Swedish Undervalued over 20% based on DCF

MilDef Group

Market Cap: SEK 8.2b

Develops, manufactures, and sells rugged IT solutions in Sweden, Norway, Finland, Denmark, the United Kingdom, Germany, Switzerland, the United States, Australia, and internationally.

Troax Group

Market Cap: SEK 8.0b

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

Fagerhult Group

Market Cap: SEK 7.0b

Designs, manufactures, and markets professional lighting solutions worldwide.

Bahnhof

Market Cap: SEK 6.7b

Engages in the Internet and telecommunications business in Sweden and rest of Europe.

Boozt

Market Cap: SEK 5.8b

Sells fashion, apparel, shoes, accessories, kids, home, sports, and beauty products online.

Nyab

Market Cap: SEK 4.9b

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

RVRC Holding

Market Cap: SEK 4.8b

Engages in the e-commerce outdoor clothing business in Germany, Sweden, Finland, and internationally.

CellaVision

Market Cap: SEK 3.9b

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

Ependion

Market Cap: SEK 3.7b

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

Byggmax Group

Market Cap: SEK 3.3b

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

Absolent Air Care Group

Market Cap: SEK 3.0b

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

Svedbergs Group

Market Cap: SEK 2.9b

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

Lyko Group

Market Cap: SEK 2.1b

Produces and sells various hair care and beauty products in the Nordic markets.

Carasent

Market Cap: SEK 2.1b

Provides cloud based electronic health record (EHR) systems solutions and platform services for healthcare sector in Nordics and Germany.

Stille

Market Cap: SEK 2.1b

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

Arbona

Market Cap: SEK 1.8b

Invests in small and medium sized listed and unlisted companies in Sweden.

Exsitec Holding

Market Cap: SEK 1.8b

Provides digital solutions to medium-sized companies in Sweden, Norway, Denmark, and Finland.

Genovis AB (publ.)

Market Cap: SEK 1.7b

Develops and sells tools for the development of new treatment methods and diagnostics in North America, Europe, and Asia.

Studsvik

Market Cap: SEK 1.6b

Provides technical solutions across the nuclear and radioactive material lifecycle in Sweden, Germany, rest of Europe, Asia, North America, and internationally.

Clavister Holding AB (publ.)

Market Cap: SEK 1.6b

Develops, produces, and sells cybersecurity solutions in Sweden, rest of Europe, Asia, and internationally.

Fractal Gaming Group

Market Cap: SEK 1.5b

Offers PC gaming products in Sweden an internationally.

Net Insight

Market Cap: SEK 1.4b

Provides media network solutions worldwide.

Berner Industrier

Market Cap: SEK 1.3b

Engages in the technology distribution, and energy and environment business in Sweden, Norway, Finland, and Denmark.

Lea Bank

Market Cap: SEK 1.2b

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

Novotek

Market Cap: SEK 1.1b

Novotek AB delivers solutions in the industrial IT and automation areas in Sweden, Norway, Denmark, Finland, Benelux countries, the United Kingdom, Ireland, and Switzerland.

SyntheticMR

Market Cap: SEK 1.2b

Engages in the development and marketing of imaging and software solutions for magnetic resonance imaging (MRI) in Sweden and internationally.

Advenica

Market Cap: SEK 978.7m

Develops and sells security solutions for defense and authority, and business customers in Sweden, Finland, Austria, and internationally.

Midsummer

Market Cap: SEK 975.0m

Develops, manufactures, and supplies equipment to produce flexible thin-film solar cells in Sweden, Hong Kong, Portugal, the United States, Rest of European Union, and internationally.

Doro

Market Cap: SEK 971.6m

A technology company, develops telecom and technology products and services for seniors and individuals with special needs.

ADDvise Group

Market Cap: SEK 889.7m

Supplies medical devices, equipment, and consumables to public and private laboratories and research facilities, healthcare, and pharmaceuticals in North America, Europe, South America, Sweden, and internationally.

SinterCast

Market Cap: SEK 809.9m

Provides process control technology to produce compacted graphite iron (CGI) for the foundry and automotive industries in Brazil, Mexico, Sweden, the United States of America, Korea, China, Spain, Japan, the United Kingdom, and internationally.

CAG Group

Market Cap: SEK 802.8m

Operates as an IT consulting company in Sweden.

Qualisys Holding

Market Cap: SEK 734.0m

Provides precision motion capture and 3D positioning tracking systems in Europe, the Middle East, Africa, the United States, and the Asia-Pacific.

Careium

Market Cap: SEK 703.0m

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

Generic Sweden

Market Cap: SEK 658.9m

A technology company, provides messaging services for all applications.

HomeMaid

Market Cap: SEK 644.4m

Provides cleaning services in Sweden.