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Swedish (OMX) Market Analysis & Valuation

UpdatedDec 21, 2025
DataAggregated Company Financials
Companies797
  • 7D0.2%
  • 3M3.8%
  • 1Y6.8%
  • YTD4.6%

Over the last 7 days, the market has remained flat, although notably the Energy sector declined by 15%. More promisingly, the market is up 6.8% 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
Sun, 21 Dec 2025SEK 11.6tSEK 5.8tSEK 547.3b21.7x21.2x2x
Tue, 18 Nov 2025SEK 11.3tSEK 5.8tSEK 544.4b22.3x20.8x2x
Thu, 16 Oct 2025SEK 11.3tSEK 5.8tSEK 491.2b23.1x23.1x2x
Sat, 13 Sep 2025SEK 11.1tSEK 5.8tSEK 480.2b22.9x23x1.9x
Mon, 11 Aug 2025SEK 11.0tSEK 5.7tSEK 471.4b23.7x23.4x1.9x
Wed, 09 Jul 2025SEK 11.0tSEK 5.8tSEK 505.9b23.4x21.8x1.9x
Fri, 06 Jun 2025SEK 10.9tSEK 5.8tSEK 496.4b23x22.1x1.9x
Sun, 04 May 2025SEK 10.7tSEK 5.8tSEK 462.2b21.9x23.2x1.8x
Tue, 01 Apr 2025SEK 10.8tSEK 5.9tSEK 547.2b21.3x19.7x1.8x
Thu, 27 Feb 2025SEK 11.8tSEK 5.9tSEK 545.7b23.3x21.7x2x
Sat, 25 Jan 2025SEK 11.4tSEK 5.9tSEK 502.5b23.3x22.8x1.9x
Mon, 23 Dec 2024SEK 10.7tSEK 6.0tSEK 588.0b23x18.2x1.8x
Wed, 20 Nov 2024SEK 10.6tSEK 6.0tSEK 587.4b21.7x18.1x1.8x
Fri, 18 Oct 2024SEK 11.2tSEK 6.0tSEK 565.3b23.7x19.9x1.9x
Sun, 15 Sep 2024SEK 11.6tSEK 6.1tSEK 554.2b23.4x20.8x1.9x
Tue, 13 Aug 2024SEK 11.2tSEK 6.1tSEK 549.2b22.8x20.3x1.8x
Thu, 11 Jul 2024SEK 11.5tSEK 6.0tSEK 507.6b23.1x22.6x1.9x
Sat, 08 Jun 2024SEK 11.6tSEK 6.0tSEK 512.2b23.3x22.6x1.9x
Mon, 06 May 2024SEK 11.2tSEK 6.1tSEK 563.6b22.6x19.8x1.8x
Wed, 03 Apr 2024SEK 11.3tSEK 6.0tSEK 516.9b22x21.8x1.9x
Fri, 01 Mar 2024SEK 10.9tSEK 6.0tSEK 513.3b21.3x21.2x1.8x
Sun, 28 Jan 2024SEK 10.4tSEK 6.0tSEK 478.2b21.3x21.8x1.7x
Tue, 26 Dec 2023SEK 10.5tSEK 6.0tSEK 440.2b21.9x23.9x1.7x
Thu, 23 Nov 2023SEK 9.7tSEK 6.0tSEK 445.2b19.2x21.8x1.6x
Sat, 21 Oct 2023SEK 8.9tSEK 6.0tSEK 466.9b17x19x1.5x
Mon, 18 Sep 2023SEK 9.4tSEK 6.0tSEK 490.0b18.1x19.2x1.6x
Wed, 16 Aug 2023SEK 9.5tSEK 5.9tSEK 489.2b19.4x19.4x1.6x
Fri, 14 Jul 2023SEK 9.7tSEK 5.7tSEK 405.0b19.1x24x1.7x
Sun, 11 Jun 2023SEK 10.1tSEK 5.7tSEK 411.6b19.3x24.6x1.8x
Tue, 09 May 2023SEK 10.0tSEK 5.6tSEK 410.2b19.8x24.4x1.8x
Thu, 06 Apr 2023SEK 8.8tSEK 5.3tSEK 403.5b19.4x21.8x1.7x
Sat, 04 Mar 2023SEK 9.3tSEK 5.3tSEK 402.7b19.5x23x1.7x
Mon, 30 Jan 2023SEK 9.1tSEK 5.2tSEK 474.1b17.4x19.2x1.8x
Wed, 28 Dec 2022SEK 9.2tSEK 5.1tSEK 511.6b15.7x18x1.8x
Price to Earnings Ratio

18x


Total Market Cap: SEK 9.2tTotal Earnings: SEK 511.6bTotal Revenue: SEK 5.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Market Price to Earnings3Y Average 21.4x202320242025
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 Market0.20%
Consumer Staples2.34%
Financials1.79%
Materials1.62%
Telecom1.28%
Real Estate0.05%
Tech-0.54%
Consumer Discretionary-0.67%
Industrials-0.75%
Healthcare-0.94%
Utilities-4.03%
Energy-14.71%
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 29.5% 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 29% 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
EQT EQTSEK 351.806.0%
+SEK 23.3b		15.4%PE45.2xFinancials
SWED A SwedbankSEK 315.702.1%
+SEK 7.4b		48.1%PB1.6xFinancials
SEB A Skandinaviska Enskilda BankenSEK 192.751.7%
+SEK 6.3b		29.6%PB1.7xFinancials
SAND SandvikSEK 295.701.6%
+SEK 5.8b		48.6%PE25.1xIndustrials
BOL BolidenSEK 498.204.2%
+SEK 5.7b		62.8%PE17.6xMaterials
See more

Market Insights

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BEIJ B
SEK 147.90
Beijer Ref
7D
-4.9%
1Y
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Beijer Ref (STO:BEIJ B) Has Some Way To Go To Become A Multi-Bagger

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SECT B
SEK 253.20
Sectra
7D
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1Y
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Sectra's (STO:SECT B) Performance Is Even Better Than Its Earnings Suggest

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VOLV B
SEK 294.20
AB Volvo
7D
-0.7%
1Y
9.9%

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 164.05
Atlas Copco
7D
-1.3%
1Y
-3.6%
SWED A
SEK 315.70
Swedbank
7D
2.1%
1Y
48.1%

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.
EQT
SEK 351.80
EQT
7D
6.0%
1Y
15.4%

EQT: Future Deals And Premium Pricing Will Face Tighter Execution Test

Analysts have modestly raised their price target on EQT, reflecting an increase in estimated fair value from approximately SEK 295 to about SEK 323, supported by expectations for slightly faster revenue growth, improved profit margins, and a stable premium valuation multiple. Analyst Commentary Recent Street research updates have generally supported a constructive view on EQT, with major houses lifting price targets while largely maintaining existing ratings.
HEXA B
SEK 107.00
Hexagon
7D
-1.4%
1Y
1.4%
SEB A
SEK 192.75
Skandinaviska Enskilda Banken
7D
1.7%
1Y
29.6%

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.
SKF B
SEK 241.90
AB SKF
7D
-3.7%
1Y
16.2%

SKF B: Autos Spin-Off And New Steel Development Will Shape Future Outlook

Analysts have modestly reduced their fair value estimate for AB SKF to roughly SEK 267 from about SEK 267 previously, reflecting slightly lower revenue growth and margin assumptions, as well as a mixed but still constructive range of updated price targets from the Street. Analyst Commentary Recent Street research presents a mixed but generally constructive view on AB SKF, with price targets clustering in the mid to high SEK 200s and ratings ranging from Neutral to Buy.
SAND
SEK 295.70
Sandvik
7D
1.6%
1Y
48.6%

SAND: Medium Term Revenue Outlook Will Support Upside From Recent Buy Upgrades

We raise our Sandvik fair value estimate to SEK 335 from SEK 300, reflecting analysts' higher price targets and improved expectations for medium term revenue growth, which are partly offset by slightly lower margin assumptions and a marginally higher discount rate. Analyst Commentary Bullish analysts have recently reiterated a constructive stance on Sandvik, highlighting a combination of solid execution, improving end market conditions, and scope for further margin enhancement as key drivers of upside to the current share price.
VOLCAR B
SEK 29.82
Volvo Car AB (publ.)
7D
-8.8%
1Y
25.4%

VOLCAR B Will Benefit From Rising Confidence In Electrification Execution

Analysts have lifted their price target for Volvo Car AB (publ.) from SEK 20.10 to SEK 37.00, citing a lower discount rate, slightly stronger expected revenue growth, improving profit margins, and a higher anticipated future P E multiple, in line with recent upward revisions in Street targets. Analyst Commentary Bullish analysts highlight that the latest target price increases reflect growing confidence in Volvo Car AB (publ.)'s ability to execute on its strategic roadmap, particularly around electrification, cost efficiency, and brand positioning in key markets.
SHB A
SEK 132.55
Svenska Handelsbanken
7D
1.9%
1Y
18.3%

SHB A: Future Returns Will Depend On Margins Amid Slower Revenue Outlook

Analysts have nudged up their price target on Svenska Handelsbanken from SEK 122 to SEK 128, reflecting slightly stronger profitability expectations even as revenue growth forecasts are trimmed. Analyst Commentary Recent price target revisions indicate that bullish analysts see modestly improved fundamentals at Svenska Handelsbanken, even as they temper expectations for top line expansion.
ERIC B
SEK 90.42
Telefonaktiebolaget LM Ericsson
7D
1.5%
1Y
1.5%

ERIC B: Evolving 5G Bans And New Contracts Will Shape Risk Reward Balance

Analysts have nudged up their price target on Telefonaktiebolaget LM Ericsson by SEK 5 to SEK 95, citing higher post Q3 revenue and margin expectations while maintaining a generally cautious stance on the shares. Analyst Commentary Recent target price revisions reflect a more constructive view on Ericsson's near term execution, tempered by lingering concerns over its longer term growth profile and industry headwinds.
HM B
SEK 183.90
H & M Hennes & Mauritz
7D
1.9%
1Y
21.9%

HM B: Future Margin Gains Will Prove Insufficient To Justify Current Pricing

The analyst price target for H & M Hennes & Mauritz has edged up slightly to SEK 150.74 from SEK 150.65, as analysts factor in modest improvements in profit margins that more than offset slightly softer revenue growth expectations. Analyst Commentary Recent Street research shows a mixed stance on H & M Hennes & Mauritz, with some upward price target revisions offset by renewed caution from more skeptical voices.
BOL
SEK 498.20
Boliden
7D
4.2%
1Y
62.8%

BOL: Gold And Silver Exposure Will Shape Future Earnings And Risks

The analyst price target for Boliden has been raised by approximately SEK 21 to reflect analysts' growing confidence in the company's volume growth potential and earnings leverage from gold and silver exposure. Analyst Commentary Recent research updates highlight a generally constructive stance on Boliden, with several price target increases reflecting improving sentiment on the company’s growth prospects and earnings profile.
EPI A
SEK 206.70
Epiroc
7D
-2.1%
1Y
5.8%

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

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