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Finnish (OMX) Market Analysis & Valuation

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies172
  • 7D-0.7%
  • 3M6.2%
  • 1Y37.4%
  • YTD7.1%

In the last week, the market has been flat, with a notable exception in the Utilities sector dropping 4.8%. Meanwhile, the market is actually up 37% over the past year. As for the next few years, earnings are expected to grow by 13% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026€347.5b€196.3b€15.2b19.4x22.8x1.8x
Fri, 20 Mar 2026€331.8b€196.1b€15.2b18.9x21.9x1.7x
Sun, 15 Feb 2026€331.2b€196.7b€15.1b19.1x22x1.7x
Tue, 13 Jan 2026€327.8b€197.7b€13.4b19.8x24.4x1.7x
Thu, 11 Dec 2025€313.5b€197.3b€13.4b18.8x23.4x1.6x
Sat, 08 Nov 2025€305.4b€197.0b€13.4b18.9x22.9x1.5x
Mon, 06 Oct 2025€289.4b€196.1b€13.2b19.6x21.8x1.5x
Wed, 03 Sep 2025€279.9b€196.1b€13.2b20.1x21.2x1.4x
Fri, 01 Aug 2025€279.0b€196.3b€13.2b20.6x21.1x1.4x
Sun, 29 Jun 2025€276.3b€196.1b€13.5b20.6x20.5x1.4x
Tue, 27 May 2025€274.2b€196.1b€13.5b19.2x20.3x1.4x
Thu, 24 Apr 2025€255.5b€195.8b€14.6b18.7x17.5x1.3x
Sat, 22 Mar 2025€271.7b€195.0b€14.6b20x18.6x1.4x
Mon, 17 Feb 2025€268.5b€195.4b€14.6b18.5x18.4x1.4x
Wed, 15 Jan 2025€249.6b€199.2b€14.7b17.9x16.9x1.3x
Fri, 13 Dec 2024€251.5b€199.2b€14.7b18x17.1x1.3x
Sun, 10 Nov 2024€255.3b€199.6b€14.8b18.6x17.3x1.3x
Tue, 08 Oct 2024€231.5b€188.3b€9.6b18.7x24.2x1.2x
Thu, 05 Sep 2024€224.4b€188.2b€9.6b18.6x23.5x1.2x
Sat, 03 Aug 2024€215.4b€188.4b€9.9b17.9x21.7x1.1x
Mon, 01 Jul 2024€221.0b€190.7b€10.0b18.4x22.2x1.2x
Wed, 29 May 2024€231.0b€191.0b€10.0b18.2x23.1x1.2x
Fri, 26 Apr 2024€218.1b€193.0b€10.1b16.7x21.7x1.1x
Sun, 24 Mar 2024€220.2b€195.7b€10.1b17x21.7x1.1x
Tue, 20 Feb 2024€221.7b€195.1b€10.2b18.3x21.7x1.1x
Thu, 18 Jan 2024€225.6b€202.7b€12.9b18.6x17.5x1.1x
Sat, 16 Dec 2023€224.0b€202.6b€12.9b18.6x17.4x1.1x
Mon, 13 Nov 2023€216.1b€202.6b€12.9b17.9x16.7x1.1x
Wed, 11 Oct 2023€217.2b€208.3b€12.8b18.2x16.9x1x
Fri, 08 Sep 2023€224.8b€209.1b€12.8b18.8x17.5x1.1x
Sun, 06 Aug 2023€222.0b€208.4b€13.3b18.7x16.7x1.1x
Tue, 04 Jul 2023€231.8b€210.8b€17.3b18.5x13.4x1.1x
Thu, 01 Jun 2023€233.4b€210.8b€17.3b18.5x13.5x1.1x
Sat, 29 Apr 2023€248.7b€211.0b€17.6b18.6x14.1x1.2x
Price to Earnings Ratio

14.1x


Total Market Cap: €248.7bTotal Earnings: €17.6bTotal Revenue: €211.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Market Price to Earnings3Y Average 19.8x202420252026
Current Market PE
  • Investors are optimistic on the Finnish market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 22.8x which is higher than its 3-year average PE of 19.8x.
Past Earnings Growth
  • The earnings for companies in the Finnish industry have declined 4.7% per year over the last three years.
  • Revenues have also declined 2.4% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

Which sectors have driven the changes within the Finnish Market?

FI Market-0.72%
Tech1.06%
Consumer Staples0.49%
Telecom0.13%
Industrials-0.36%
Materials-0.59%
Consumer Discretionary-0.64%
Healthcare-0.66%
Energy-1.23%
Financials-1.42%
Real Estate-3.74%
Utilities-4.79%
Sector PE
  • Investors favour the Energy sector the most for future growth which is trading above its 3-year average PE ratio.
    • This is likely because analysts are expecting annual earnings growth of 24.8% and investors are willing to pay a premium for that growth.
  • The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 16.4x.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 39% over the next 5 years.
  • This is better than its past earnings decline of 1.9% per year.
  • In contrast, the Financials 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
NOKIA Nokia Oyj€8.831.1%
+€515.6m		91.7%PE78.7xTech
WRT1V Wärtsilä Oyj Abp€36.392.0%
+€429.6m		138.1%PE34.2xIndustrials
KESKOB Kesko Oyj€20.222.0%
+€155.3m		-0.3%PE19.9xConsumer Staples
KCR Konecranes€30.981.3%
+€95.1m		76.7%PE18.4xIndustrials
OUT1V Outokumpu Oyj€5.382.9%
+€70.7m		67.0%PS0.5xMaterials
See more

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Latest News

QTCOM
€20.94
Qt Group Oyj
7D
8.7%
1Y
-69.5%
NESTE
€24.95
Neste Oyj
7D
-1.2%
1Y
217.7%
KALMAR
€47.22
Kalmar Oyj
7D
-3.3%
1Y
85.0%
BITTI
€36.85
Bittium Oyj
7D
-7.6%
1Y
373.0%

BITTI: NATO Supply Role And Special Dividend Will Not Sustain Elevated P/E

Analysts have kept their price target on Bittium Oyj broadly steady, with only a marginal adjustment implied by their updated inputs as they refine assumptions around the discount rate, revenue growth and future P/E outlook. What's in the News Bittium and Telia have implemented a hybrid network for the Finnish Defence Forces that links Bittium’s tactical communications with Telia’s 5G network.
SCANFL
€12.70
Scanfil Oyj
7D
5.8%
1Y
48.2%

SCANFL: 2026 Turnover Guidance Will Highlight Overstretched Payout And Earnings Multiple

Analysts have trimmed their price target on Scanfil Oyj slightly from €11.30 to €11.18, reflecting updated views on discount rates, revenue growth assumptions and profit margins, while keeping the longer term P/E outlook broadly similar. What's in the News Scanfil Oyj has proposed a dividend of €0.25 per share for the January to December 2025 financial year, compared with €0.24 per share previously, signaling an updated payout plan for shareholders (Key Developments).
KCR
€30.98
Konecranes
7D
1.3%
1Y
76.7%

KCR: Ecolifting Orders And Dividend Outlook Will Support Balanced Future Returns

Analysts have adjusted their fair value estimate for Konecranes from €95.75 to €34.50, reflecting updated views on the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Konecranes approved a dividend of €2.25 per share at the AGM on March 26, 2026.
OUT1V
€5.38
Outokumpu Oyj
7D
2.9%
1Y
67.0%

OUT1V: Future Returns Will Reflect Modest Rerating Signals And Balanced Dividend Support

Narrative Update on Outokumpu Oyj The analyst price target for Outokumpu Oyj has been raised by a small margin, supported by research pointing to updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E, as well as recent target increases of up to €0.80 from multiple firms. Analyst Commentary Recent Street research around Outokumpu Oyj has focused on refreshed valuation work and rating changes, with several institutions adjusting targets on the back of updated assumptions on earnings power, discount rates and fair value.
WRT1V
€36.39
Wärtsilä Oyj Abp
7D
2.0%
1Y
138.1%

WRT1V: Power Euphoria And Rich P/E Will Likely Cap Forward Returns

The updated analyst price target for Wärtsilä Oyj Abp edges higher to about €30.18 from roughly €30.04. This reflects a mix of recent target increases and reductions as analysts reassess earnings expectations and valuation assumptions across the peer group.
METSO
€15.73
Metso Oyj
7D
-3.9%
1Y
81.1%
KEMPOWR
€15.26
Kempower Oyj
7D
5.2%
1Y
28.7%
KNEBV
€57.64
KONE Oyj
7D
-0.4%
1Y
11.1%

KNEBV: Mixed Rating Shifts And 2026 Guidance Are Expected To Balance

Narrative Update on KONE Oyj The analyst price target for KONE Oyj has moved slightly higher to about €61.55 from €60.83, as analysts factor in mixed recent research that highlights steadier assumptions for discount rates and revenue growth, modestly adjusted profit margin expectations, and a higher future P/E multiple following several rating changes and new coverage initiations across the Street. Analyst Commentary Recent Street research on KONE Oyj reflects a mix of optimism and caution, with several rating upgrades sitting alongside more reserved and negative views.
NOKIA
€8.83
Nokia Oyj
7D
1.1%
1Y
91.7%

NOKIA: AI RAN And Cloud Alliances Will Drive Future Earnings Rebound

Analysts have lifted the fair value estimate for Nokia Oyj from €8.80 to about €9.84, reflecting updated expectations for slightly lower revenue growth, a modestly higher profit margin, and a higher future P/E multiple, informed by a mix of recent upgrades, downgrades, and price target increases from major banks and brokers. Analyst Commentary Recent Street research on Nokia shows a split tape, with both upgrades and downgrades, but the higher fair value estimate reflects that the more optimistic voices are assigning greater weight to improved execution and potential re rating in the sector.
UPM
€26.34
UPM-Kymmene Oyj
7D
-0.8%
1Y
14.6%
KESKOB
€20.22
Kesko Oyj
7D
2.0%
1Y
-0.3%
NDA FI
€15.90
Nordea Bank Abp
7D
-1.9%
1Y
38.3%

NDA FI: Dividend Flexibility Will Support Bullish Case Despite Arctic Financing Stance

Analysts have trimmed their price target for Nordea Bank Abp to about €17.03 from roughly €17.19, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E assumptions. What's in the News At the Annual General Meeting on 24 March 2026, shareholders resolved not to adopt a proposal from the Swedish Society for Nature Conservation and Action Aid Denmark to amend the Articles of Association regarding financing of certain upstream fossil fuel activities in the Arctic region (AGM minutes).
FORTUM
€21.25
Fortum Oyj
7D
-4.8%
1Y
56.9%