Swedish Undervalued based on future growth

Castellum

Market Cap: SEK 51.7b

Castellum is one of the Nordic region's largest commercial real estate companies, focusing on office and logistics properties in Nordic growth cities.

Husqvarna

Market Cap: SEK 25.9b

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

Peab

Market Cap: SEK 24.1b

Operates as a construction and civil engineering company in Sweden, Norway, Finland, Denmark, and internationally.

Billerud

Market Cap: SEK 22.8b

Provides paper and packaging materials worldwide.

Scandic Hotels Group

Market Cap: SEK 22.2b

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

Alleima

Market Cap: SEK 20.2b

Manufactures and sells stainless steels, special alloys, medical wires and components, and electric heating systems in Europe, North America, Asia, and internationally.

Betsson

Market Cap: SEK 19.8b

Through its subsidiaries, invests in and manages online gaming business in the Nordic countries, Latin America, Western Europe, Central and Eastern Europe, Central Asia, and internationally.

Hacksaw

Market Cap: SEK 18.1b

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

AB Electrolux

Market Cap: SEK 16.8b

Develops, manufactures, and sells household appliances.

Afry

Market Cap: SEK 16.6b

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.

Nyfosa

Market Cap: SEK 15.1b

A transaction-intensive real estate company, invests, manages, develops, and sells properties in Sweden, Norway, and Finland.

Gränges

Market Cap: SEK 14.9b

Engages in the development, production, and distribution of rolled aluminum products for thermal management systems, specialty packaging, and niche applications in Asia Pacific, Europe, and North and South Americas.

New Wave Group

Market Cap: SEK 14.9b

Designs, acquires, and develops brands and products in the corporate, sports, gifts, and home furnishings sectors in Sweden, the United States, Central Europe, rest of Nordiac countries, Southern Europe, and internationally.

TF Bank

Market Cap: SEK 10.8b

A digital bank, provides consumer banking services and e-commerce solutions through a proprietary IT platform in Sweden .

Hoist Finance

Market Cap: SEK 9.8b

A credit market company, engages in the loan acquisition and management operations in Europe.

FastPartner

Market Cap: SEK 9.2b

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

JM

Market Cap: SEK 8.8b

JM AB (publ) constructs, develops, and sells housing and residential areas in the Nordic region.

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.

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.

Better Collective

Market Cap: SEK 6.7b

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

Yubico

Market Cap: SEK 6.6b

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

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.

Alligo

Market Cap: SEK 6.3b

Engages in the provision of workwear, personal protective equipment, tools, and consumables in Finland, Sweden, and Norway.

Hanza

Market Cap: SEK 5.6b

Provides contract manufacturing solutions in Sweden, Finland, Estonia, Germany, Poland, the Czech Republic, rest of the European Union, Norway, rest of Europe, North America, and internationally.

Enity Holding

Market Cap: SEK 5.1b

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

Hexatronic Group

Market Cap: SEK 4.7b

Develops, manufactures, markets, and sells fiber communication solutions in Sweden, the United States, Germany, the United Kingdom, and internationally.

ITAB Shop Concept

Market Cap: SEK 4.5b

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

Prisma Properties

Market Cap: SEK 4.2b

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

Byggmax Group

Market Cap: SEK 3.1b

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

Green Landscaping Group

Market Cap: SEK 2.5b

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

Catella

Market Cap: SEK 2.5b

A real estate investment firm.

Humana

Market Cap: SEK 2.4b

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

Absolent Air Care Group

Market Cap: SEK 2.4b

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

Surgical Science Sweden

Market Cap: SEK 1.6b

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

Lea Bank

Market Cap: SEK 1.5b

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

RugVista Group

Market Cap: SEK 1.4b

Operates direct-to-consumer online platforms for carpet and rug sales in Sweden and internationally.