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Swedish (OMX) Market Analysis & Valuation

UpdatedMar 23, 2026
DataAggregated Company Financials
Companies786
  • 7D-5.2%
  • 3M-4.4%
  • 1Y-0.9%
  • YTD-5.2%

Over the last 7 days, the market has dropped 5.2%, driven by a loss of 6.5% in the Industrials sector. On the other hand, the Energy has risen by 22%. Although the market performance has been flat over the past year. Earnings are forecast to grow by 9.4% annually.

Trending IndustriesBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Mar 2026SEK 11.2tSEK 5.8tSEK 647.7b19.6x17.3x1.9x
Thu, 19 Feb 2026SEK 12.3tSEK 5.8tSEK 648.1b21.3x19x2.1x
Sat, 17 Jan 2026SEK 12.3tSEK 5.8tSEK 547.1b22.6x22.5x2.1x
Mon, 15 Dec 2025SEK 11.6tSEK 5.8tSEK 546.9b22.1x21.2x2x
Wed, 12 Nov 2025SEK 11.6tSEK 5.8tSEK 544.8b22x21.2x2x
Fri, 10 Oct 2025SEK 11.4tSEK 5.8tSEK 483.9b23.2x23.5x2x
Sun, 07 Sep 2025SEK 11.0tSEK 5.8tSEK 480.2b23.2x22.9x1.9x
Tue, 05 Aug 2025SEK 10.9tSEK 5.7tSEK 471.2b23x23x1.9x
Thu, 03 Jul 2025SEK 11.0tSEK 5.8tSEK 496.9b23.2x22.2x1.9x
Sat, 31 May 2025SEK 10.8tSEK 5.8tSEK 495.4b22.5x21.8x1.9x
Mon, 28 Apr 2025SEK 10.5tSEK 5.8tSEK 468.8b21.2x22.5x1.8x
Wed, 26 Mar 2025SEK 11.3tSEK 5.9tSEK 547.7b21.9x20.6x1.9x
Fri, 21 Feb 2025SEK 11.8tSEK 5.9tSEK 545.6b23.4x21.6x2x
Sun, 19 Jan 2025SEK 11.2tSEK 6.0tSEK 588.5b23.1x19x1.9x
Tue, 17 Dec 2024SEK 11.0tSEK 6.0tSEK 587.9b23.3x18.7x1.8x
Thu, 14 Nov 2024SEK 10.8tSEK 6.0tSEK 587.8b22.4x18.3x1.8x
Sat, 12 Oct 2024SEK 11.3tSEK 5.9tSEK 495.9b23.8x22.8x1.9x
Mon, 09 Sep 2024SEK 11.3tSEK 6.1tSEK 553.7b23.2x20.3x1.8x
Wed, 07 Aug 2024SEK 10.9tSEK 6.1tSEK 543.6b22.1x20x1.8x
Fri, 05 Jul 2024SEK 11.5tSEK 6.1tSEK 513.7b22.9x22.4x1.9x
Sun, 02 Jun 2024SEK 11.6tSEK 6.0tSEK 512.2b23.3x22.6x1.9x
Tue, 30 Apr 2024SEK 11.2tSEK 6.1tSEK 560.4b21.9x20x1.9x
Thu, 28 Mar 2024SEK 11.4tSEK 6.0tSEK 515.8b21.6x22.1x1.9x
Sat, 24 Feb 2024SEK 10.9tSEK 6.0tSEK 483.9b21x22.4x1.8x
Mon, 22 Jan 2024SEK 10.1tSEK 6.1tSEK 452.9b21.3x22.2x1.7x
Wed, 20 Dec 2023SEK 10.5tSEK 6.0tSEK 441.2b21.4x23.8x1.7x
Fri, 17 Nov 2023SEK 9.6tSEK 6.0tSEK 446.3b19.3x21.5x1.6x
Sun, 15 Oct 2023SEK 9.3tSEK 6.0tSEK 492.7b17.5x18.9x1.6x
Tue, 12 Sep 2023SEK 9.4tSEK 6.0tSEK 489.3b18.5x19.3x1.6x
Thu, 10 Aug 2023SEK 9.6tSEK 5.9tSEK 488.8b19.7x19.7x1.6x
Sat, 08 Jul 2023SEK 9.6tSEK 5.7tSEK 410.5b19x23.5x1.7x
Mon, 05 Jun 2023SEK 10.1tSEK 5.6tSEK 411.2b19.3x24.5x1.8x
Wed, 03 May 2023SEK 10.0tSEK 5.6tSEK 413.7b20x24.1x1.8x
Fri, 31 Mar 2023SEK 8.9tSEK 5.3tSEK 402.6b19.1x22.1x1.7x
Price to Earnings Ratio

22.1x


Total Market Cap: SEK 8.9tTotal Earnings: SEK 402.6bTotal Revenue: SEK 5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Market Price to Earnings3Y Average 21.3x202420252026
Current Market PE
  • Investors are pessimistic on the Swedish market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 17.3x which is lower than its 3-year average PE of 21.3x.
Past Earnings Growth
  • The earnings for Swedish listed companies have grown 17% per year over the last three years.
  • Revenues for these companies have grown 3.2% 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 Market-5.18%
Energy22.12%
Telecom-3.11%
Healthcare-3.67%
Financials-3.86%
Tech-3.95%
Utilities-4.00%
Consumer Discretionary-4.61%
Real Estate-5.06%
Consumer Staples-5.24%
Industrials-6.47%
Materials-8.04%
Sector PE
  • Investors favour the Telecom sector the most for future growth, which is trading above its 3-year average PE ratio of 18.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 15.4% which is higher than its past year's earnings decline of 4.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings decline of 1.8% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 20% 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
NIBE B NIBE IndustrierSEK 35.574.7%
+SEK 3.2b		-17.3%PE31.5xIndustrials
NOBI NobiaSEK 2.06-6.8%
SEK 1.6b		-45.6%PS0.6xConsumer Discretionary
SIVE Sivers SemiconductorsSEK 11.3954.7%
+SEK 1.3b		177.7%PS9.8xTech
HTRO Hexatronic GroupSEK 33.628.3%
+SEK 532.6m		24.4%PS0.9xIndustrials
MAHA A Maha CapitalSEK 14.3825.3%
+SEK 509.3m		214.7%PB2.7xEnergy
See more

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Latest News

WBGR B
SEK 1.85
Wästbygg Gruppen
7D
-15.5%
1Y
-80.3%
NOBI
SEK 2.06
Nobia
7D
-6.8%
1Y
-45.6%
DMYD B
SEK 16.20
Diamyd Medical
7D
17.1%
1Y
94.7%
ATCO A
SEK 161.75
Atlas Copco
7D
-4.7%
1Y
-3.5%
VOLV B
SEK 297.30
AB Volvo
7D
-7.2%
1Y
-4.0%

VOLV B: Prolonged Truck Downturn Will Likely Undermine Elevated Future Earnings Expectations

Analysts have nudged the fair value estimate for AB Volvo up to SEK 250 from SEK 245, reflecting recent target increases across several firms while still accounting for mixed views on truck cycle strength and valuation, including higher assumed future P/E multiples and modest adjustments to growth, margins and discount rates. Analyst Commentary Recent Street research on AB Volvo shows a mix of optimism on valuation and caution on the truck cycle and execution risk.
SAAB B
SEK 638.60
Saab
7D
-7.2%
1Y
60.8%

SAAB B: Higher P/E And Cautious Ratings Will Shape Execution Risk

Narrative Update The analyst price target for Saab has been updated to SEK 604.45 from SEK 595.82, reflecting recent Street research in which analysts raised their targets into a range of SEK 516 to SEK 540 while generally maintaining cautious ratings on the shares. Analyst Commentary Recent Street research on Saab shows higher price targets clustered around the low SEK 500s, but with ratings that remain generally cautious.
ERIC B
SEK 105.15
Telefonaktiebolaget LM Ericsson
7D
-5.8%
1Y
25.5%

ERIC B: Cost Cuts And 6G Hype Will Likely Fail To Justify Valuation

Ericsson's analyst price target has moved from SEK 62 to SEK 65, as analysts factor in expected earnings benefits from cost cuts and identified growth opportunities highlighted in recent research updates. Analyst Commentary Recent Street research on Telefonaktiebolaget LM Ericsson has included a mix of price target adjustments and a rating upgrade, reflecting differing views on how effectively the company can convert cost savings and identified opportunities into sustained earnings.
HTRO
SEK 33.62
Hexatronic Group
7D
8.3%
1Y
24.4%
BOL
SEK 560.80
Boliden
7D
-10.2%
1Y
57.1%

BOL: Future Ronnskar Restart And Gold Exposure Will Drive Re Rating

Boliden's analyst fair value estimate has been raised from SEK 550 to SEK 770. This reflects higher price targets across several firms as analysts factor in stronger revenue growth assumptions, adjusted profit expectations and slightly lower future P/E multiples, alongside recent target increases from banks such as Morgan Stanley, JPMorgan, Citi, Deutsche Bank, RBC Capital, Danske Bank, Kepler Cheuvreux and Barclays.
ASSA B
SEK 328.50
ASSA ABLOY
7D
-4.8%
1Y
7.6%
EPI A
SEK 223.50
Epiroc
7D
-6.2%
1Y
4.2%
HMS
SEK 409.00
HMS Networks
7D
1.2%
1Y
-13.7%

HMS: I Expect Constructive Rating Upgrades To Support Future Share Performance

Analysts have lifted their HMS Networks fair value estimate from SEK 440 to SEK 483, reflecting updated assumptions on the discount rate, growth, margins and P/E following recent upgrades and more constructive research on the shares. Analyst Commentary Recent research on HMS Networks has turned more constructive, with several firms expressing greater confidence in the shares and aligning price targets closer to the updated SEK 483 fair value estimate.
SIVE
SEK 11.39
Sivers Semiconductors
7D
54.7%
1Y
177.7%
NIBE B
SEK 35.57
NIBE Industrier
7D
4.7%
1Y
-17.3%

NIBE B: Future Upside Will Stem From Resilient Margins Despite Recent Downgrade

Analysts have trimmed their price target on NIBE Industrier slightly to SEK44.30 from SEK44.63, reflecting updated assumptions around revenue growth, profit margins and future P/E after recent Street research turned more cautious on the shares. Analyst Commentary Recent research has tilted more cautious, with some bearish analysts reassessing NIBE Industrier’s risk and reward profile.
MAHA A
SEK 14.38
Maha Capital
7D
25.3%
1Y
214.7%
INVE A
SEK 335.70
Investor
7D
-4.2%
1Y
8.5%

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