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Finnish (OMX) Market Analysis & Valuation

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies172
  • 7D-4.2%
  • 3M2.5%
  • 1Y19.5%
  • YTD0.6%

Over the last 7 days, the market has dropped 4.2%, driven by a loss of 5.1% in the Financials sector. As for the longer term, the market has actually risen by 19% in the last year. Looking forward, earnings are forecast to grow by 13% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026€326.2b€196.2b€15.2b18.5x21.5x1.7x
Sat, 21 Feb 2026€341.3b€196.7b€15.1b19.7x22.6x1.7x
Mon, 19 Jan 2026€334.5b€197.7b€13.4b20x24.9x1.7x
Wed, 17 Dec 2025€312.3b€197.3b€13.4b18.8x23.3x1.6x
Fri, 14 Nov 2025€312.2b€197.1b€13.4b19x23.3x1.6x
Sun, 12 Oct 2025€289.7b€197.6b€13.3b19.8x21.8x1.5x
Tue, 09 Sep 2025€287.1b€196.1b€13.2b20.5x21.8x1.5x
Thu, 07 Aug 2025€278.8b€196.6b€13.3b20.4x21x1.4x
Sat, 05 Jul 2025€276.9b€196.1b€13.5b20.6x20.5x1.4x
Mon, 02 Jun 2025€273.0b€196.1b€13.5b19.2x20.2x1.4x
Wed, 30 Apr 2025€257.0b€195.9b€13.6b19.7x18.8x1.3x
Fri, 28 Mar 2025€266.8b€195.0b€14.6b19.9x18.3x1.4x
Sun, 23 Feb 2025€271.5b€195.4b€14.6b19.2x18.6x1.4x
Tue, 21 Jan 2025€254.6b€199.2b€14.7b18x17.3x1.3x
Thu, 19 Dec 2024€246.5b€199.2b€14.7b17.7x16.7x1.2x
Sat, 16 Nov 2024€253.3b€199.8b€14.7b18.4x17.2x1.3x
Mon, 14 Oct 2024€266.1b€200.0b€14.6b18.5x18.2x1.3x
Wed, 11 Sep 2024€220.4b€188.2b€9.6b18.5x23.1x1.2x
Fri, 09 Aug 2024€216.5b€188.9b€10.0b17.9x21.7x1.1x
Sun, 07 Jul 2024€222.0b€188.2b€9.9b18.7x22.3x1.2x
Tue, 04 Jun 2024€229.3b€191.0b€10.0b18.3x23x1.2x
Thu, 02 May 2024€219.3b€190.9b€10.0b17.3x22x1.1x
Sat, 30 Mar 2024€220.0b€195.5b€10.2b17.2x21.5x1.1x
Mon, 26 Feb 2024€221.3b€195.0b€10.2b17.9x21.7x1.1x
Wed, 24 Jan 2024€225.1b€202.6b€12.9b18.5x17.5x1.1x
Fri, 22 Dec 2023€226.6b€202.7b€12.9b18.6x17.6x1.1x
Sun, 19 Nov 2023€221.1b€202.6b€12.9b18x17.2x1.1x
Tue, 17 Oct 2023€216.1b€208.4b€12.7b18.1x17.1x1x
Thu, 14 Sep 2023€222.6b€209.1b€12.8b18.7x17.3x1.1x
Sat, 12 Aug 2023€222.1b€209.7b€13.1b19.5x16.9x1.1x
Mon, 10 Jul 2023€227.9b€210.9b€17.3b18.4x13.2x1.1x
Wed, 07 Jun 2023€240.7b€210.8b€17.3b19.1x13.9x1.1x
Fri, 05 May 2023€247.0b€211.3b€17.2b18.7x14.3x1.2x
Sun, 02 Apr 2023€250.3b€208.7b€16.9b19x14.8x1.2x
Price to Earnings Ratio

14.8x


Total Market Cap: €250.3bTotal Earnings: €16.9bTotal Revenue: €208.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Market Price to Earnings3Y Average 19.6x202420252026
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 19.6x.
Past Earnings Growth
  • The earnings for Finnish listed companies have declined 3.5% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Finnish Market?

FI Market-4.18%
Energy0.24%
Materials-2.55%
Industrials-3.28%
Consumer Discretionary-3.71%
Healthcare-4.42%
Telecom-4.63%
Consumer Staples-4.92%
Financials-5.05%
Tech-5.45%
Utilities-6.73%
Real Estate-11.88%
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 27.8% 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 16.5x.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 33% 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
UPM UPM-Kymmene Oyj€26.181.0%
+€142.4m		0.7%PE28.8xMaterials
METSB Metsä Board Oyj€2.997.2%
+€71.0m		-18.7%PS0.6xMaterials
PUUILO Puuilo Oyj€12.655.3%
+€54.0m		7.9%PE20.3xConsumer Discretionary
OUT1V Outokumpu Oyj€4.882.0%
+€45.3m		30.9%PS0.4xMaterials
KALMAR Kalmar Oyj€44.801.4%
+€38.5m		32.4%PE17.6xIndustrials
See more

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Latest News

KALMAR
€44.80
Kalmar Oyj
7D
1.4%
1Y
32.4%
FORTUM
€21.25
Fortum Oyj
7D
-4.5%
1Y
37.8%
SAMPO
€9.13
Sampo Oyj
7D
-4.1%
1Y
3.8%
NDA FI
€14.45
Nordea Bank Abp
7D
-9.5%
1Y
18.6%
ORNBV
€66.75
Orion Oyj
7D
-5.3%
1Y
22.4%
WRT1V
€33.11
Wärtsilä Oyj Abp
7D
-0.7%
1Y
87.6%
UPM
€26.18
UPM-Kymmene Oyj
7D
1.0%
1Y
0.7%

UPM: Future Returns Will Reflect Cost Efficiencies And Execution Uncertainties

Analysts have made only a marginal adjustment to UPM-Kymmene Oyj's fair value estimate to €26.12, reflecting slightly different assumptions on growth, margins and future P/E. Recent research highlights meaningful cost improvements into 2026 and mixed price target moves, including the upgrade to Hold with a €22.50 target and a separate €0.30 reduction from another firm.
METSB
€2.99
Metsä Board Oyj
7D
7.2%
1Y
-18.7%
LUMO
€7.93
Lumo Kodit Oyj
7D
-7.2%
1Y
-5.8%

LUMO: Name Change And Stable Fair Value Will Support Bullish Outlook

Analysts have left the fair value estimate for Lumo Kodit Oyj unchanged at €9.50 per share. This reflects updated assumptions that pair slightly higher modelled revenue growth of about 1.70% with a lower profit margin of roughly 27.37% and a modestly higher future P/E of about 22.40x.
REG1V
€18.16
Revenio Group Oyj
7D
1.8%
1Y
-28.4%

REG1V: Upgrades And Dividend Flexibility Will Drive Future Upside Repricing

Analysts have nudged their price target for Revenio Group Oyj slightly lower to €23.50 from €26, reflecting updated views on valuation, while core assumptions around revenue growth, margins and P/E multiples remain broadly unchanged. Analyst Commentary Recent research points to a mixed but generally constructive view on Revenio Group Oyj, with some analysts trimming valuation assumptions while others take a more optimistic stance on the shares.
KREATE
€13.55
Kreate Group Oyj
7D
6.3%
1Y
64.0%
PUUILO
€12.65
Puuilo Oyj
7D
5.3%
1Y
7.9%

PUUILO: Future Returns Will Stay Underappreciated As Margins Ease And Discount Rate Rises

Analysts have slightly trimmed their price target for Puuilo Oyj to €14.15 from €14.40, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E. Valuation Changes Fair Value: Trimmed slightly from €14.40 to €14.15 per share.
OUT1V
€4.88
Outokumpu Oyj
7D
2.0%
1Y
30.9%

OUT1V: Dividend Cut And Cyclical Risks Will Restrain Future Share Performance

Narrative Update on Outokumpu Oyj The analyst price target for Outokumpu Oyj has been revised higher to €3.33 from €2.50. Analysts point to updated assumptions around fair value, a higher discount rate, stronger revenue growth expectations, steady profit margins, and a higher future P/E multiple as key drivers of the change.
KNEBV
€55.56
KONE Oyj
7D
-2.3%
1Y
6.1%

KNEBV: Elevated P/E Will Face Pressure If Margin Improvement Disappoints

Analysts have nudged their price target for KONE Oyj slightly higher to €57, up from €56. The change reflects modest tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E, supported by a mix of recent rating upgrades and fresh coverage across the Street.
NOKIA
€7.30
Nokia Oyj
7D
-0.4%
1Y
48.1%

NOKIA: AI Network Partnerships Will Face Rating Pressure And Limited Upside

Narrative update on Nokia Oyj Analysts have lifted the updated fair value estimate for Nokia to €6.21 from €5.43, supported by a higher assumed future P/E of about 24x and a series of recent price target hikes to around €6.50 to €8.50, even as some firms have shifted ratings toward more neutral stances. Analyst Commentary Recent research on Nokia presents a mixed picture, with several firms lifting price targets while others shift to more neutral stances.
ALBAV
€55.80
Ålandsbanken Abp
7D
1.5%
1Y
40.6%