Swedish Undervalued based on future growth

Terranor Group

Market Cap: SEK 580.0m

Operates as infrastructure and road maintenance company in Sweden, Denmark, and Finland.

I-Tech

Market Cap: SEK 538.7m

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

Careium

Market Cap: SEK 489.0m

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

Infrea

Market Cap: SEK 487.2m

Engages in maintaining, improving and expanding infrastructure in Sweden.

Upsales Technology

Market Cap: SEK 404.1m

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.

QleanAir

Market Cap: SEK 401.2m

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

Fractal Gaming Group

Market Cap: SEK 393.8m

Offers PC gaming products in Sweden an internationally.

Ogunsen

Market Cap: SEK 323.3m

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

Calviks

Market Cap: SEK 257.2m

Provides recruitment and interim solutions in Sweden and Nordic countries.

Angler Gaming

Market Cap: SEK 269.9m

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

Clemondo Group

Market Cap: SEK 120.5m

Develops, manufactures, and sells a range of hygiene and cleaning products for automotive, medical care, and industrial sectors in Sweden.

Arcoma

Market Cap: SEK 103.3m

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