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Finnish (OMX) Market Analysis & Valuation

UpdatedMar 16, 2025

DataAggregated Company Financials

Companies169

7D-0.4%
3M10.4%
1Y7.2%
YTD9.0%

Over the last 7 days, the market has remained flat, although notably the Materials sector declined by 3.5%. More promisingly, the market is up 7.2% over the past year. As for the next few years, earnings are expected to grow by 11% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 16 Mar 2025	€274.6b	€195.3b	€14.6b	19.9x	18.8x	1.4x
Tue, 11 Feb 2025	€263.7b	€199.7b	€15.1b	18.4x	17.4x	1.3x
Thu, 09 Jan 2025	€251.2b	€199.2b	€14.7b	17.9x	17x	1.3x
Sat, 07 Dec 2024	€253.9b	€199.2b	€14.7b	18.2x	17.2x	1.3x
Mon, 04 Nov 2024	€259.2b	€199.6b	€14.6b	18.6x	17.8x	1.3x
Wed, 02 Oct 2024	€232.2b	€188.3b	€9.6b	18.9x	24.3x	1.2x
Fri, 30 Aug 2024	€228.2b	€188.2b	€9.6b	18.6x	23.9x	1.2x
Sun, 28 Jul 2024	€218.9b	€188.4b	€10.0b	18.2x	21.9x	1.2x
Tue, 25 Jun 2024	€225.2b	€191.0b	€10.0b	18.8x	22.6x	1.2x
Thu, 23 May 2024	€232.3b	€190.9b	€10.0b	18.2x	23.3x	1.2x
Sat, 20 Apr 2024	€219.8b	€195.5b	€10.2b	17.1x	21.5x	1.1x
Mon, 18 Mar 2024	€218.1b	€195.0b	€10.2b	17x	21.5x	1.1x
Wed, 14 Feb 2024	€218.2b	€194.7b	€9.2b	18.4x	23.8x	1.1x
Fri, 12 Jan 2024	€229.2b	€202.7b	€12.9b	18.8x	17.8x	1.1x
Sun, 10 Dec 2023	€225.5b	€202.6b	€12.9b	18.3x	17.5x	1.1x
Tue, 07 Nov 2023	€214.1b	€203.2b	€13.2b	17.5x	16.2x	1.1x
Thu, 05 Oct 2023	€213.8b	€208.3b	€12.8b	18.3x	16.6x	1x
Sat, 02 Sep 2023	€226.7b	€209.1b	€12.9b	19.1x	17.6x	1.1x
Mon, 31 Jul 2023	€226.6b	€209.0b	€16.4b	18.4x	13.8x	1.1x
Wed, 28 Jun 2023	€228.1b	€210.8b	€17.3b	18.4x	13.2x	1.1x
Fri, 26 May 2023	€237.4b	€210.8b	€17.3b	18.9x	13.7x	1.1x
Sun, 23 Apr 2023	€246.8b	€209.4b	€17.0b	18.9x	14.5x	1.2x
Tue, 21 Mar 2023	€241.2b	€205.9b	€16.7b	19.6x	14.5x	1.2x
Thu, 16 Feb 2023	€260.4b	€314.2b	€16.0b	16.9x	16.3x	0.8x
Sat, 14 Jan 2023	€262.0b	€310.2b	€14.1b	16.4x	18.6x	0.8x
Mon, 12 Dec 2022	€260.6b	€309.6b	€14.1b	16.1x	18.5x	0.8x
Wed, 09 Nov 2022	€237.1b	€194.9b	€15.3b	15.2x	15.5x	1.2x
Fri, 07 Oct 2022	€227.1b	€186.3b	€15.5b	15.6x	14.6x	1.2x
Sun, 04 Sep 2022	€231.8b	€186.3b	€15.5b	16.2x	14.9x	1.2x
Tue, 02 Aug 2022	€257.5b	€321.3b	€13.4b	17.5x	19.2x	0.8x
Thu, 30 Jun 2022	€247.6b	€313.7b	€13.1b	16.7x	18.8x	0.8x
Sat, 28 May 2022	€263.8b	€313.6b	€13.1b	17.7x	20.1x	0.8x
Mon, 25 Apr 2022	€268.7b	€286.3b	€16.5b	19.1x	16.3x	0.9x
Wed, 23 Mar 2022	€268.0b	€284.1b	€14.7b	19.6x	18.2x	0.9x

Price to Earnings Ratio

18.2x

Wed, 23 Mar 2022

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 18.1x.

Past Earnings Growth

The earnings for Finnish listed companies have remained mostly flat over the last three years.
Meanwhile revenues have declined 12% 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 Market	-0.39%
Healthcare	2.94%
Consumer Discretionary	1.84%
Utilities	1.74%
Tech	0.77%
Telecom	0.56%
Energy	0.38%
Financials	-0.27%
Industrials	-0.89%
Consumer Staples	-1.00%
Real Estate	-1.89%
Materials	-3.46%

Sector PE

Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 49.7x.

The market's confidence is likely because analysts are expecting annual earnings growth of 35.2% which is higher than its past year's earnings decline of 13.1% per year.

Forecasted Growth

Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 51% over the next 5 years.

In contrast, the Utilities sector is expected to see its earnings decline by 6.5% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation	Sector
SAMPO Sampo Oyj	€8.69	1.8% +€414.5m	6.0%	PE19.8x	Financials
NOKIA Nokia Oyj	€4.88	1.5% +€404.0m	45.2%	PE15.6x	Tech
ORNBV Orion Oyj	€55.56	3.8% +€283.8m	56.6%	PE23.7x	Healthcare
FORTUM Fortum Oyj	€15.51	1.7% +€237.8m	33.2%	PE12x	Utilities
PUUILO Puuilo Oyj	€11.18	10.6% +€90.1m	20.6%	PE22.5x	Consumer Discretionary

Market Insights

🫧 Bubble Concerns, Sector Rotation, and Tariff Tactics

Richard Bowman

March 2025

5 comments

The market’s latest pullback is getting pinned on the escalating trade war. Tariffs are dominating the headlines, right alongside sinking GDP forecasts. But beneath the surface, there’s a growing unease about valuations and earnings. So this week, we’re diving into that side of the story, how valuations and earnings fit into the bigger picture of tariffs, growth, inflation, and interest rates. Sure, we’re mostly talking about the U.S. market here, but trust us, this matters everywhere.

Last Week

🚗 Automakers Caught In The Tariff Crossfire

Latest News

STERV

€9.94

Stora Enso Oyj

-4.8%

-15.7%

NDA FI

€13.03

Nordea Bank Abp

-1.4%

17.6%

Here's Why Shareholders May Want To Be Cautious With Increasing Nordea Bank Abp's (HEL:NDA FI) CEO Pay Packet

Mar 14

UPM

€27.46

UPM-Kymmene Oyj

-3.7%

-6.3%

KCR

€68.05

Konecranes

-2.3%

36.9%

KNEBV

€53.54

KONE Oyj

-1.0%

24.6%

VALMT

€27.69

Valmet Oyj

-1.4%

10.6%

We Think Valmet Oyj (HEL:VALMT) Can Stay On Top Of Its Debt

Mar 06

HUH1V

€34.86

Huhtamäki Oyj

-3.8%

-8.3%

Investors Aren't Entirely Convinced By Huhtamäki Oyj's (HEL:HUH1V) Earnings

Mar 06

SFOODS

€4.44

Solar Foods Oyj

33.3%

n/a

HARVIA

€46.90

Harvia Oyj

3.9%

32.7%

NOKIA

€4.88

Nokia Oyj

1.5%

45.2%

KESKOB

€18.63

Kesko Oyj

-1.2%

9.3%

ORNBV

€55.56

Orion Oyj

3.8%

56.6%

Here's What Analysts Are Forecasting For Orion Oyj (HEL:ORNBV) After Its Yearly Results

Feb 28

FORTUM

€15.51

Fortum Oyj

1.7%

33.2%

ELISA

€45.92

Elisa Oyj

0.7%

9.1%

Slowing Rates Of Return At Elisa Oyj (HEL:ELISA) Leave Little Room For Excitement

Feb 20

SAMPO

€8.69

Sampo Oyj

1.8%

6.0%

PUUILO

€11.18

Puuilo Oyj

10.6%

20.6%

Finnish (OMX) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Latest News

Upcoming dividend of €0.13 per share

Here's Why Shareholders May Want To Be Cautious With Increasing Nordea Bank Abp's (HEL:NDA FI) CEO Pay Packet

Full year 2024 earnings: EPS misses analyst expectations

Now 20% undervalued

KONE Corporation Announces Board and Committee Changes

We Think Valmet Oyj (HEL:VALMT) Can Stay On Top Of Its Debt

Investors Aren't Entirely Convinced By Huhtamäki Oyj's (HEL:HUH1V) Earnings

Solar Foods Oyj Secures EUR 10 Million Grant from Business Finland

Now 21% undervalued after recent price drop

Nokia Oyj (HLSE:NOKIA) completed the acquisition of Infinera Corporation (NasdaqGS:INFN) from Oaktree Optical Holdings, L.P. and others

Kesko Oyj to Report Fiscal Year 2024 Final Results on Feb 28, 2025

Here's What Analysts Are Forecasting For Orion Oyj (HEL:ORNBV) After Its Yearly Results

Fortum Oyj (HLSE:FORTUM) acquired Project development portfolio for renewable power of Enersense Wind Oy from Enersense Wind Oy for for €83.3 million.

Slowing Rates Of Return At Elisa Oyj (HEL:ELISA) Leave Little Room For Excitement

Consensus EPS estimates increase by 27%, revenue downgraded