Swedish Undervalued based on future growth

Husqvarna

Market Cap: SEK 21.2b

Produces and sells outdoor power products, watering products, and lawn care power equipment.

AB Electrolux

Market Cap: SEK 16.4b

Develops, manufactures, and sells household appliances.

Hacksaw

Market Cap: SEK 16.3b

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

Storskogen Group

Market Cap: SEK 14.1b

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

Afry

Market Cap: SEK 13.9b

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 10.1b

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

AcadeMedia

Market Cap: SEK 9.2b

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

Dometic Group

Market Cap: SEK 7.9b

Provides mobile living solutions for food and beverage, climate, power and control, and other applications in the United States, Germany, Australia, Italy, France, United Kingdom, Japan, Canada, the Netherlands, Sweden, and internationally.

Fagerhult Group

Market Cap: SEK 4.8b

Designs, manufactures, and markets professional lighting solutions worldwide.

Enity Holding

Market Cap: SEK 4.1b

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

ITAB Shop Concept

Market Cap: SEK 3.5b

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

Truecaller

Market Cap: SEK 3.3b

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

Morrow Bank

Market Cap: SEK 2.9b

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

Yubico

Market Cap: SEK 2.8b

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

Arlandastad Group

Market Cap: SEK 2.6b

Operates as a real estate development company in Sweden.

Green Landscaping Group

Market Cap: SEK 2.3b

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

Humana

Market Cap: SEK 2.2b

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

EQL Pharma

Market Cap: SEK 1.5b

Engages in the development, marketing, and sale of generic medicines to pharmacies and hospitals in Sweden, Denmark, Norway, Finland, and the rest of Europe.

Lea Bank

Market Cap: SEK 1.4b

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

Prevas

Market Cap: SEK 1.0b

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

Enea

Market Cap: SEK 1.0b

Provides software products for telecom and cybersecurity industries worldwide.

Nordisk Bergteknik

Market Cap: SEK 669.7m

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

HAKI Safety

Market Cap: SEK 618.7m

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

I-Tech

Market Cap: SEK 578.3m

A biotechnology company, develops, markets, and sells antifouling coating products in Sweden.

Nilörngruppen

Market Cap: SEK 569.5m

Engages in the branding and design of labels, packaging, and accessories for the fashion and apparel industries in Sweden, rest of Europe, and Asia.

CombinedX

Market Cap: SEK 559.0m

Provides technology solutions to companies and organizations.

Fractal Gaming Group

Market Cap: SEK 495.9m

Offers PC gaming products in Sweden an internationally.

Careium

Market Cap: SEK 493.8m

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

Navigo Invest

Market Cap: SEK 452.5m

A private equity and venture capital firm specializing in buyouts, early stage, later stage, acquisition, growth capital, middle markets, turnaround and mature stage investments.

G5 Entertainment

Market Cap: SEK 404.5m

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

QleanAir

Market Cap: SEK 386.3m

Provides air cleaning solutions for indoor environments in Sweden and internationally.

Upsales Technology

Market Cap: SEK 341.8m

Operates as a software-as-a-service company that develops and sells web-based business systems with a focus on sales, marketing, and analysis in Sweden and internationally.

B3 Consulting Group

Market Cap: SEK 309.8m

Operates as a consultancy company that provides IT and management consultancy services in Sweden.

Ogunsen

Market Cap: SEK 299.1m

Provides recruitment and consultancy services for specialists and managers in the economics and finance as well as related sectors in Sweden.

Angler Gaming

Market Cap: SEK 269.9m

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

Calviks

Market Cap: SEK 237.6m

Provides recruitment and interim solutions in Sweden and Nordic countries.