Swedish Undervalued Stocks Based On Cash Flows

GiG Software

Market Cap: SEK 493.5m

Provides online gaming services, primarily casino and sports, and a remote gaming platform in Europe, North America, South America, and internationally.

Nordisk Bergteknik

Market Cap: SEK 649.6m

Provides rock handling and foundation solutions in Sweden, Norway, Finland, and internationally.

Arlandastad Group

Market Cap: SEK 2.5b

Operates as a real estate development company in Sweden.

Haypp Group

Market Cap: SEK 3.9b

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

Elekta

Market Cap: SEK 20.8b

A medical technology company, provides clinical solutions for treating cancer and brain disorders in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Smart Eye

Market Cap: SEK 2.1b

Develops human insight artificial intelligence (AI) technology solutions that understand, support, and predict human behavior in the Nordics countries, the rest of Europe, North America, Asia, and internationally.

Ependion

Market Cap: SEK 3.1b

Provides digital solutions for secure control, management, visualization, and data communication for industrial applications.

W5 Solutions

Market Cap: SEK 888.5m

Develops and delivers systems and solutions for the defense and civil protection sectors in Sweden.

Careium

Market Cap: SEK 480.4m

Provides technology-enabled care services in Sweden, Norway, the United Kingdom, the Netherlands, Germany, France, and Spain.

Rusta

Market Cap: SEK 14.4b

Engages in the retail of products in home decoration, consumables, seasonal products, leisure, and Do It Yourself (DIY) categories in Sweden, Norway, Finland, and Germany.

SinterCast

Market Cap: SEK 654.9m

Provides process control technology to produce compacted graphite iron (CGI) for the foundry and automotive industries in Brazil, Mexico, Sweden, the United States of America, Korea, China, Spain, Japan, the United Kingdom, and internationally.

RaySearch Laboratories

Market Cap: SEK 6.7b

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

Asmodee Group

Market Cap: SEK 24.8b

Engages in publishing and distribution of tabletop games.

Cavotec Group

Market Cap: SEK 1.4b

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

Nordrest Holding

Market Cap: SEK 3.9b

Operates as a foodservice company in Sweden and internationally.

Axfood

Market Cap: SEK 70.3b

Engages in the food retail and wholesale businesses primarily in Sweden.

Momentum Group

Market Cap: SEK 6.0b

Supplies industrial components, industrial services, and related services to the industrial sector in Sweden, Norway, Denmark, Finland, and internationally.

CDON

Market Cap: SEK 802.9m

Operates online marketplace in Sweden and other Nordics region.

Hemnet Group

Market Cap: SEK 9.7b

Operates a residential property platform in Sweden.

Lime Technologies

Market Cap: SEK 2.8b

Lime Technologies AB (publ) software as a service (SaaS) based customer relationship management (CRM) solutions in the Nordic region.

BHG Group

Market Cap: SEK 4.3b

Operates as a consumer e-commerce company in Sweden, Finland, Denmark, Norway, rest of Europe, and internationally.

Carasent

Market Cap: SEK 1.6b

Provides cloud based electronic health record (EHR) systems solutions and platform services for healthcare sector in Nordics and Germany.

Mentice

Market Cap: SEK 376.9m

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

Arcoma

Market Cap: SEK 115.6m

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

Qualisys Holding

Market Cap: SEK 497.0m

Provides precision motion capture and 3D positioning tracking systems in Europe, the Middle East, Africa, the United States, and the Asia-Pacific.

AB Volvo

Market Cap: SEK 627.7b

Manufactures and sells trucks, buses, construction equipment, and marine and industrial engines in Europe, North America, South America, Asia, Africa, and Oceania.

Idun Industrier

Market Cap: SEK 3.6b

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.

Coffee Stain Group

Market Cap: SEK 4.0b

Develops and publishes community-driven games primarily for PC and console platforms in Scandinavia and internationally.

Wästbygg Gruppen

Market Cap: SEK 263.1m

Operates as a construction and project development company in Sweden, Norway, Denmark, and Finland.

Bergman & Beving

Market Cap: SEK 7.4b

Provides solutions for the manufacturing and construction sectors in Sweden, Norway, Finland, and internationally.

Stille

Market Cap: SEK 2.1b

Develops, manufactures, and distributes medtech products in Sweden and internationally.

Nitro Games Oyj

Market Cap: SEK 32.4m

Develops and publishes mobile games in the European Union, North America, the United Kingdom, and internationally.

Dynavox Group

Market Cap: SEK 9.2b

Through its subsidiaries, engages in the development and sale of assistive technology products for customers with impaired communication skills.

PowerCell Sweden

Market Cap: SEK 1.1b

Develops and produces fuel cells and fuel cell systems for automotive, marine, and stationary applications in Sweden and internationally.

BioGaia

Market Cap: SEK 11.8b

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.