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Finnish (OMX) Market Analysis & Valuation

UpdatedSep 16, 2026
DataAggregated Company Financials
Companies176
  • 7D-1.3%
  • 3M-0.3%
  • 1Y22.5%
  • YTD9.1%

Over the last 7 days, the market has dropped 1.3%, driven by pullbacks in the Industrials and Information Technology sectors of 4.0% and 4.9%, respectively. On the other hand, the Utilities has risen by 11%. As for the longer term, the market has actually risen by 23% in the last year. Looking forward, earnings are forecast to grow by 14% annually.

Trending IndustriesSoftware

Market Valuation and Performance

Has the Finnish Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 17 Sep 2026€361.5b€200.6b€16.8b18.8x21.6x1.8x
Sat, 15 Aug 2026€355.4b€200.5b€16.8b18.4x21.2x1.8x
Mon, 13 Jul 2026€352.6b€197.0b€15.6b18.6x22.6x1.8x
Wed, 10 Jun 2026€357.5b€196.7b€15.6b18.5x23x1.8x
Fri, 08 May 2026€357.7b€196.9b€15.7b18.1x22.8x1.8x
Sun, 05 Apr 2026€332.8b€196.1b€15.2b19.3x21.9x1.7x
Tue, 03 Mar 2026€342.0b€196.4b€15.3b19.3x22.4x1.7x
Thu, 29 Jan 2026€332.3b€197.6b€13.4b20.2x24.7x1.7x
Sat, 27 Dec 2025€318.6b€197.3b€13.4b19.1x23.8x1.6x
Mon, 24 Nov 2025€300.1b€197.1b€13.4b18.7x22.4x1.5x
Wed, 22 Oct 2025€295.5b€197.6b€13.2b20.1x22.3x1.5x
Fri, 19 Sep 2025€287.4b€196.1b€13.2b20.4x21.8x1.5x
Sun, 17 Aug 2025€282.7b€196.0b€13.2b20.3x21.5x1.4x
Tue, 15 Jul 2025€278.8b€196.1b€13.5b20.3x20.7x1.4x
Thu, 12 Jun 2025€276.1b€196.1b€13.5b20.2x20.4x1.4x
Sat, 10 May 2025€265.8b€196.1b€13.6b19.9x19.6x1.4x
Mon, 07 Apr 2025€244.8b€195.1b€14.6b18.1x16.8x1.3x
Wed, 05 Mar 2025€269.0b€195.5b€14.6b19.9x18.4x1.4x
Fri, 31 Jan 2025€259.9b€199.2b€14.7b18.3x17.6x1.3x
Sun, 29 Dec 2024€247.5b€199.2b€14.7b17.8x16.8x1.2x
Tue, 26 Nov 2024€251.4b€200.2b€14.7b17.9x17x1.3x
Thu, 24 Oct 2024€263.7b€199.3b€14.5b18.3x18.2x1.3x
Sat, 21 Sep 2024€224.0b€188.3b€9.6b18.5x23.4x1.2x
Mon, 19 Aug 2024€221.7b€188.6b€9.5b18.8x23.2x1.2x
Wed, 17 Jul 2024€219.5b€190.3b€10.1b18.1x21.7x1.2x
Fri, 14 Jun 2024€226.8b€191.0b€10.0b18.6x22.7x1.2x
Sun, 12 May 2024€229.1b€190.8b€10.0b18x22.9x1.2x
Tue, 09 Apr 2024€223.9b€195.5b€10.2b17.7x21.9x1.1x
Thu, 07 Mar 2024€216.5b€195.0b€10.2b17.1x21.3x1.1x
Sat, 03 Feb 2024€226.9b€200.3b€9.4b19x24.1x1.1x
Mon, 01 Jan 2024€228.5b€202.7b€12.9b18.9x17.8x1.1x
Wed, 29 Nov 2023€220.8b€202.6b€12.9b18.1x17.1x1.1x
Fri, 27 Oct 2023€206.4b€205.1b€11.4b17.3x18.1x1x
Sun, 24 Sep 2023€222.3b€208.3b€12.8b18.9x17.3x1.1x
Price to Earnings Ratio

17.3x


Total Market Cap: €222.3bTotal Earnings: €12.8bTotal Revenue: €208.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Market Price to Earnings3Y Average 20.8x202420252026
Current Market PE
  • Investors are relatively neutral on the Finnish market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 20.8x.
Past Earnings Growth
  • The earnings for Finnish listed companies have grown 9.3% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Finnish Market?

FI Market-1.33%
Telecom1.95%
Healthcare1.69%
Materials0.57%
Financials0.41%
Energy0.39%
Consumer Discretionary-0.36%
Consumer Staples-0.52%
Industrials-1.81%
Real Estate-2.69%
Utilities-3.96%
Tech-5.23%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth even though it's trading below its 3-year average PE ratio of 151x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 36.6%, which is higher than its past year's earnings growth of 21.9% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 15.4x.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Discretionary sector, expecting annual earnings growth of 37% over the next 5 years.
  • This is better than its past earnings growth rate of 22% per year.
  • In contrast, the Energy industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
NDA FI Nordea Bank Abp€17.700.5%
+€305.3m		28.8%PB1.9xFinancials
UPM UPM-Kymmene Oyj€26.132.1%
+€279.5m		11.0%PE22.1xMaterials
KNEBV KONE Oyj€50.160.8%
+€196.9m		-10.4%PE27.5xIndustrials
ORNBV Orion Oyj€80.501.6%
+€183.1m		22.6%PE19.3xHealthcare
ELISA Elisa Oyj€38.122.7%
+€163.8m		-16.8%PE17.9xTelecom
See more

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HIAB: Higher 2026 Margin Guidance Will Support A More Balanced Outlook

Analysts have raised their price target on Hiab Oyj to €71.40 from €68.60, citing updated assumptions for revenue growth, profit margins and future P/E that are slightly above prior estimates. What's in the News for Hiab Oyj Hiab Oyj updated its earnings guidance for 2026, estimating a comparable operating profit margin above 14.5%.
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FORTUM: Google Data Center Hopes Will Likely Constrain Future Return Potential

Fortum Oyj's analyst fair value estimate has moved from €17.67 to €20.37 as several firms raised price targets into the €24.30 to €29 range, citing improved views on the company's partnership-driven data center opportunity and broader earnings outlook. Analyst Commentary Recent research on Fortum Oyj points to a clear reassessment of the stock as analysts factor in the data center opportunity with Google in Finland and adjust valuation frameworks accordingly.
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STERV: Cautious Pricing Outlook Will Shape Future Share Performance

Analysts have adjusted the fair value estimate for Stora Enso Oyj to €9.02 from €8.74, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E assumptions, alongside recent Street price target changes that range from €11 to €15. Analyst Commentary Recent Street research on Stora Enso Oyj shows a mix of views, with several analysts adjusting price targets in a relatively tight band around the low to mid teens in euro terms.
WRT1V
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Wärtsilä Oyj Abp
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2.7%
1Y
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ELISA: Revised Fair Value And 2026 Revenue Outlook Will Support Constructive Earnings

The analyst fair value estimate for Elisa Oyj has been trimmed by about €1.84 to €47.65, as analysts factor in a higher discount rate, slightly softer profit margin assumptions, and a cluster of recent price target cuts toward €38 to €42.50, alongside a more muted view on potential upside. Analyst Commentary Recent research on Elisa Oyj shows a mixed but still constructive tone, with several bullish analysts highlighting potential upside even as others turn more cautious.
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METSO
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1.6%
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