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Swedish (OMX) Market Analysis & Valuation

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies796
  • 7D0.7%
  • 3M5.0%
  • 1Y7.4%
  • YTD5.0%

Over the last 7 days, the market has remained flat, although notably the Energy sector declined by 4.3%. More promisingly, the market is up 7.4% over the past year. Looking forward, earnings are forecast to grow by 14% annually.

Trending IndustriesBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 26 Dec 2025SEK 11.7tSEK 5.8tSEK 547.2b21.8x21.3x2x
Sun, 23 Nov 2025SEK 11.1tSEK 5.8tSEK 546.3b21.7x20.4x1.9x
Tue, 21 Oct 2025SEK 11.4tSEK 5.8tSEK 532.6b23.3x21.4x2x
Thu, 18 Sep 2025SEK 11.0tSEK 5.8tSEK 480.3b22.9x22.9x1.9x
Sat, 16 Aug 2025SEK 11.1tSEK 5.7tSEK 473.3b23.3x23.4x1.9x
Mon, 14 Jul 2025SEK 11.1tSEK 5.8tSEK 506.6b23.4x22x1.9x
Wed, 11 Jun 2025SEK 10.9tSEK 5.8tSEK 496.5b22.8x22x1.9x
Fri, 09 May 2025SEK 10.7tSEK 5.8tSEK 465.7b22.1x23x1.8x
Sun, 06 Apr 2025SEK 10.0tSEK 5.9tSEK 545.3b20.5x18.3x1.7x
Tue, 04 Mar 2025SEK 11.7tSEK 5.9tSEK 549.7b22.8x21.3x2x
Thu, 30 Jan 2025SEK 11.5tSEK 5.9tSEK 504.0b23.5x22.7x1.9x
Sat, 28 Dec 2024SEK 10.8tSEK 6.0tSEK 587.9b23.1x18.4x1.8x
Mon, 25 Nov 2024SEK 10.7tSEK 6.0tSEK 586.7b21.5x18.2x1.8x
Wed, 23 Oct 2024SEK 11.1tSEK 6.0tSEK 559.2b23.4x19.9x1.9x
Fri, 20 Sep 2024SEK 11.8tSEK 6.1tSEK 554.2b23.9x21.2x1.9x
Sun, 18 Aug 2024SEK 11.4tSEK 6.1tSEK 548.5b23.1x20.8x1.9x
Tue, 16 Jul 2024SEK 11.7tSEK 6.1tSEK 501.8b23.3x23.3x1.9x
Thu, 13 Jun 2024SEK 11.5tSEK 6.0tSEK 511.3b23.6x22.5x1.9x
Sat, 11 May 2024SEK 11.6tSEK 6.1tSEK 551.5b22.9x21x1.9x
Mon, 08 Apr 2024SEK 11.2tSEK 6.0tSEK 517.7b21.6x21.7x1.9x
Wed, 06 Mar 2024SEK 10.9tSEK 6.0tSEK 513.4b21.3x21.1x1.8x
Fri, 02 Feb 2024SEK 10.6tSEK 6.0tSEK 511.2b21.7x20.7x1.8x
Sun, 31 Dec 2023SEK 10.6tSEK 6.0tSEK 441.0b22.3x24x1.8x
Tue, 28 Nov 2023SEK 9.7tSEK 6.0tSEK 445.5b19.6x21.9x1.6x
Thu, 26 Oct 2023SEK 8.8tSEK 6.0tSEK 448.3b17.3x19.7x1.5x
Sat, 23 Sep 2023SEK 9.3tSEK 6.0tSEK 488.7b18.1x19.1x1.6x
Mon, 21 Aug 2023SEK 9.3tSEK 5.9tSEK 489.6b18.6x19x1.6x
Wed, 19 Jul 2023SEK 9.7tSEK 5.8tSEK 496.7b18.9x19.6x1.7x
Fri, 16 Jun 2023SEK 10.1tSEK 5.6tSEK 411.1b19.7x24.6x1.8x
Sun, 14 May 2023SEK 10.0tSEK 5.6tSEK 402.9b19.4x24.7x1.8x
Tue, 11 Apr 2023SEK 9.0tSEK 5.3tSEK 420.9b19.2x21.3x1.7x
Thu, 09 Mar 2023SEK 9.2tSEK 5.3tSEK 403.6b19.4x22.8x1.7x
Sat, 04 Feb 2023SEK 9.5tSEK 5.2tSEK 477.7b17.9x19.9x1.8x
Mon, 02 Jan 2023SEK 9.1tSEK 5.1tSEK 511.6b15.7x17.8x1.8x
Price to Earnings Ratio

17.8x


Total Market Cap: SEK 9.1tTotal Earnings: SEK 511.6bTotal Revenue: SEK 5.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Market Price to Earnings3Y Average 21.4x20242025
Current Market PE
  • Investors are relatively neutral on the Swedish 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 21.4x.
Past Earnings Growth
  • The earnings for Swedish listed companies have grown 2.3% per year over the last three years.
  • Revenues for these companies have grown 4.3% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Swedish Market?

SE Market0.69%
Financials1.68%
Healthcare1.54%
Telecom0.75%
Industrials0.54%
Real Estate0.17%
Tech0.12%
Materials-0.13%
Consumer Discretionary-0.68%
Consumer Staples-0.84%
Utilities-1.04%
Energy-4.34%
Sector PE
  • Investors favour the Healthcare sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 29.9% which is higher than its past year's earnings decline of 3.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings decline of 3.9% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 3.5% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
SAAB B SaabSEK 529.205.0%
+SEK 13.5b		125.0%PE54.8xIndustrials
INVE A InvestorSEK 323.501.4%
+SEK 13.5b		11.4%PE14.1xFinancials
EQT EQTSEK 356.003.2%
+SEK 12.9b		17.6%PE46xFinancials
ATCO A Atlas CopcoSEK 164.951.1%
+SEK 8.5b		-2.2%PE29.1xIndustrials
SWED A SwedbankSEK 318.702.1%
+SEK 7.4b		47.8%PB1.6xFinancials
See more

Market Insights

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Latest News

SHB A
SEK 133.40
Svenska Handelsbanken
7D
1.7%
1Y
17.7%

SHB A: Future Returns Will Rely On Margins As Revenue Expectations Cool

Svenska Handelsbanken's analyst price target has inched higher to SEK 128 from SEK 122, as analysts point to slightly firmer profitability expectations that more than offset tempered revenue growth assumptions. Analyst Commentary Recent price target increases reflect a generally balanced stance among the analyst community, with modest upgrades aligning with incremental improvements in profitability expectations rather than a major shift in growth outlook.
MTRS
SEK 171.30
Munters Group
7D
-4.6%
1Y
-6.3%

MTRS: Standout Q3 AI Infrastructure Demand Will Drive Future Cash Flow Durability

Analysts have raised their fair value estimate for Munters Group to SEK 199 from SEK 188, citing a standout Q3 that underscored the company's growing role as a critical supplier to artificial intelligence infrastructure. Analyst Commentary Analysts remain broadly constructive on Munters Group following the latest price target increase, highlighting the company's execution in high growth end markets and its sharpened strategic focus on artificial intelligence infrastructure.
SSAB A
SEK 69.40
SSAB
7D
-2.5%
1Y
56.6%

SSAB A: Fossil Free Steel Partnerships Will Drive Margins And Shareholder Returns

Analysts have modestly trimmed their price target on SSAB, nudging it down by SEK 2 to SEK 73. They are balancing slightly softer valuation assumptions with still constructive expectations for revenue growth and improving profit margins.
EQT
SEK 356.00
EQT
7D
3.2%
1Y
17.6%
HM B
SEK 184.10
H & M Hennes & Mauritz
7D
-1.9%
1Y
23.6%

HM B: Future Margin Gains And Cost Discipline May Support Fair Outlook

Analysts have moderately increased their price target on H & M Hennes & Mauritz, lifting their fair value estimate by roughly SEK 30 per share to SEK 194, as they factor in slightly stronger profit margins despite trimming long term revenue growth expectations and applying a higher future P E multiple. Analyst Commentary Recent Street research on H & M Hennes & Mauritz reflects a mixed but gradually improving sentiment, with moves in price targets suggesting that expectations for earnings quality and balance sheet resilience are stabilizing.
VOLV B
SEK 291.90
AB Volvo
7D
-0.8%
1Y
9.7%

VOLV B: Future Earnings Durability Will Face Rising Margin And Cycle Risks

We are nudging our fair value estimate for AB Volvo higher to SEK 245 from SEK 240 as analysts, despite trimming near term growth and margin expectations and slightly increasing the discount rate, continue to see support from resilient profitability and valuation metrics that justify a modestly higher future earnings multiple. Analyst Commentary Recent Street research on AB Volvo reflects a mixed but increasingly cautious stance, with several bearish analysts trimming price targets despite the company’s resilient fundamentals.
ATCO A
SEK 164.95
Atlas Copco
7D
1.1%
1Y
-2.2%
SWED A
SEK 318.70
Swedbank
7D
2.1%
1Y
47.8%

SWED A: Future Returns Will Reflect Margin Resilience Amid Ongoing Legal And Regulatory Risks

Swedbank's analyst price target has edged higher to about SEK 290 from roughly SEK 285, as analysts factor in slightly stronger profit margins, modestly improved long term growth expectations, and a marginally lower perceived risk profile despite mixed recent target revisions on the Street. Analyst Commentary Street commentary on Swedbank reflects a fairly balanced view, with modest upward revisions to price targets offset by lingering concerns over relative valuation and growth quality.
SEB A
SEK 192.75
Skandinaviska Enskilda Banken
7D
1.0%
1Y
29.0%

SEB A: Higher Price Views Will Support Balanced Outlook Amid Sector Risks

Analysts have nudged their price target on Skandinaviska Enskilda Banken higher to about SEK 184 from roughly SEK 183, reflecting slightly stronger expectations for revenue growth, profit margins, and forward valuation multiples. Analyst Commentary Recent research updates highlight a constructive but measured stance from the Street, with modest price target increases signaling confidence in Skandinaviska Enskilda Banken's ability to execute on its strategy while acknowledging a balanced risk reward profile.
SAAB B
SEK 529.20
Saab
7D
5.0%
1Y
125.0%

SAAB B: Future Defense Backlog And Execution Risks Will Shape Returns Ahead

Analysts have nudged their price target on Saab higher by SEK 30 to SEK 460, citing slightly improved long term earnings visibility and a modestly higher valuation multiple. Analyst Commentary Analyst reactions to the updated target reflect a nuanced view of Saab's risk reward profile, balancing improved long term earnings visibility against lingering concerns on valuation and execution.
SWEC B
SEK 148.30
Sweco
7D
-2.6%
1Y
-10.0%

SWEC B: New Long Term Infrastructure Contracts Will Support Future Earnings

Analysts have raised their price target for Sweco slightly to imply a fair value of €197.00. This reflects modest tweaks to their discount rate and long term valuation assumptions rather than any material change in revenue growth or profit margin expectations.
SAGA A
SEK 195.50
AB Sagax
7D
-2.3%
1Y
-13.1%

At kr198, Is AB Sagax (publ) (STO:SAGA A) Worth Looking At Closely?

Dec 13
At kr198, Is AB Sagax (publ) (STO:SAGA A) Worth Looking At Closely?
ESSITY B
SEK 263.30
Essity
7D
-1.1%
1Y
-10.6%

ESSITY B: Margin And Cost Savings Progress Will Support Upside Potential

Analysts have trimmed their fair value estimate for Essity to SEK 325 from SEK 330, reflecting a slightly higher assumed discount rate, even as they factor in marginally stronger long term revenue growth, improved profit margins, and a modestly lower future P E multiple following recent Street target revisions. Analyst Commentary Recent Street research reflects a more constructive stance on Essity's medium term prospects, with bullish analysts incrementally lifting price targets and refining their models following the Q3 report.
INVE A
SEK 323.50
Investor
7D
1.4%
1Y
11.4%
EPI A
SEK 205.70
Epiroc
7D
-1.2%
1Y
7.0%

Epiroc AB (publ) (STO:EPI A) Investors Are Less Pessimistic Than Expected

Dec 02
Epiroc AB (publ) (STO:EPI A) Investors Are Less Pessimistic Than Expected
VSURE
€14.47
Verisure
7D
3.6%
1Y
n/a