Swedish Potentially Undervalued Companies

CellaVision

Market Cap: SEK 3.6b

Develops and sells instruments, software, and reagents for blood and body fluids analysis in Sweden and internationally.

Stillfront Group

Market Cap: SEK 3.2b

Designs, develops, markets, publishes, and sells digital games in Europe, North America, the Middle East and North Africa, and the Asia-Pacific.

Inwido

Market Cap: SEK 9.3b

Through its subsidiaries, engages in development, manufacture, and sale of windows and doors in Sweden.

DNB Bank

Market Cap: NOK 407.8b

Provides financial services to individuals and businesses in Norway and internationally.

Solstad Maritime

Market Cap: NOK 8.6b

Owns and operates offshore service vessels (OSVs) that provides maritime services to the offshore energy industry in North Sea, North and Central America, Mediterranean and rest of the Europe, Africa, South America, Australia, and Asia.

Afry

Market Cap: SEK 17.3b

Provides engineering, design, and advisory services for the infrastructure, industry, and energy sectors in the Nordics, North America, South America, Asia, rest of Europe, and internationally.

SSAB

Market Cap: SEK 73.5b

Engages in the production and sale of steel products in Sweden, Finland, the Rest of Europe, the United States, and internationally.

AB SKF

Market Cap: SEK 111.2b

Designs, manufactures, and sells bearings and units, seals, lubrication systems, condition monitoring, and services worldwide.

Embracer Group

Market Cap: SEK 12.8b

Develops and publishes PC, console, mobile, VR, and board games for the games market worldwide.

ADDvise Group

Market Cap: SEK 1.0b

Supplies medical devices, equipment, and consumables to public and private laboratories and research facilities, healthcare, and pharmaceuticals in North America, Europe, South America, Sweden, and internationally.

Arjo

Market Cap: SEK 8.6b

Develops and sells medical devices and solutions for patients for clinical and financial outcomes for healthcare in Europe, Asia, Latin America, Africa, and Pacific.

Netel Holding

Market Cap: SEK 258.6m

Provides construction and maintenance services for communication infrastructure and power networks in Sweden, Norway, Finland, Germany, and the United Kingdom.

Bilia

Market Cap: SEK 12.1b

Operates as a full-service supplier for car ownership in Sweden, Norway, Luxemburg, and Belgium.

SSAB

Market Cap: SEK 73.5b

Engages in the production and sale of steel products in Sweden, Finland, the Rest of Europe, the United States, and internationally.

G5 Entertainment

Market Cap: SEK 703.2m

Develops and publishes free-to-play games for smartphones, tablets, and personal computers in Sweden.

Dustin Group

Market Cap: SEK 2.5b

Engages in online information technology business in Sweden, Finland, Denmark, the Netherlands, Norway, and Belgium.

Avensia

Market Cap: SEK 320.0m

Provides e-commerce solutions in Sweden.

Ambea

Market Cap: SEK 11.6b

Provides elderly care, disability care, and psychosocial support for the elderly and people with disabilities in Sweden, Norway, and Denmark.

Boozt

Market Cap: SEK 6.7b

Sells fashion, apparel, shoes, accessories, kids, home, sports, and beauty products online.

ES Energy Save Holding

Market Cap: SEK 111.3m

Develops heat pumps for commercial buildings.

Nobia

Market Cap: SEK 2.9b

Engages in the development, manufacture, and sale of kitchen solutions in Sweden, Denmark, Norway, Finland, the United Kingdom, Germany, the Netherlands, Austria, Iceland, and internationally.

Camurus

Market Cap: SEK 36.4b

A biopharmaceutical company, develops and commercializes medicines for severe and chronic diseases in Europe, Africa, the Middle East, North America, and Asia.

Svenska Handelsbanken

Market Cap: SEK 272.5b

Provides various banking products and services for private and corporate customers primarily in Sweden, the United Kingdom, Norway, the Netherlands, and internationally.

Iconovo

Market Cap: SEK 60.8m

Develops and licenses inhalation medications in Sweden.

Mentice

Market Cap: SEK 381.1m

Develops, sells, and markets solutions for training and decision support in the clinical area of interventional angiography in cardiology, neurology, vascular surgery, and radiology.

Hacksaw

Market Cap: SEK 17.9b

Operates as a B2B technology platform and game development company in Sweden and Czech Republic.

NOTE

Market Cap: SEK 5.2b

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

Cavotec Group

Market Cap: SEK 1.5b

A cleantech company, designs and delivers connection and electrification solutions to enable the decarbonisation of ports and industrial applications worldwide.

Ratos

Market Cap: SEK 12.4b

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

Arcoma

Market Cap: SEK 103.9m

Develops, produces, and provides radiology solutions and digital x-ray systems in Sweden and internationally.

Sleep Cycle

Market Cap: SEK 528.2m

Engages in providing sleep tracking applications in Sweden.

Angler Gaming

Market Cap: SEK 269.9m

Invests in companies that offer gaming services through the internet in Malta.

MilDef Group

Market Cap: SEK 5.9b

Develops, manufactures, and sells rugged IT solutions in Sweden, Norway, Finland, Denmark, the United Kingdom, Germany, Switzerland, the United States, Australia, and internationally.

ADDvise Group

Market Cap: SEK 1.0b

Supplies medical devices, equipment, and consumables to public and private laboratories and research facilities, healthcare, and pharmaceuticals in North America, Europe, South America, Sweden, and internationally.

Essity

Market Cap: SEK 180.6b

Develops, produces, and sells hygiene and health products and services in Europe, North and Latin America, Asia, and internationally.

Devyser Diagnostics

Market Cap: SEK 1.8b

Engages in the development, manufacture, and sale of diagnostic kits and solutions for DNA testing within hereditary diseases, oncology, and post-transplantation monitoring in Sweden, rest of Europe, the Middle East, Africa, North and South America, and Asia.