Swedish Undervalued over 20% based on DCF

Carasent

Market Cap: SEK 1.7b

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

Arbona

Market Cap: SEK 1.6b

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

Cavotec Group

Market Cap: SEK 1.5b

A cleantech company, designs and delivers connection and electrification solutions to enable the decarbonisation of ports and industrial applications worldwide.

Inission

Market Cap: SEK 1.4b

Engages in the supply of tailored manufacturing services and products in the field of industrial electronics and mechanics.

Cheffelo

Market Cap: SEK 1.4b

Engages in the supply and delivery of meal kits to various customers in Sweden, Norway, and Denmark.

Genovis AB (publ.)

Market Cap: SEK 1.3b

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

Ework Group

Market Cap: SEK 1.2b

Engages in the provision of total talent solutions for IT/OT, research and development, engineering, and business development in Sweden, Norway, Finland, Germany, Denmark, Poland, the Netherlands, and Slovakia.

Bokusgruppen

Market Cap: SEK 1.2b

Operates as a book retailer in Sweden.

PowerCell Sweden

Market Cap: SEK 1.1b

Develops and produces fuel cells and fuel cell systems for automotive, marine, and stationary applications in Sweden and internationally.

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.

Eolus Aktiebolag

Market Cap: SEK 922.8m

Primarily engages in the development, construction, and operation of renewable energy assets in Sweden, Finland, the United States, Poland, Spain, and the Baltic states.

W5 Solutions

Market Cap: SEK 870.1m

Develops and delivers systems and solutions for the defense and civil protection sectors in Sweden.

CDON

Market Cap: SEK 800.6m

Operates online marketplace in Sweden and other Nordics region.

Kallebäck Property Invest

Market Cap: SEK 748.3m

Operates as a real estate company primarily in Sweden.

Nordisk Bergteknik

Market Cap: SEK 658.2m

Provides rock handling and foundation solutions in Sweden, Norway, Finland, and internationally.

Arctic Falls

Market Cap: SEK 656.9m

Engages in providing state-of-the-art testing facilities for the automotive and tyre industry.

SinterCast

Market Cap: SEK 633.8m

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.

HomeMaid

Market Cap: SEK 644.4m

Provides cleaning services in Sweden.

Nilörngruppen

Market Cap: SEK 618.0m

Engages in the branding and design of labels, packaging, and accessories for the fashion and apparel industries in Sweden, rest of Europe, and Asia.

Fractal Gaming Group

Market Cap: SEK 533.8m

Offers PC gaming products in Sweden an internationally.

Qualisys Holding

Market Cap: SEK 499.0m

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 476.8m

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

Opter

Market Cap: SEK 447.6m

Provides transport planning solutions primarily in Sweden.

Brock Milton Capital

Market Cap: SEK 406.6m

n/a

Mentice

Market Cap: SEK 374.1m

Develops, sells, and markets solutions for training and decision support in the clinical area of interventional angiography in cardiology, neurology, vascular surgery, and radiology.

Preservium Property

Market Cap: SEK 289.7m

Operates as a real estate company in Sweden.

Wästbygg Gruppen

Market Cap: SEK 233.2m

Operates as a construction and project development company in Sweden, Norway, Denmark, and Finland.

Vuxen Group

Market Cap: SEK 196.0m

Through its subsidiaries, develops and operates multi-brand e-commerce and direct to consumer stores in Sweden and internationally.

Arcoma

Market Cap: SEK 119.3m

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

Dlaboratory Sweden

Market Cap: SEK 41.3m

Provides energy inspection and investigation services in Sweden.

Thinc Collective

Market Cap: SEK 38.6m

Offers systems, communication, and structure services in Sweden and internationally.

Nitro Games Oyj

Market Cap: SEK 31.3m

Develops and publishes mobile games in the European Union, North America, the United Kingdom, and internationally.

Novus Group International

Market Cap: SEK 35.1m

Novus Group International AB operates as an analysis and survey company in Sweden.

Västra Hamnen Finance

Market Cap: SEK 26.2m

An independent securities company, assists companies and their owners with advice in connection with corporate transactions in Sweden and Denmark.

NanoCap Group

Market Cap: SEK 21.2m

NanoCap Group AB (publ), previously known as New Equity Venture International AB, is a private equity, venture capital and family ownership firm, specializing in early venture, middle venture and late venture, bridge, mature and growth stage investments.

Double Bond Pharmaceutical International

Market Cap: SEK 12.9m

A pharmaceutical company, engages in the development and commercialization of approaches for the treatment of oncological and infectious diseases.