Swedish Potentially Undervalued Small Caps

TradeDoubler

Market Cap: SEK 400.0m

Provides performance marketing and technology solutions for publishers and advertisers in Europe.

Avensia

Market Cap: SEK 258.4m

Provides e-commerce solutions in Sweden.

Terranor Group

Market Cap: SEK 434.0m

Operates as infrastructure and road maintenance company in Sweden, Denmark, and Finland.

Generic Sweden

Market Cap: SEK 436.4m

A technology company, provides messaging services for all applications.

Mentice

Market Cap: SEK 376.9m

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

Angler Gaming

Market Cap: SEK 269.9m

Invests in companies that offer gaming services through the internet in Malta.

Qualisys Holding

Market Cap: SEK 497.0m

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

QleanAir

Market Cap: SEK 386.3m

Provides air cleaning solutions for indoor environments in Sweden and internationally.

Upsales Technology

Market Cap: SEK 351.9m

Operates as a software-as-a-service company that develops and sells web-based business systems with a focus on sales, marketing, and analysis in Sweden and internationally.

Boule Diagnostics

Market Cap: SEK 153.8m

Develops, manufactures, and markets instruments and consumable products for blood diagnostics in the United States of America, Asia, Eastern Europe, Latin America, Western Europe, Africa, and the Middle East.

Fable Media Group

Market Cap: SEK 164.1m

Invests in marketing businesses.

Nilörngruppen

Market Cap: SEK 579.2m

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

Pricer

Market Cap: SEK 465.5m

Provides in-store digital solutions in Europe, the Middle East and Africa, the Americas, and Asia and Pacific.

Raketech Group Holding

Market Cap: SEK 72.4m

Operates as an affiliate and performance marketing company worldwide.

Fractal Gaming Group

Market Cap: SEK 513.4m

Offers PC gaming products in Sweden an internationally.

Nordic LEVEL Group AB (publ.)

Market Cap: SEK 119.0m

Provides safety and security solutions primarily in Sweden.

Physitrack

Market Cap: SEK 150.9m

Provides digital healthcare solutions in the United Kingdom, Europe, North America, and internationally.

Garo Aktiebolag

Market Cap: SEK 559.0m

Develops, manufactures, and markets electrical installation materials in Sweden, Norway, Ireland, the United Kingdom, Finland, Denmark, Austria, Poland, Belgium, and internationally.

AVTECH Sweden

Market Cap: SEK 384.7m

Engages in the development and sale of products and services for digital air traffic control systems.

HAKI Safety

Market Cap: SEK 609.9m

Provides safety products and solutions for infrastructure, energy, industry, aviation, rail and construction, and civil engineering industries in Europe and North America.

Careium

Market Cap: SEK 480.4m

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

Wästbygg Gruppen

Market Cap: SEK 263.1m

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

Novus Group International

Market Cap: SEK 35.1m

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

Sprint Bioscience

Market Cap: SEK 263.8m

A pharmaceutical company, engages in the development of pharmaceutical products in the areas of cancer in Sweden.

White Pearl Technology Group

Market Cap: SEK 460.2m

Engages in selling various technology solutions and products in Sweden, Africa, the Middle East, Asia, and Latin America.

Transfer Group

Market Cap: SEK 34.7m

Transfer Group AB (publ) company offers security services in Sweden.

Cedergrenska

Market Cap: SEK 481.1m

Provides education services in Sweden.

Transferator

Market Cap: SEK 105.3m

A public private equity and venture capital firm.

TagMaster

Market Cap: SEK 372.0m

An application driven technology company, designs and markets advanced sensor systems and solutions based on radio, radar, vision, and wireless magnetic technology under the TagMaster, Sensys Networks, Citilog, and Quercus brand names.

Adtraction Group

Market Cap: SEK 544.7m

Provides advertising services in Europe.

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.

Arcoma

Market Cap: SEK 115.6m

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

Dedicare

Market Cap: SEK 392.1m

Operates as a recruitment and staffing company in the healthcare, life science, education, and social work industries in Sweden, Norway, Finland, the United Kingdom, and Denmark.

Catena Media

Market Cap: SEK 164.9m

Provides affiliation marketing services for operators of online sports betting and casino platforms in North America and Latin America.

AIK Fotboll

Market Cap: SEK 35.6m

Operates a football club in Sweden.

Hultstrom Group

Market Cap: SEK 182.5m

Provides project management and consulting services in Sweden, rest of Europe, Asia, and Africa.