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Finnish (OMX) Market Analysis & Valuation

UpdatedJan 12, 2026
DataAggregated Company Financials
Companies174
  • 7D0.5%
  • 3M12.4%
  • 1Y30.4%
  • YTD1.0%

In the last week, the market has stayed flat, however the Healthcare sector stood out, gaining 3.7%. Meanwhile, the market is actually up 30% over the past year. Earnings are forecast to grow by 17% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 12 Jan 2026€328.3b€197.7b€13.4b19.8x24.5x1.7x
Wed, 10 Dec 2025€312.6b€197.3b€13.4b19.2x23.4x1.6x
Fri, 07 Nov 2025€307.0b€197.0b€13.4b19x22.9x1.6x
Sun, 05 Oct 2025€289.4b€196.1b€13.2b19.6x21.8x1.5x
Tue, 02 Sep 2025€283.7b€196.1b€13.2b20.3x21.5x1.4x
Thu, 31 Jul 2025€280.4b€196.3b€13.2b20.7x21.2x1.4x
Sat, 28 Jun 2025€276.3b€196.1b€13.5b20.6x20.5x1.4x
Mon, 26 May 2025€271.8b€196.1b€13.5b19x20.1x1.4x
Wed, 23 Apr 2025€252.3b€195.7b€14.5b18.6x17.4x1.3x
Fri, 21 Mar 2025€276.6b€195.2b€14.6b20.1x19x1.4x
Sun, 16 Feb 2025€268.5b€195.6b€14.6b18.5x18.4x1.4x
Tue, 14 Jan 2025€249.6b€199.2b€14.7b17.8x16.9x1.3x
Thu, 12 Dec 2024€252.4b€199.2b€14.7b18.2x17.1x1.3x
Sat, 09 Nov 2024€255.3b€199.6b€14.8b18.2x17.3x1.3x
Mon, 07 Oct 2024€232.0b€188.3b€9.6b18.9x24.3x1.2x
Wed, 04 Sep 2024€227.7b€188.2b€9.6b18.6x23.8x1.2x
Fri, 02 Aug 2024€220.5b€188.4b€9.9b18.1x22.2x1.2x
Sun, 30 Jun 2024€221.0b€190.7b€10.0b18.4x22.2x1.2x
Tue, 28 May 2024€232.0b€191.0b€10.0b18.2x23.2x1.2x
Thu, 25 Apr 2024€223.0b€194.2b€10.3b17x21.6x1.1x
Sat, 23 Mar 2024€220.2b€195.1b€10.1b17x21.7x1.1x
Mon, 19 Feb 2024€223.0b€195.1b€10.2b18.6x21.8x1.1x
Wed, 17 Jan 2024€229.7b€202.7b€12.9b18.8x17.9x1.1x
Fri, 15 Dec 2023€225.3b€202.6b€12.9b18.3x17.5x1.1x
Sun, 12 Nov 2023€216.1b€202.6b€12.9b17.9x16.7x1.1x
Tue, 10 Oct 2023€213.1b€208.3b€12.8b18.1x16.6x1x
Thu, 07 Sep 2023€226.4b€209.1b€12.8b18.9x17.6x1.1x
Sat, 05 Aug 2023€222.0b€209.1b€16.4b18.7x13.5x1.1x
Mon, 03 Jul 2023€230.1b€210.9b€17.3b18.8x13.3x1.1x
Wed, 31 May 2023€236.6b€210.8b€17.3b18.9x13.7x1.1x
Fri, 28 Apr 2023€248.6b€210.5b€17.2b19.1x14.4x1.2x
Sun, 26 Mar 2023€242.4b€208.7b€16.9b18.5x14.4x1.2x
Tue, 21 Feb 2023€259.3b€314.3b€14.8b18.8x17.5x0.8x
Thu, 19 Jan 2023€260.9b€310.2b€14.1b16.4x18.5x0.8x
Price to Earnings Ratio

18.5x


Total Market Cap: €260.9bTotal Earnings: €14.1bTotal Revenue: €310.2bTotal 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 Finnish listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have declined 14% per year.
  • This means that the cost of doing business could be reducing since sales have declined yet profits have remained steady.

Sector Trends

Which sectors have driven the changes within the Finnish Market?

FI Market0.50%
Healthcare3.66%
Consumer Discretionary3.06%
Real Estate1.84%
Consumer Staples1.69%
Industrials1.56%
Utilities1.34%
Tech1.21%
Materials0.36%
Telecom0.067%
Financials-1.24%
Energy-2.17%
Sector PE
  • Investors favour the Real Estate sector the most for future growth, which is trading above its 3-year average PE ratio of 39.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 51.3% 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
WRT1V Wärtsilä Oyj Abp€32.232.7%
+€494.3m		81.4%PE31.6xIndustrials
ORNBV Orion Oyj€65.954.2%
+€372.8m		46.1%PE29.6xHealthcare
FORTUM Fortum Oyj€18.891.3%
+€224.3m		36.4%PE19.6xUtilities
NOKIA Nokia Oyj€5.600.6%
+€201.4m		28.9%PE36.9xTech
KCR Konecranes€96.702.6%
+€194.1m		57.1%PE19.8xIndustrials
See more

Market Insights

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Latest News

NDA FI
€16.34
Nordea Bank Abp
7D
-0.6%
1Y
48.8%

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
€24.65
UPM-Kymmene Oyj
7D
-0.7%
1Y
-9.3%

UPM: Future Returns Will Hinge On Pulp Prices And Mill Restructuring

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.
ORNBV
€65.95
Orion Oyj
7D
4.2%
1Y
46.1%
METSO
€15.46
Metso Oyj
7D
2.5%
1Y
76.6%

METSO: Q3 Delivery And Large Order Pipeline Will Shape Balanced Outlook

Narrative Update Our updated view lifts Metso Oyj's analyst price target slightly to €14.51 from €14.42, as analysts factor in recent target increases across the Street and adjust assumptions around discount rate, revenue growth, profit margin and future P/E to reflect business trends highlighted in recent research. Analyst Commentary Recent research on Metso Oyj reflects a generally constructive tone, with several firms lifting price targets and one upgrade in rating, while still flagging areas for execution risk and order visibility.
KCR
€96.70
Konecranes
7D
3.4%
1Y
54.8%

KCR: Future Low Emission Equipment Rollout Will Support A Balanced Outlook

Analysts have lifted their fair value estimate for Konecranes from €95.00 to €105.00, reflecting updated assumptions for revenue growth, profit margins, discount rate, and a higher future P/E multiple. What's in the News Konecranes launched its first electric reach stacker at the TOC Asia exhibition in Singapore, targeting customers in APAC, the Middle East and Africa, and South America who are seeking port equipment with low to zero tailpipe emissions (Key Developments).
VALMT
€29.36
Valmet Oyj
7D
3.5%
1Y
20.5%

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
€19.87
Neste Oyj
7D
-0.3%
1Y
61.7%

Returns On Capital Signal Tricky Times Ahead For Neste Oyj (HEL:NESTE)

Jan 08
Returns On Capital Signal Tricky Times Ahead For Neste Oyj (HEL:NESTE)
SAMPO
€9.92
Sampo Oyj
7D
-3.0%
1Y
27.9%

SAMPO: Higher Fair Value Assumptions Will Shape Steady Future Cash Returns

Analysts have nudged their price targets for Sampo Oyj higher, with one recent move taking a target up to €9.91 from €9.54. This change reflects updated views on fair value and future P/E assumptions.
STERV
€10.73
Stora Enso Oyj
7D
-0.8%
1Y
11.6%

STERV: Future Margin Recovery Will Balance Mixed Demand And Maintenance EBIT Headwinds

Analysts have nudged their average price target for Stora Enso Oyj slightly higher to about €11.27 from €11.23, reflecting mixed recent target revisions and updated assumptions on the discount rate, revenue growth, profit margins and future P/E levels. Analyst Commentary Recent Street research on Stora Enso Oyj shows a mix of optimism and caution, with price targets clustered in a relatively tight range and ratings spread across Buy, Hold and Neutral.
WRT1V
€32.23
Wärtsilä Oyj Abp
7D
3.7%
1Y
78.9%

WRT1V: Higher P/E Expectations Will Likely Cap Returns As Cycle Peaks

Analysts have raised their fair value estimate for Wärtsilä Oyj Abp from €23.45 to €24.90. This reflects updated assumptions on revenue growth and P/E, along with higher Street price targets such as the increases to €21.60 and €25.00 cited in recent research.
NOKIA
€5.60
Nokia Oyj
7D
0.6%
1Y
28.9%

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
€6.97
Mandatum Oyj
7D
-0.5%
1Y
57.9%

MANTA: Ongoing Revenue Decline Will Sustain Overvaluation Despite Stable Margins

Analysts have kept their price target for Mandatum Oyj unchanged at €5.56, citing stable assumptions around the discount rate, revenue trend, profit margin, and future P/E as the basis for maintaining their view. Valuation Changes Fair Value Estimate: Held steady at €5.56 per share, with no change in the underlying model output.
KESKOB
€19.46
Kesko Oyj
7D
1.8%
1Y
9.9%
FORTUM
€18.89
Fortum Oyj
7D
2.1%
1Y
41.5%

Fortum Oyj (HEL:FORTUM) Shares Could Be 42% Below Their Intrinsic Value Estimate

Jan 01
Fortum Oyj (HEL:FORTUM) Shares Could Be 42% Below Their Intrinsic Value Estimate
AKTIA
€12.30
Aktia Pankki Oyj
7D
-1.9%
1Y
31.3%