Swedish Undiscovered Gems With Strong Fundamentals

Mangold Fondkommission

Market Cap: SEK 951.1m

Provides financial services to companies, institutions, and private individuals in Sweden.

Intellego Technologies

Market Cap: SEK 2.6b

Manufactures and sells colorimetric ultraviolet indicators in Sweden.

VNV Global

Market Cap: SEK 3.1b

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.

Firefly

Market Cap: SEK 1.2b

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

Novotek

Market Cap: SEK 954.0m

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

ByggPartner Gruppen

Market Cap: SEK 1.4b

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 1.3b

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

Nelly Group

Market Cap: SEK 2.8b

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

Viking Supply Ships

Market Cap: SEK 1.5b

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

Karnell Group

Market Cap: SEK 3.4b

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

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.

Doro

Market Cap: SEK 996.0m

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

XANO Industri

Market Cap: SEK 3.7b

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 10.1b

Operates as a confectionery company.

Idun Industrier

Market Cap: SEK 4.3b

An investment holding company, engages in the manufacture and sale of glass fiber reinforced fat- and oil separators in Sweden.

Bahnhof

Market Cap: SEK 6.4b

Engages in the Internet and telecommunications business in Sweden and rest of Europe.

Saniona

Market Cap: SEK 2.2b

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.

Embellence Group

Market Cap: SEK 969.8m

Provides interior decoration products worldwide.

Byggmax Group

Market Cap: SEK 2.8b

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

Apotea

Market Cap: SEK 8.6b

Operates an online pharmacy in Sweden.

Enea

Market Cap: SEK 1.3b

Provides software products for telecom and cybersecurity industries worldwide.

Berner Industrier

Market Cap: SEK 1.5b

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

CTT Systems

Market Cap: SEK 2.4b

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

Bokusgruppen

Market Cap: SEK 1.4b

Operates as a book retailer in Sweden.

Zinzino

Market Cap: SEK 4.2b

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

Micro Systemation

Market Cap: SEK 1.3b

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

Nordrest Holding

Market Cap: SEK 2.9b

Operates as a foodservice company in Sweden and internationally.

Dala Energi

Market Cap: SEK 1.2b

Operates as a supplier of electricity, heating, and fiber networks in Sweden.

BioGaia

Market Cap: SEK 10.2b

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.

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 14.0b

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

Lea Bank

Market Cap: SEK 1.3b

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

Nyab

Market Cap: SEK 4.6b

Provides engineering, construction, and maintenance services to energy, infrastructure, and industrial construction projects for public and private sectors in Finland and Sweden.