Swedish Undervalued based on future growth

Castellum

Market Cap: SEK 53.6b

Castellum is one of the Nordic region’s largest commercial property companies, with a focus on office and logistics properties in Nordic growth cities.

AB Electrolux

Market Cap: SEK 23.6b

Develops, manufactures, and sells household appliances.

Scandic Hotels Group

Market Cap: SEK 20.3b

Engages in the operation and franchising of hotels in Sweden, Norway, Finland, Denmark, Germany, and Poland.

Storskogen Group

Market Cap: SEK 16.7b

Owns and develops small and medium-sized businesses operating in trade, industry, and services business areas.

Hacksaw

Market Cap: SEK 16.0b

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

Afry

Market Cap: SEK 15.1b

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.

TF Bank

Market Cap: SEK 10.5b

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

FastPartner

Market Cap: SEK 8.8b

A real estate company, owns, develops, and manages residential and commercial properties in Sweden.

AcadeMedia

Market Cap: SEK 8.7b

Operates as an independent education provider in Sweden, Finland, Norway, the Netherlands, and Germany.

Sveafastigheter

Market Cap: SEK 7.6b

A real estate company, owns, builds, and manages residential properties in Sweden.

Better Collective

Market Cap: SEK 7.0b

Operates as a digital sports media company in Europe, North America, and internationally.

Instalco

Market Cap: SEK 6.8b

Provides installation services in the electrical, heating and plumbing, ventilation, technical consulting, and industrial areas in Sweden and rest of the Nordics.

Stendörren Fastigheter

Market Cap: SEK 6.5b

A real estate company, engages in managing, developing, and acquiring properties and building rights in logistics, warehouse, and light industry primarily located in Greater Stockholm, Västerås, and Mälardalen.

Fagerhult Group

Market Cap: SEK 6.5b

Designs, manufactures, and markets professional lighting solutions worldwide.

Yubico

Market Cap: SEK 5.5b

Provides authentication solutions for use in computers, networks, and online services.

Truecaller

Market Cap: SEK 4.8b

Develops and publishes mobile caller ID applications for individuals and business in India, the Middle East, Africa, and internationally.

Prisma Properties

Market Cap: SEK 4.1b

Owns, develops, and leases properties in Sweden, Denmark, and Norway.

Enity Holding

Market Cap: SEK 4.0b

Engages in providing mortgage services to individuals and communities in Sweden, Norway, and Finland.

ITAB Shop Concept

Market Cap: SEK 3.9b

Develops, manufactures, sells, and installs store concepts for retail chain stores.

Morrow Bank

Market Cap: SEK 3.3b

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

Kambi Group

Market Cap: SEK 3.1b

Provides sports betting technology and services to the betting and gaming industry in Europe, the Americas, and internationally.

Green Landscaping Group

Market Cap: SEK 2.2b

Engages in the green space management and landscaping business in Sweden, Norway, and rest of Europe.

BTS Group

Market Cap: SEK 2.2b

Operates as a professional services firm.

Absolent Air Care Group

Market Cap: SEK 2.1b

Designs, develops, sells, installs, and maintains air filtration units.

Humana

Market Cap: SEK 2.0b

Provides individual and family care services for children and adults in Sweden, Finland, Norway, and Denmark.

Lea Bank

Market Cap: SEK 1.5b

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

Annehem Fastigheter

Market Cap: SEK 1.5b

Operates as a property company in Sweden and Finland.

Surgical Science Sweden

Market Cap: SEK 1.2b

Develops and markets virtual reality simulators for evidence-based medical training in Europe, North and South America, Asia, and internationally.

Enea

Market Cap: SEK 1.1b

Provides software products for telecom and cybersecurity industries worldwide.

Prevas

Market Cap: SEK 1.1b

Provides technical solutions in Sweden, Denmark, Finland, and internationally.

Lyko Group

Market Cap: SEK 1.1b

Produces and sells various hair care and beauty products in the Nordic markets.

Gentoo Media

Market Cap: SEK 879.6m

An iGaming technology company, together with its subsidiaries, provides solutions, products, and services to iGaming operators in Nordic countries, other European countries, and internationally.

Eolus Aktiebolag

Market Cap: SEK 860.5m

Primarily engages in the development, construction, and operation of renewable energy assets in Sweden, Finland, the United States, Poland, Spain, and the Baltic states.

CombinedX

Market Cap: SEK 711.0m

Provides technology solutions to companies and organizations.

G5 Entertainment

Market Cap: SEK 644.9m

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

HAKI Safety

Market Cap: SEK 632.1m

Provides safety products and solutions for infrastructure, energy, industry, aviation, rail and construction, and civil engineering industries in Europe and North America.