Swedish Undervalued over 20% based on DCF

AB Volvo

Market Cap: SEK 663.6b

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 370.4b

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

Skandinaviska Enskilda Banken

Market Cap: SEK 355.5b

Provides corporate, retail, investment, and private banking services.

EQT

Market Cap: SEK 343.4b

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

H & M Hennes & Mauritz

Market Cap: SEK 279.8b

Provides clothing, accessories, footwear, cosmetics, home textiles, and homeware for women, men, and children worldwide.

Svenska Handelsbanken

Market Cap: SEK 258.4b

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

Telia Company

Market Cap: SEK 191.1b

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

Tele2

Market Cap: SEK 136.7b

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

AB SKF

Market Cap: SEK 108.9b

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

Skanska

Market Cap: SEK 105.9b

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

Securitas

Market Cap: SEK 96.1b

Provides security services in North America, Europe, Latin America, Africa, the Middle East, Asia, and Australia.

Trelleborg

Market Cap: SEK 84.4b

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

Axfood

Market Cap: SEK 68.6b

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

AAK AB (publ.)

Market Cap: SEK 64.5b

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

Getinge

Market Cap: SEK 52.3b

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

HEXPOL

Market Cap: SEK 26.5b

Develops, manufactures, and sells various polymer compounds and engineered gaskets, seals, and wheels in Sweden, rest of Europe, the United States, rest of the Americas, and Asia.

Asmodee Group

Market Cap: SEK 26.1b

Engages in publishing and distribution of tabletop games.

Thule Group

Market Cap: SEK 24.5b

Operates as a sports and outdoor company.

Husqvarna

Market Cap: SEK 23.1b

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

Elekta

Market Cap: SEK 21.0b

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.

AddLife

Market Cap: SEK 18.8b

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

Intea Fastigheter

Market Cap: SEK 18.2b

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

Gränges

Market Cap: SEK 17.4b

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

Beijer Alma

Market Cap: SEK 15.9b

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 15.8b

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

Attendo

Market Cap: SEK 15.4b

Provides health and care services in Scandinavia and Finland.

Bonesupport Holding

Market Cap: SEK 15.3b

An orthobiologics company, develops and sells injectable bio-ceramic bone graft substitutes in Europe, North America, and internationally.

Rusta

Market Cap: SEK 15.3b

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.

Nolato

Market Cap: SEK 13.7b

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

Vitrolife

Market Cap: SEK 13.1b

Provides assisted reproduction products in Europe, the Middle East, Africa, Asia-Pacific, and the Americas.

SkiStar

Market Cap: SEK 12.8b

Owns and operates Alpine ski resorts in Sweden and Norway.

Paradox Interactive

Market Cap: SEK 12.7b

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

Lindab International

Market Cap: SEK 12.5b

Manufactures and sells products and solutions for ventilation systems in Sweden, Denmark, Germany, France, the United Kingdom, Norway, Ireland, and internationally.

BioGaia

Market Cap: SEK 12.1b

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.

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.

Alimak Group

Market Cap: SEK 12.0b

Designs, manufactures, sells, and services vertical access and working at height solutions worldwide.