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Finnish (OMX) Market Analysis & Valuation

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies174
  • 7D0.5%
  • 3M10.8%
  • 1Y28.2%
  • YTD1.4%

The Consumer Staples sector gained 4.3% while the market remained flat over the last week. More promisingly, the market is up 28% over the past year. Looking forward, earnings are forecast to grow by 16% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 20 Jan 2026€329.3b€197.7b€13.4b19.6x24.5x1.7x
Thu, 18 Dec 2025€311.5b€197.3b€13.4b18.7x23.3x1.6x
Sat, 15 Nov 2025€308.9b€197.1b€13.4b19x23.1x1.6x
Mon, 13 Oct 2025€289.7b€197.6b€13.3b19.8x21.8x1.5x
Wed, 10 Sep 2025€287.3b€196.1b€13.2b20.5x21.8x1.5x
Fri, 08 Aug 2025€280.7b€196.5b€13.3b20.5x21.1x1.4x
Sun, 06 Jul 2025€276.9b€196.1b€13.5b20.6x20.5x1.4x
Tue, 03 Jun 2025€273.1b€196.1b€13.5b19.3x20.2x1.4x
Thu, 01 May 2025€261.6b€195.9b€13.6b19.9x19.2x1.3x
Sat, 29 Mar 2025€264.6b€195.0b€14.6b19.7x18.1x1.4x
Mon, 24 Feb 2025€271.5b€195.4b€14.6b19.2x18.6x1.4x
Wed, 22 Jan 2025€256.2b€199.2b€14.7b18x17.4x1.3x
Fri, 20 Dec 2024€243.9b€199.2b€14.7b17.6x16.5x1.2x
Sun, 17 Nov 2024€253.3b€199.8b€14.7b18x17.2x1.3x
Tue, 15 Oct 2024€266.1b€200.0b€14.6b18.5x18.2x1.3x
Thu, 12 Sep 2024€218.2b€188.2b€9.6b18.5x22.8x1.2x
Sat, 10 Aug 2024€216.8b€187.9b€9.8b17.8x22.1x1.2x
Mon, 08 Jul 2024€222.0b€188.2b€9.9b18.7x22.3x1.2x
Wed, 05 Jun 2024€227.6b€191.0b€10.0b18.3x22.8x1.2x
Fri, 03 May 2024€220.8b€190.9b€10.0b17.6x22.1x1.2x
Sun, 31 Mar 2024€220.0b€195.5b€10.2b17.2x21.5x1.1x
Tue, 27 Feb 2024€219.9b€195.0b€10.2b17.9x21.6x1.1x
Thu, 25 Jan 2024€227.1b€202.6b€12.9b18.8x17.6x1.1x
Sat, 23 Dec 2023€228.6b€202.7b€12.9b19x17.8x1.1x
Mon, 20 Nov 2023€221.1b€202.6b€12.9b18x17.2x1.1x
Wed, 18 Oct 2023€216.1b€208.4b€12.7b18.1x17.1x1x
Fri, 15 Sep 2023€226.8b€209.1b€12.8b18.8x17.7x1.1x
Sun, 13 Aug 2023€222.1b€209.0b€12.9b19.2x17.3x1.1x
Tue, 11 Jul 2023€227.5b€210.9b€17.3b18.3x13.2x1.1x
Thu, 08 Jun 2023€240.5b€210.8b€17.3b19x13.9x1.1x
Sat, 06 May 2023€249.7b€211.4b€17.2b19.2x14.5x1.2x
Mon, 03 Apr 2023€250.3b€208.7b€16.9b19x14.8x1.2x
Wed, 01 Mar 2023€258.9b€314.2b€14.7b19.2x17.6x0.8x
Fri, 27 Jan 2023€260.4b€311.4b€16.6b16.6x15.7x0.8x
Price to Earnings Ratio

15.7x


Total Market Cap: €260.4bTotal Earnings: €16.6bTotal Revenue: €311.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Market Price to Earnings3Y Average 19.2x202420252026
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 24.5x which is higher than its 3-year average PE of 19.2x.
Past Earnings Growth
  • The earnings for companies in the Finnish industry have declined 6.8% per year over the last three years.
  • Revenues have also declined 14% 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 Market0.47%
Consumer Staples4.28%
Healthcare3.94%
Utilities1.15%
Tech1.10%
Industrials0.92%
Financials0.35%
Telecom0.0089%
Energy-1.05%
Consumer Discretionary-1.23%
Real Estate-2.01%
Materials-2.53%
Sector PE
  • Investors favour the Real Estate sector the most for future growth, which is trading above its 3-year average PE ratio of 52.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 50.9% which is higher than its past year's earnings decline of 12.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 51% over the next 5 years.
  • This is better than its past earnings decline of 12% 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
ORNBV Orion Oyj€69.156.1%
+€555.7m		41.6%PE31.1xHealthcare
METSO Metso Oyj€16.213.9%
+€500.8m		75.7%PE29.8xIndustrials
KNEBV KONE Oyj€62.321.4%
+€445.4m		33.5%PE33.8xIndustrials
KESKOB Kesko Oyj€20.285.4%
+€414.0m		14.0%PE21.3xConsumer Staples
NOKIA Nokia Oyj€5.641.0%
+€360.2m		26.5%PE37.2xTech
See more

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WRT1V
€33.02
Wärtsilä Oyj Abp
7D
1.9%
1Y
84.9%
KALMAR
€41.26
Kalmar Oyj
7D
-2.8%
1Y
36.0%
METSO
€16.21
Metso Oyj
7D
3.9%
1Y
75.7%

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Jan 19
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STERV
€10.19
Stora Enso Oyj
7D
-4.3%
1Y
1.3%
FORTUM
€19.29
Fortum Oyj
7D
1.2%
1Y
42.8%

The Return Trends At Fortum Oyj (HEL:FORTUM) Look Promising

Jan 16
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METSB
€2.79
Metsä Board Oyj
7D
-11.9%
1Y
-38.9%
ORNBV
€69.15
Orion Oyj
7D
6.1%
1Y
41.6%
HIAB
€48.08
Hiab Oyj
7D
-7.8%
1Y
-0.1%

HIAB: Buy Upgrades And Margin Guidance Will Shape Balanced Forward Outlook

Narrative update The analyst price target for Hiab Oyj has shifted to a range centred around €50 to €52, with analysts pointing to updated assumptions on the discount rate, profit margin and future P/E as key drivers of their revised views. Analyst Commentary Recent research updates have clustered around price targets of €50 to €52, which lines up with the revised range you are seeing in market commentary.
NDA FI
€16.46
Nordea Bank Abp
7D
0.6%
1Y
46.4%

NDA FI: Share Buybacks And Capital Markets Role Will Guide Steady Outlook

Analysts have slightly adjusted their price target on Nordea Bank Abp, keeping fair value unchanged at €15.65 while fine tuning assumptions such as discount rate, revenue growth, profit margin and future P/E to reflect updated modelling rather than a major shift in outlook. What's in the News Tryg Forsikring A/S appointed Nordea and Danske Bank as Joint Lead Managers for a digital fixed income investor meeting on 10 November 2025 to discuss potential issuance of NOK and/or SEK Perpetual Restricted Tier 1 Capital Notes with a targeted 5.75 year maturity to first call, subject to market conditions (Key Developments).
UPM
€24.14
UPM-Kymmene Oyj
7D
-2.0%
1Y
-10.5%

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Analysts have raised their fair value estimate for UPM-Kymmene slightly to about €25.81 and lowered their price targets, as they incorporate more cautious assumptions on revenue growth, profit margins and future P/E multiples following a series of reduced Street targets between €22 and €27.50. Analyst Commentary Recent Street research on UPM-Kymmene Oyj has tilted more cautious on near term upside, even as some firms maintain constructive views on the shares.
VALMT
€29.01
Valmet Oyj
7D
-1.1%
1Y
13.0%

VALMT: Slower Services And Hold Stance Will Shape Stable Outlook

Analysts have nudged their fair value estimate for Valmet Oyj to €30.17 from €28.29, with the updated €30 price target reflecting slightly adjusted views on growth, margins and future P/E assumptions following recent research highlighting slower service growth and a downgrade to Hold. Analyst Commentary Bullish Takeaways Bullish analysts see the €30 fair value and price target as aligned, which keeps the valuation framework relatively consistent even after factoring in slower service growth.
NESTE
€19.70
Neste Oyj
7D
-1.1%
1Y
54.9%

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KNEBV
€62.32
KONE Oyj
7D
1.4%
1Y
33.5%

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Analysts have raised their fair value estimate for KONE Oyj to €68 from €67, citing updated views on discount rates, revenue growth, profit margins and future P/E assumptions, along with a higher Street price target of €48, up from €47. Analyst Commentary Recent Street research points to a modestly more constructive stance on KONE Oyj, with the latest published price target set at €48, up from €47, and an accompanying Underperform rating maintained on the shares.
NOKIA
€5.64
Nokia Oyj
7D
1.0%
1Y
26.5%

NOKIA: AI Demand And U.S. Investment Will Shape Balanced Risk Ahead

Analysts have made a modest adjustment to their price target framework for Nokia Oyj, refining assumptions around revenue growth, profit margins and future P/E multiples, while citing a mix of higher targets from several banks and more cautious views that focus on telecom capex risks and segment level valuation. Analyst Commentary Recent research on Nokia Oyj shows a split view, with some analysts highlighting improving growth optionality and others focusing on execution risks and valuation constraints tied to capital spending trends in telecom networks.
MANTA
€6.72
Mandatum Oyj
7D
-3.2%
1Y
48.8%

MANTA: Ongoing Revenue Decline Will Sustain Overvaluation Despite Stable Margins

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KESKOB
€20.28
Kesko Oyj
7D
5.4%
1Y
14.0%