaries, manufactures, sells, and distributes extruded plastic sheets in Sweden, Germany, the Czech Republic, Poland, rest of Europe, and internationally.

Karnell Group

Market Cap: SEK 3.7b

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

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.

Nelly Group

Market Cap: SEK 2.9b

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

Doro

Market Cap: SEK 976.5m

A technology company, develops telecom and technology products and services for seniors and individuals with special needs.

XANO Industri

Market Cap: SEK 4.0b

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.

Saniona

Market Cap: SEK 2.7b

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.

Bahnhof

Market Cap: SEK 5.8b

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

Idun Industrier

Market Cap: SEK 3.9b

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

Cloetta

Market Cap: SEK 11.1b

Operates as a confectionery company.

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 9.0b

Operates an online pharmacy in Sweden.

Byggmax Group

Market Cap: SEK 3.0b

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

CTT Systems

Market Cap: SEK 2.3b

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

Enea

Market Cap: SEK 1.3b

Provides software products for telecom and cybersecurity industries worldwide.

Zinzino

Market Cap: SEK 6.1b

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

Bokusgruppen

Market Cap: SEK 1.3b

Operates as a book retailer in Sweden.

Micro Systemation

Market Cap: SEK 1.1b

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

BioGaia

Market Cap: SEK 10.0b

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.

Nordrest Holding

Market Cap: SEK 3.0b

Operates as a foodservice company in Sweden and internationally.

Lea Bank

Market Cap: SEK 1.4b

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

Haypp Group

Market Cap: SEK 4.7b

Operates as an online retailer of tobacco-free nicotine pouches and snus products in Sweden, Norway, the rest of Europe, and the United States.

Norion Bank

Market Cap: SEK 13.3b

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

Ratos

Market Cap: SEK 12.0b

A private equity firm specializing in buyouts, turnarounds, add on acquisitions, and middle market transactions.