Swedish Undiscovered Gems With Strong Fundamentals

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 ultraviolet indicators in Sweden, the United Kingdom, the United States, Europe, China, and internationally.

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.

Flat Capital

Market Cap: SEK 6.7b

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

Firefly

Market Cap: SEK 1.2b

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

Berner Industrier

Market Cap: SEK 1.9b

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

Kopparbergs Bryggeri

Market Cap: SEK 2.3b

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

ByggPartner Gruppen

Market Cap: SEK 1.8b

Operates as a construction company in Sweden.

Arla Plast

Market Cap: SEK 998.6m

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

Softronic

Market Cap: SEK 1.2b

Provides IT and management services in Sweden.

Novotek

Market Cap: SEK 922.2m

Novotek AB delivers solutions in the industrial IT and automation areas in Sweden, Norway, Denmark, Finland, Benelux countries, the United Kingdom, Ireland, and Switzerland.

Karnell Group

Market Cap: SEK 3.6b

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

Nelly Group

Market Cap: SEK 3.5b

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

Advenica

Market Cap: SEK 906.1m

Develops and sells security solutions for defense and authority, and business customers in Sweden, Finland, and internationally.

XANO Industri

Market Cap: SEK 5.3b

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 3.8b

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

Saniona

Market Cap: SEK 3.5b

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.

Cloetta

Market Cap: SEK 12.3b

Operates as a confectionery company.

Bahnhof

Market Cap: SEK 5.7b

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

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 6.7b

Operates an online pharmacy in Sweden.

Byggmax Group

Market Cap: SEK 3.3b

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

TF Bank

Market Cap: SEK 11.5b

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

CTT Systems

Market Cap: SEK 2.2b

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

Micro Systemation

Market Cap: SEK 1.1b

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

Bokusgruppen

Market Cap: SEK 1.2b

Operates as a book retailer in Sweden.

Zinzino

Market Cap: SEK 5.2b

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

Enea

Market Cap: SEK 1.4b

Provides software products for telecom and cybersecurity industries worldwide.

FM Mattsson

Market Cap: SEK 3.0b

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.

Nordrest Holding

Market Cap: SEK 3.3b

Operates as a foodservice company in Sweden and internationally.

BioGaia

Market Cap: SEK 11.4b

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 3.2b

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

Duni

Market Cap: SEK 5.0b

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

Lea Bank

Market Cap: SEK 1.5b

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

NOTE

Market Cap: SEK 4.8b

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