Swedish Undervalued over 20% based on DCF

Embracer Group

Market Cap: SEK 11.4b

Develops and publishes PC, console, mobile, VR, and board games for the games market worldwide.

Ratos

Market Cap: SEK 11.3b

A private equity firm specializing in buyouts, turnarounds, add on acquisitions, and middle market transactions.

Scandi Standard

Market Cap: SEK 10.6b

Produces and sells chilled, frozen, and ready-to-eat chicken products in Sweden, Norway, Ireland, Denmark, Finland, Germany, the United Kingdom, Rest of Europe, and internationally.

AcadeMedia

Market Cap: SEK 9.8b

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

Vitec Software Group

Market Cap: SEK 9.8b

Develops and delivers vertical software solutions in Sweden, Denmark, Finland, Norway, the Netherlands, the United States, and internationally.

Hemnet Group

Market Cap: SEK 9.8b

Operates a residential property platform in Sweden.

Inwido

Market Cap: SEK 9.4b

Through its subsidiaries, engages in development, manufacture, and sale of windows and doors in Sweden.

Dynavox Group

Market Cap: SEK 9.3b

Through its subsidiaries, engages in the development and sale of assistive technology products for customers with impaired communication skills.

VBG Group

Market Cap: SEK 9.2b

Develops, manufactures, markets, and sells various industrial products in Sweden, Germany, rest of the Nordic countries and Europe, the United States, rest of North America, Brazil, Australia, New Zealand, China, and internationally.

Sdiptech

Market Cap: SEK 8.7b

Provides technical services for infrastructures in Sweden, the United Kingdom, Germany, Denmark, Italy, the Netherlands, Austria, Norway, Finland, the Unites States, and internationally.

Addnode Group

Market Cap: SEK 8.6b

Offers software and services for the design, construction, product data information, project collaboration, and facility management in Sweden, Nordic countries, the United States, the United Kingdom, Germany, and internationally.

Bergman & Beving

Market Cap: SEK 7.9b

Provides solutions for the manufacturing and construction sectors in Sweden, Norway, Finland, and internationally.

Samhällsbyggnadsbolaget i Norden

Market Cap: SEK 7.2b

Owns, develops, and manages residential and social infrastructure properties in Sweden, Norway, Finland, and Denmark.

RaySearch Laboratories

Market Cap: SEK 6.8b

A medical technology company, provides software solutions for cancer treatment worldwide.

Troax Group

Market Cap: SEK 6.3b

Through its subsidiaries, produces and sells mesh panels in the Nordic region, the United Kingdom, North America, Europe, and internationally.

Momentum Group

Market Cap: SEK 6.3b

Supplies industrial components, industrial services, and related services to the industrial sector in Sweden, Norway, Denmark, Finland, and internationally.

Ovzon

Market Cap: SEK 5.8b

Engages in providing mobile broadband services in Sweden.

NOTE

Market Cap: SEK 5.6b

Provides electronics manufacturing services in Sweden, Finland, the United Kingdom, Bulgaria, Estonia, China, and internationally.

Nyab

Market Cap: SEK 4.4b

Provides engineering, construction, and maintenance services to energy, infrastructure, and industrial construction projects for public and private sectors in Finland and Sweden.

Stenhus Fastigheter i Norden

Market Cap: SEK 4.3b

A real estate company, engages in the ownership and management of public and commercial properties in Stockholm and Mäladaren region of Sweden.

Haypp Group

Market Cap: SEK 4.2b

Operates as an online retailer of tobacco-free nicotine pouches and snus products in Sweden, Norway, the rest of Europe, and the United States.

BHG Group

Market Cap: SEK 4.1b

Operates as a consumer e-commerce company in Sweden, Finland, Denmark, Norway, rest of Europe, and internationally.

Coffee Stain Group

Market Cap: SEK 4.0b

Develops and publishes community-driven games primarily for PC and console platforms in Scandinavia and internationally.

Nordrest Holding

Market Cap: SEK 3.9b

Operates as a foodservice company in Sweden and internationally.

Nivika Fastigheter

Market Cap: SEK 3.7b

Owns, manages, and develops residential and commercial properties in Sweden.

Idun Industrier

Market Cap: SEK 3.6b

An investment holding company, invests in and develops industrial and service businesses in Sweden, rest of Nordic countries, rest of Europe, and internationally.

CellaVision

Market Cap: SEK 3.6b

Develops and sells instruments, software, and reagents for blood and body fluids analysis in Sweden and internationally.

Karnell Group

Market Cap: SEK 3.6b

A private equity firm specializing investments in add-on acquisitions, expansion and small and medium-sized companies.

XANO Industri

Market Cap: SEK 3.5b

Develops, manufactures, and sells industrial products and automation equipment in Sweden, rest of Nordic countries, Europe, and internationally.

Svedbergs Group

Market Cap: SEK 3.5b

Develops, manufactures, and markets bathroom products in the Nordic region, the United Kingdom, and the Netherlands.

Byggmax Group

Market Cap: SEK 3.3b

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

Ependion

Market Cap: SEK 3.1b

Provides digital solutions for secure control, management, visualization, and data communication for industrial applications.

Lime Technologies

Market Cap: SEK 2.7b

Lime Technologies AB (publ) software as a service (SaaS) based customer relationship management (CRM) solutions in the Nordic region.

Arlandastad Group

Market Cap: SEK 2.7b

Operates as a real estate development company in Sweden.

Smart Eye

Market Cap: SEK 2.1b

Develops human insight artificial intelligence (AI) technology solutions that understand, support, and predict human behavior in the Nordics countries, the rest of Europe, North America, Asia, and internationally.

Stille

Market Cap: SEK 2.0b

Develops, manufactures, and distributes medtech products in Sweden and internationally.