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Finnish (OMX) Market Analysis & Valuation

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies174
  • 7D0.6%
  • 3M11.6%
  • 1Y30.1%
  • YTD2.1%

The market has been flat over the last week. As for the longer term, the market has risen 30% in the past 12 months. 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
Thu, 15 Jan 2026€331.7b€197.7b€13.4b19.8x24.7x1.7x
Sat, 13 Dec 2025€311.7b€197.3b€13.4b18.9x23.3x1.6x
Mon, 10 Nov 2025€305.4b€197.1b€13.4b18.6x22.8x1.5x
Wed, 08 Oct 2025€288.5b€196.1b€13.2b19.6x21.8x1.5x
Fri, 05 Sep 2025€283.1b€196.1b€13.2b20.1x21.4x1.4x
Sun, 03 Aug 2025€275.8b€196.2b€13.2b20.4x20.9x1.4x
Tue, 01 Jul 2025€275.5b€196.1b€13.5b20.6x20.4x1.4x
Thu, 29 May 2025€274.2b€196.1b€13.5b19.5x20.3x1.4x
Sat, 26 Apr 2025€254.0b€195.7b€13.9b19.6x18.2x1.3x
Mon, 24 Mar 2025€271.6b€195.0b€14.6b20x18.6x1.4x
Wed, 19 Feb 2025€272.1b€195.4b€14.6b19x18.6x1.4x
Fri, 17 Jan 2025€252.4b€199.2b€14.7b18x17.1x1.3x
Sun, 15 Dec 2024€249.6b€199.2b€14.7b17.7x16.9x1.3x
Tue, 12 Nov 2024€256.7b€199.6b€14.8b18.3x17.4x1.3x
Thu, 10 Oct 2024€266.5b€200.1b€14.6b18.6x18.2x1.3x
Sat, 07 Sep 2024€220.6b€188.2b€9.6b18.6x23.1x1.2x
Mon, 05 Aug 2024€215.4b€188.4b€9.9b17.9x21.8x1.1x
Wed, 03 Jul 2024€223.4b€190.7b€10.0b18.5x22.4x1.2x
Fri, 31 May 2024€228.4b€191.0b€10.0b18.2x22.9x1.2x
Sun, 28 Apr 2024€220.9b€192.4b€10.1b16.9x21.9x1.1x
Tue, 26 Mar 2024€220.8b€195.7b€10.1b17x21.8x1.1x
Thu, 22 Feb 2024€222.2b€195.1b€10.2b17.9x21.7x1.1x
Sat, 20 Jan 2024€222.7b€202.6b€12.9b18.8x17.3x1.1x
Mon, 18 Dec 2023€224.0b€202.6b€12.9b18.6x17.4x1.1x
Wed, 15 Nov 2023€220.9b€202.6b€12.9b17.9x17.1x1.1x
Fri, 13 Oct 2023€218.0b€208.3b€12.8b18.3x17x1x
Sun, 10 Sep 2023€223.6b€209.1b€12.8b18.9x17.4x1.1x
Tue, 08 Aug 2023€222.4b€208.4b€13.3b18.7x16.7x1.1x
Thu, 06 Jul 2023€231.1b€210.8b€17.3b18.6x13.4x1.1x
Sat, 03 Jun 2023€239.7b€210.8b€17.3b18.8x13.9x1.1x
Mon, 01 May 2023€248.7b€210.8b€17.1b19.2x14.5x1.2x
Wed, 29 Mar 2023€244.1b€208.7b€16.9b18.6x14.5x1.2x
Fri, 24 Feb 2023€257.2b€314.3b€14.8b18.9x17.4x0.8x
Sun, 22 Jan 2023€258.9b€310.1b€14.1b16.6x18.4x0.8x
Price to Earnings Ratio

18.4x


Total Market Cap: €258.9bTotal Earnings: €14.1bTotal Revenue: €310.1bTotal 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 Market0.61%
Healthcare4.70%
Financials1.81%
Energy1.25%
Telecom0.88%
Utilities0.47%
Consumer Staples0.44%
Materials0.13%
Industrials-0.084%
Consumer Discretionary-0.27%
Tech-1.18%
Real Estate-1.39%
Sector PE
  • Investors favour the Real Estate sector the most for future growth, which is trading above its 3-year average PE ratio of 44.0x.
    • 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
NDA FI Nordea Bank Abp€16.662.8%
+€1.5b		49.2%PB1.8xFinancials
ORNBV Orion Oyj€70.306.4%
+€590.9m		53.4%PE31.6xHealthcare
WRT1V Wärtsilä Oyj Abp€32.972.9%
+€553.1m		81.8%PE32.3xIndustrials
BITTI Bittium Oyj€37.8022.1%
+€243.3m		472.7%PE207.6xTech
NESTE Neste Oyj€20.271.2%
+€192.1m		55.2%PS0.8xEnergy
See more

Market Insights

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Latest News

ORNBV
€70.30
Orion Oyj
7D
6.4%
1Y
53.4%
BITTI
€37.80
Bittium Oyj
7D
22.1%
1Y
472.7%
FIA1S
€2.83
Finnair Oyj
7D
-14.0%
1Y
22.6%

Finnair Oyj's (HEL:FIA1S) P/S Still Appears To Be Reasonable

Jan 14
Finnair Oyj's (HEL:FIA1S) P/S Still Appears To Be Reasonable
WRT1V
€32.97
Wärtsilä Oyj Abp
7D
2.9%
1Y
81.8%
HIAB
€49.78
Hiab Oyj
7D
-5.2%
1Y
4.2%

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
€16.66
Nordea Bank Abp
7D
2.8%
1Y
49.2%

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
€24.68
UPM-Kymmene Oyj
7D
-0.7%
1Y
-8.0%

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.
YIT
€3.16
YIT Oyj
7D
-4.2%
1Y
29.8%
KOJAMO
€10.22
Kojamo Oyj
7D
-1.9%
1Y
8.7%

KOJAMO: Lower Discount Rate Will Mask Risk From Softer Revenue Outlook

Analysts have lifted their price target for Kojamo Oyj to €7.70 per share from €7.07, citing updated assumptions that include a lower discount rate, slightly softer revenue growth expectations, stronger projected profit margins and a reduced future P/E multiple. What's in the News Kojamo Oyj has scheduled an Analyst/Investor Day, giving management a platform to update investors on its outlook, capital priorities and operating focus (Key Developments).
ELISA
€37.40
Elisa Oyj
7D
1.5%
1Y
-11.0%
NESTE
€20.27
Neste Oyj
7D
1.2%
1Y
55.2%

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)
STERV
€10.87
Stora Enso Oyj
7D
1.2%
1Y
10.4%

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.
KNEBV
€62.26
KONE Oyj
7D
-1.0%
1Y
35.2%

KNEBV: Fair Outlook Balances Service Strengths With China New Build Headwinds

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
-2.3%
1Y
25.5%

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.
FORTUM
€19.25
Fortum Oyj
7D
0.5%
1Y
40.5%

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
EVLI
€23.30
Evli Oyj
7D
-4.9%
1Y
27.7%