Swedish Undervalued over 20% based on DCF

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.

Swedbank

Market Cap: SEK 360.0b

Provides banking products and services to private and corporate customers in Sweden, Estonia, Latvia, Lithuania, Norway, the United States, Finland, Denmark, Luxembourg, and China.

EQT

Market Cap: SEK 335.9b

A global private equity & venture capital firm specializing in private capital and real asset segments.

Svenska Handelsbanken

Market Cap: SEK 254.5b

Provides various banking products and services for private and corporate customers primarily in Sweden, the United Kingdom, Norway, the Netherlands, and internationally.

Hexagon

Market Cap: SEK 238.8b

Provides geospatial and industrial enterprise solutions worldwide.

Telia Company

Market Cap: SEK 188.3b

Provides communication services to businesses, individuals, families, and communities in Sweden, Finland, Norway, Denmark, Lithuania, Estonia, and Latvia.

Boliden

Market Cap: SEK 142.8b

Engages in the extracting, producing, and recycling of base metals in Sweden, Finland, other Nordic region, Germany, the United Kingdom, Europe, North America, and internationally.

Tele2

Market Cap: SEK 135.5b

Provides fixed and mobile connectivity and entertainment services in Sweden, Lithuania, Latvia, and Estonia.

AB SKF

Market Cap: SEK 101.8b

Designs, manufactures, and sells bearings and units, seals, lubrication systems, condition monitoring, and services worldwide.

Skanska

Market Cap: SEK 99.1b

Operates as a construction and project development company in the Nordics, Europe, and the United States.

Trelleborg

Market Cap: SEK 78.3b

Provides engineered polymer solutions for seal, damp, and protect critical applications worldwide.

Axfood

Market Cap: SEK 70.3b

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

AAK AB (publ.)

Market Cap: SEK 63.1b

Develops and sells plant-based oils and fats in Sweden and internationally.

Avanza Bank Holding

Market Cap: SEK 57.6b

Provides various savings, pension, and mortgages products in Sweden.

Getinge

Market Cap: SEK 52.1b

Provides products and solutions for operating rooms, intensive-care units, and sterilization departments in Sweden and internationally.

Asmodee Group

Market Cap: SEK 24.8b

Engages in publishing and distribution of tabletop games.

Thule Group

Market Cap: SEK 22.8b

Operates as a sports and outdoor company.

Husqvarna

Market Cap: SEK 21.3b

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

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.

Alleima

Market Cap: SEK 18.2b

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

Intea Fastigheter

Market Cap: SEK 17.5b

An entrepreneurial real estate company, invests in developing and managing properties for social infrastructure in Sweden.

AddLife

Market Cap: SEK 17.3b

Provides equipment, consumables, and reagents primarily to healthcare sector, research, colleges, and universities, as well as the food and pharmaceutical industries.

Gränges

Market Cap: SEK 15.7b

Engages in the development, production, and distribution of rolled aluminum products in the Americas, Asia, and Europe.

Vimian Group

Market Cap: SEK 15.2b

Engages in the animal health business worldwide.

Beijer Alma

Market Cap: SEK 14.8b

Engages in component manufacturing and industrial trading businesses in Sweden, rest of Nordic Region, rest of Europe, North America, Asia, and internationally.

Electrolux Professional

Market Cap: SEK 14.5b

Provides food service, beverage, and laundry products and solutions to restaurants, hotels, healthcare, educational, and other service facilities.

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.

Hoist Finance

Market Cap: SEK 13.2b

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

Implantica

Market Cap: SEK 13.0b

Engages in the research and distribution of medical implants in Switzerland.

Nolato

Market Cap: SEK 12.9b

Develops, manufactures, and sells plastic, silicone, and thermoplastic elastomer products in Europe, Asia, North America, and internationally.

Paradox Interactive

Market Cap: SEK 12.8b

Develops and publishes strategy and management games on PC and consoles in the United States, Rest of Europe, Sweden, and internationally.

SkiStar

Market Cap: SEK 12.7b

Owns and operates Alpine ski resorts in Sweden and Norway.

New Wave Group

Market Cap: SEK 12.6b

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.

Invisio

Market Cap: SEK 12.1b

Develops and sells communication and hearing protection systems for professionals in the defense, law enforcement, and security sectors in Sweden, the United Kingdom, Denmark, rest of Europe, the United States, 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.

Bilia

Market Cap: SEK 11.4b

Operates as a full-service supplier for car ownership in Sweden, Norway, Luxemburg, and Belgium.