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Finnish (OMX) Market Analysis & Valuation

UpdatedJan 21, 2026
DataAggregated Company Financials
Companies174
  • 7D-1.0%
  • 3M9.1%
  • 1Y25.8%
  • YTD0.08%

The Healthcare sector gained 5.8% while the market remained flat over the last week. As for the longer term, the market has risen 26% in the past 12 months. As for the next few years, earnings are expected to grow by 16% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 21 Jan 2026€325.1b€197.7b€13.4b19.5x24.2x1.6x
Fri, 19 Dec 2025€315.4b€197.3b€13.4b18.8x23.6x1.6x
Sun, 16 Nov 2025€308.9b€197.1b€13.4b19x23.1x1.6x
Tue, 14 Oct 2025€289.5b€197.6b€13.3b19.8x21.8x1.5x
Thu, 11 Sep 2025€288.0b€196.1b€13.2b20.6x21.8x1.5x
Sat, 09 Aug 2025€281.9b€196.5b€13.3b20.8x21.2x1.4x
Mon, 07 Jul 2025€276.9b€196.1b€13.5b20.6x20.5x1.4x
Wed, 04 Jun 2025€272.0b€196.1b€13.5b19.4x20.1x1.4x
Fri, 02 May 2025€261.6b€196.0b€13.7b20x19.2x1.3x
Sun, 30 Mar 2025€264.6b€195.1b€14.6b19.7x18.1x1.4x
Tue, 25 Feb 2025€270.9b€195.4b€14.6b19.3x18.5x1.4x
Thu, 23 Jan 2025€256.2b€199.2b€14.7b18.1x17.4x1.3x
Sat, 21 Dec 2024€243.7b€199.2b€14.7b17.4x16.5x1.2x
Mon, 18 Nov 2024€253.3b€199.8b€14.7b18x17.2x1.3x
Wed, 16 Oct 2024€263.6b€200.0b€14.6b18.4x18x1.3x
Fri, 13 Sep 2024€219.0b€188.2b€9.6b18.1x22.9x1.2x
Sun, 11 Aug 2024€216.8b€188.4b€9.9b18x22x1.2x
Tue, 09 Jul 2024€220.9b€188.2b€9.9b18.6x22.2x1.2x
Thu, 06 Jun 2024€228.3b€190.9b€10.0b18.4x22.9x1.2x
Sat, 04 May 2024€222.4b€190.9b€10.0b17.6x22.3x1.2x
Mon, 01 Apr 2024€220.0b€195.5b€10.2b17.2x21.5x1.1x
Wed, 28 Feb 2024€221.4b€195.0b€10.2b18x21.8x1.1x
Fri, 26 Jan 2024€229.0b€200.9b€9.7b18.8x23.7x1.1x
Sun, 24 Dec 2023€228.6b€202.7b€12.9b19x17.8x1.1x
Tue, 21 Nov 2023€221.4b€202.6b€12.9b18.2x17.2x1.1x
Thu, 19 Oct 2023€210.5b€208.4b€12.7b18.1x16.6x1x
Sat, 16 Sep 2023€226.8b€209.1b€12.8b18.8x17.7x1.1x
Mon, 14 Aug 2023€222.1b€209.0b€12.9b19.2x17.3x1.1x
Wed, 12 Jul 2023€228.8b€210.9b€17.3b18.3x13.2x1.1x
Fri, 09 Jun 2023€239.5b€210.7b€17.3b19.2x13.9x1.1x
Sun, 07 May 2023€249.7b€211.4b€17.3b19.6x14.5x1.2x
Tue, 04 Apr 2023€249.8b€208.7b€16.9b19x14.8x1.2x
Thu, 02 Mar 2023€257.9b€314.1b€14.7b19.3x17.5x0.8x
Sat, 28 Jan 2023€260.6b€311.4b€16.6b16.9x15.7x0.8x
Price to Earnings Ratio

15.7x


Total Market Cap: €260.6bTotal 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 24.2x 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 Market-0.95%
Healthcare5.80%
Consumer Staples4.67%
Industrials-0.49%
Financials-0.79%
Tech-0.81%
Telecom-0.84%
Utilities-1.05%
Consumer Discretionary-2.09%
Energy-2.65%
Real Estate-3.47%
Materials-5.67%
Sector PE
  • Investors favour the Real Estate sector the most for future growth, which is trading above its 3-year average PE ratio of 53.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 44.8% which is higher than its past year's earnings decline of 12.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Discretionary sector, expecting annual earnings growth of 45% over the next 5 years.
  • This is better than its past earnings growth rate of 10% 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
METSO Metso Oyj€16.242.9%
+€380.8m		75.9%PE29.8xIndustrials
KESKOB Kesko Oyj€20.283.9%
+€306.6m		13.4%PE21.3xConsumer Staples
NESTE Neste Oyj€20.360.4%
+€69.1m		59.7%PS0.8xEnergy
PAMPALO Endomines Finland Oyj€34.0017.6%
+€61.0m		282.0%PE113xMaterials
AFAGR Afarak Group€0.4049.8%
+€34.8m		17.0%PS0.8xMaterials
See more

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KCR
€95.00
Konecranes
7D
0.3%
1Y
60.6%
AFAGR
€0.45
Afarak Group
7D
71.3%
1Y
37.1%
KNEBV
€61.38
KONE Oyj
7D
-1.2%
1Y
29.2%

KNEBV: Service And Modernization Strengths Will Offset China Headwinds

Analysts have increased their fair value estimate for KONE Oyj to €70 from €68. They cite updated assumptions for revenue growth, profit margins and a slightly higher future P/E multiple that are broadly in line with recent price target increases and rating upgrades from the Street.
NOKIA
€5.55
Nokia Oyj
7D
-0.8%
1Y
24.6%

NOKIA: Telecom Capex Constraints Will Limit AI Networking Upside

Analysts have lifted their price target on Nokia Oyj to about €3.59 from roughly €3.03, pointing to updated assumptions for slightly lower discount rates, higher revenue growth, a reduced profit margin, and a higher future P/E multiple, supported by a series of recent upgrades and target hikes following Q3 results and AI related commentary. Analyst Commentary Recent research on Nokia Oyj shows a mix of optimism around AI and network opportunities alongside more cautious views on execution, capital intensity, and the balance of risks.
WRT1V
€32.43
Wärtsilä Oyj Abp
7D
0.2%
1Y
80.3%
MANTA
€6.64
Mandatum Oyj
7D
-5.4%
1Y
44.6%

MANTA: Continuing Revenue Decline Will Sustain Overvaluation Despite Slightly Richer Future P/E

Analysts have nudged their fair value estimate for Mandatum Oyj slightly higher to €5.60 from €5.56, citing updated assumptions around revenue trends, profit margins and future P/E expectations. Valuation Changes Fair Value Estimate nudged higher from €5.56 to €5.60, reflecting a very small adjustment in the model.
TIETO
€18.77
TietoEVRY Oyj
7D
1.1%
1Y
6.6%

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METSO
€15.98
Metso Oyj
7D
2.9%
1Y
72.5%

Estimating The Fair Value Of Metso Oyj (HEL:METSO)

Jan 19
Estimating The Fair Value Of Metso Oyj (HEL:METSO)
STERV
€9.89
Stora Enso Oyj
7D
-8.0%
1Y
-1.9%
FORTUM
€18.81
Fortum Oyj
7D
-1.1%
1Y
38.9%

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

Jan 16
The Return Trends At Fortum Oyj (HEL:FORTUM) Look Promising
ORNBV
€68.55
Orion Oyj
7D
9.2%
1Y
38.2%
BITTI
€38.25
Bittium Oyj
7D
2.1%
1Y
481.3%
NDA FI
€16.42
Nordea Bank Abp
7D
-0.6%
1Y
43.8%

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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
€23.29
UPM-Kymmene Oyj
7D
-5.8%
1Y
-13.5%

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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.
NESTE
€19.84
Neste Oyj
7D
-2.6%
1Y
54.2%

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)
KESKOB
€20.20
Kesko Oyj
7D
6.1%
1Y
12.4%