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Finnish (OMX) Market Analysis & Valuation

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies173
  • 7D1.5%
  • 3M6.0%
  • 1Y26.8%
  • YTD2.4%

The market is up 1.5% in the last 7 days, led by the Utilities and Information Technology sectors. The market is up 27% over the last 12 months. Looking forward, 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
Fri, 30 Jan 2026€332.3b€197.6b€13.4b20.2x24.7x1.7x
Sun, 28 Dec 2025€318.6b€197.3b€13.4b19.1x23.8x1.6x
Tue, 25 Nov 2025€302.8b€197.1b€13.4b18.8x22.6x1.5x
Thu, 23 Oct 2025€296.8b€197.6b€13.2b20.1x22.4x1.5x
Sat, 20 Sep 2025€287.0b€196.1b€13.2b20x21.7x1.5x
Mon, 18 Aug 2025€282.7b€196.0b€13.2b20.3x21.5x1.4x
Wed, 16 Jul 2025€277.9b€196.1b€13.5b20.3x20.6x1.4x
Fri, 13 Jun 2025€275.7b€196.1b€13.5b20.3x20.4x1.4x
Sun, 11 May 2025€265.8b€196.1b€13.6b19.9x19.6x1.4x
Tue, 08 Apr 2025€234.1b€195.1b€14.6b17.3x16x1.2x
Thu, 06 Mar 2025€272.7b€195.5b€14.6b20x18.7x1.4x
Sat, 01 Feb 2025€261.8b€198.8b€15.5b18.1x16.8x1.3x
Mon, 30 Dec 2024€247.5b€199.2b€14.7b17.8x16.8x1.2x
Wed, 27 Nov 2024€248.5b€199.7b€14.7b18.1x16.9x1.2x
Fri, 25 Oct 2024€262.0b€199.7b€14.2b18.6x18.5x1.3x
Sun, 22 Sep 2024€224.0b€188.3b€9.6b18.5x23.4x1.2x
Tue, 20 Aug 2024€223.7b€188.6b€9.5b18.8x23.4x1.2x
Thu, 18 Jul 2024€219.8b€190.3b€10.1b17.9x21.7x1.2x
Sat, 15 Jun 2024€222.3b€191.0b€10.0b18.7x22.3x1.2x
Mon, 13 May 2024€229.1b€190.8b€10.0b18x22.9x1.2x
Wed, 10 Apr 2024€223.9b€195.5b€10.2b17.8x21.9x1.1x
Fri, 08 Mar 2024€218.5b€195.0b€10.2b17.2x21.5x1.1x
Sun, 04 Feb 2024€226.9b€200.2b€9.4b19x24.1x1.1x
Tue, 02 Jan 2024€228.5b€202.7b€12.9b18.9x17.8x1.1x
Thu, 30 Nov 2023€222.0b€202.6b€12.9b18.2x17.2x1.1x
Sat, 28 Oct 2023€206.5b€204.1b€11.6b17.2x17.8x1x
Mon, 25 Sep 2023€222.3b€208.3b€12.8b18.9x17.3x1.1x
Wed, 23 Aug 2023€219.4b€209.1b€12.9b18.9x17.1x1x
Fri, 21 Jul 2023€228.3b€211.1b€17.3b18.8x13.2x1.1x
Sun, 18 Jun 2023€242.9b€210.8b€17.3b19.4x14x1.2x
Tue, 16 May 2023€246.1b€211.2b€17.3b18.9x14.2x1.2x
Thu, 13 Apr 2023€250.6b€208.8b€16.9b19.2x14.8x1.2x
Sat, 11 Mar 2023€252.2b€208.9b€16.9b19.7x15x1.2x
Mon, 06 Feb 2023€261.9b€313.0b€16.6b17.1x15.8x0.8x
Price to Earnings Ratio

15.8x


Total Market Cap: €261.9bTotal Earnings: €16.6bTotal Revenue: €313.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Market Price to Earnings3Y Average 19.3x202420252026
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 24.7x which is higher than its 3-year average PE of 19.3x.
Past Earnings Growth
  • The earnings for companies in the Finnish industry have declined 6.6% 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 Market1.52%
Utilities6.25%
Energy4.91%
Consumer Staples3.59%
Healthcare2.85%
Tech2.48%
Telecom2.22%
Materials1.77%
Consumer Discretionary1.20%
Real Estate1.09%
Industrials0.79%
Financials-0.17%
Sector PE
  • Investors favour the Real Estate sector the most for future growth, which is trading above its 3-year average PE ratio of 65.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 48.7% 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 49% 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€34.013.1%
+€600.2m		86.4%PE33.4xIndustrials
METSO Metso Oyj€17.043.4%
+€463.5m		74.3%PE31.3xIndustrials
NESTE Neste Oyj€21.382.6%
+€422.6m		72.4%PS0.8xEnergy
FORTUM Fortum Oyj€19.942.3%
+€399.3m		44.5%PE20.7xUtilities
KESKOB Kesko Oyj€21.242.9%
+€238.9m		14.6%PE22.3xConsumer Staples
See more

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NOKIA
€5.13
Nokia Oyj
7D
-7.7%
1Y
11.7%
NDA FI
€16.21
Nordea Bank Abp
7D
-4.4%
1Y
38.7%
UPM
€23.90
UPM-Kymmene Oyj
7D
-2.1%
1Y
-15.6%

UPM: Future Returns Will Reflect Pulp Prices And Paper Mill Actions

Analysts have inched their fair value estimate for UPM-Kymmene up to €26.07 from €25.81, as recent price target cuts from €28.50 to €27.50 and from €26.70 to €26.20 and a downgrade to Equal Weight are paired with slightly updated assumptions on discount rate, revenue growth, profit margins and future P/E. Analyst Commentary Recent research on UPM-Kymmene shows a mix of optimism on execution and value, alongside caution around catalysts and near term momentum.
METSO
€17.04
Metso Oyj
7D
3.4%
1Y
74.3%

METSO: Fair Outlook As Business Inflection And Orders Support Balanced Risk Profile

The analyst price target for Metso Oyj has been raised from €14.51 to €15.48, as analysts cite a slightly adjusted discount rate and growth assumptions, a modestly lower profit margin outlook, and a higher future P/E expectation supported by recent Street research price target increases and rating upgrades. Analyst Commentary Bullish Takeaways Bullish analysts are pointing to both of Metso Oyj's businesses inflecting higher, which they see as support for the increased price targets around €13.40 to €15.50.
ELISA
€37.18
Elisa Oyj
7D
1.4%
1Y
-14.8%

Cost Pressures And Transformation Risks Will Undermine Benefits Of 5G And Fiber Investments

Catalysts About Elisa Oyj Elisa Oyj is a Finnish telecom and digital services company with operations in mobile, fixed broadband, corporate IT and cyber services, and international software services. What are the underlying business or industry changes driving this perspective?
VALMT
€29.08
Valmet Oyj
7D
-2.0%
1Y
10.4%

VALMT: Slower Service Momentum Will Likely Restrain Shares Above Fair Value

Analysts have trimmed their outlook for Valmet Oyj, with the new target moving to €24.00 from €30.00. This reflects more cautious assumptions on service growth after recent research updates and a slight adjustment in the expected future P/E multiple.
KNEBV
€60.78
KONE Oyj
7D
-3.3%
1Y
20.5%

Return Trends At KONE Oyj (HEL:KNEBV) Aren't Appealing

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Return Trends At KONE Oyj (HEL:KNEBV) Aren't Appealing
SAMPO
€9.40
Sampo Oyj
7D
-4.0%
1Y
16.6%

SAMPO: Neutral Stance And Buybacks Will Shape Steady Future Cash Returns

Narrative update on Sampo Oyj Analysts have nudged their price target on Sampo Oyj higher to €9.91 from €9.54, reflecting updated views on fair value and P/E assumptions following recent research. Analyst Commentary Recent research points to a slightly higher view of fair value for Sampo Oyj, with the target price set at €9.91 versus the previous €9.54 and the rating held at Neutral.
WRT1V
€34.01
Wärtsilä Oyj Abp
7D
3.1%
1Y
86.4%

WRT1V: Future Profitability Delivery Will Likely Fall Short Of Current Expectations

Analysts kept their Wärtsilä Oyj Abp fair value estimate steady at €16.00, applying a slightly higher discount rate, assuming lower revenue growth, and adopting a modestly stronger profit margin view, as recent Street research shows mixed sentiment, with some firms trimming price targets while others raise them and maintain cautious ratings. Analyst Commentary Recent Street commentary around Wärtsilä Oyj Abp has leaned cautious, with several bearish analysts revisiting their views, even as some major banks adjust price targets upward while maintaining restrained ratings.
STERV
€10.22
Stora Enso Oyj
7D
-2.8%
1Y
-3.4%

STERV: Higher Future P/E And EBIT Guidance Will Support Bullish Repricing

Stora Enso Oyj's updated analyst narrative reflects a slightly lower fair value estimate of €13.55, with the modest upward revisions to price targets from €10.70 to €10.90 and from €10.10 to €11.50, offset by a trim to €9.80, as analysts balance expectations for revenue growth, profit margins, and a higher future P/E multiple. Analyst Commentary Recent research updates on Stora Enso Oyj show a mix of views, with several bullish analysts lifting their price targets into a range between €10.90 and €11.50.
TIETO
€18.04
TietoEVRY Oyj
7D
-6.1%
1Y
-3.2%

TIETO: Higher Earnings Multiple And Weaker Margins Will Pressure Future Returns

Analysts have lifted their fair value estimate for TietoEVRY Oyj from €12.30 to €16.00, citing updated assumptions around discount rates, revenue trends and future P/E expectations. What's in the News Tietoevry Corporation plans to propose amendments to the Charter of the Shareholders' Nomination Board at the Annual General Meeting scheduled for January 15, 2026.
FORTUM
€19.94
Fortum Oyj
7D
2.3%
1Y
44.5%

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

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ORNBV
€70.15
Orion Oyj
7D
1.1%
1Y
33.6%
KEMPOWR
€16.56
Kempower Oyj
7D
7.4%
1Y
53.0%
NESTE
€21.38
Neste Oyj
7D
2.6%
1Y
72.4%

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

Jan 08
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KESKOB
€21.24
Kesko Oyj
7D
2.9%
1Y
14.6%