Swedish Undiscovered Gems With Strong Fundamentals

Bahnhof

Market Cap: SEK 5.7b

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

Linc

Market Cap: SEK 4.4b

A private equity and venture capital firm, specializing in early and mature stage investments in pharmaceutical, life-science and med-tech companies.

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 2.5b

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

Berner Industrier

Market Cap: SEK 1.5b

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

ByggPartner Gruppen

Market Cap: SEK 2.2b

Operates as a construction company in Sweden.

Softronic

Market Cap: SEK 1.2b

Provides IT and management services in Sweden.

Fenix Outdoor International

Market Cap: SEK 5.6b

Develops and markets outdoor products worldwide.

Investment AB Öresund

Market Cap: SEK 6.9b

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

Nelly Group

Market Cap: SEK 1.1b

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

Karnell Group

Market Cap: SEK 4.3b

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

XANO Industri

Market Cap: SEK 3.0b

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.

Cloetta

Market Cap: SEK 14.8b

Operates as a confectionery company.

Saniona

Market Cap: SEK 1.9b

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.

C-Rad

Market Cap: SEK 1.2b

Develops, manufactures, and sells products and systems with applications in radiotherapy for the treatment of cancer in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

Idun Industrier

Market Cap: SEK 4.0b

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

Zinzino

Market Cap: SEK 6.0b

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

Bokusgruppen

Market Cap: SEK 1.1b

Operates as a book retailer in Sweden.

FM Mattsson

Market Cap: SEK 3.5b

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.

Nordrest Holding

Market Cap: SEK 3.8b

Operates as a foodservice company in Sweden and internationally.

BioGaia

Market Cap: SEK 13.3b

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.

Solid Försäkringsaktiebolag

Market Cap: SEK 1.8b

Provides non-life insurance to private and business customers in Sweden, Denmark, Norway, Finland, and internationally.

Duni

Market Cap: SEK 4.0b

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

RaySearch Laboratories

Market Cap: SEK 7.5b

A medical technology company, provides software solutions for cancer treatment worldwide.

Lea Bank

Market Cap: SEK 1.3b

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

MedCap

Market Cap: SEK 8.6b

A private equity firm specializing in investments in secondary direct, later stage, industry consolidation, add-on acquisitions, growth capital, middle market, mature, turnarounds, and buyout.

Studsvik

Market Cap: SEK 2.0b

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

Avarda Bank

Market Cap: SEK 11.0b

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

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 5.3b

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

Inission

Market Cap: SEK 1.8b

Engages in the supply of tailored manufacturing services and products in the field of industrial electronics and mechanics.

Volati

Market Cap: SEK 7.0b

A private equity firm specializing in growth capital, buyouts, add on acquisitions in mature and middle market companies.