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Swedish (OMX) Market Analysis & Valuation

UpdatedDec 07, 2025
DataAggregated Company Financials
Companies794
  • 7D0.8%
  • 3M4.0%
  • 1Y1.8%
  • YTD4.9%

In the last week, the market has stayed flat, however the Energy sector stood out, gaining 14%. As for the longer term, the market has also been flat 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, 07 Dec 2025SEK 11.6tSEK 5.8tSEK 546.9b22.3x21.3x2x
Tue, 04 Nov 2025SEK 11.5tSEK 5.8tSEK 536.4b22.5x21.5x2x
Thu, 02 Oct 2025SEK 11.1tSEK 5.8tSEK 484.6b22.9x23x1.9x
Sat, 30 Aug 2025SEK 11.1tSEK 5.8tSEK 478.2b23.3x23.1x1.9x
Mon, 28 Jul 2025SEK 11.2tSEK 5.7tSEK 471.6b23.9x23.8x2x
Wed, 25 Jun 2025SEK 10.7tSEK 5.8tSEK 496.5b22.5x21.5x1.8x
Fri, 23 May 2025SEK 10.8tSEK 5.8tSEK 469.9b22x23x1.8x
Sun, 20 Apr 2025SEK 10.2tSEK 5.9tSEK 541.5b20.4x18.8x1.7x
Tue, 18 Mar 2025SEK 11.4tSEK 5.9tSEK 547.7b22.3x20.9x1.9x
Thu, 13 Feb 2025SEK 11.6tSEK 5.9tSEK 506.8b23.3x22.9x2x
Sat, 11 Jan 2025SEK 10.8tSEK 6.0tSEK 588.1b22.7x18.3x1.8x
Mon, 09 Dec 2024SEK 11.2tSEK 6.0tSEK 589.0b23.2x19.1x1.9x
Wed, 06 Nov 2024SEK 11.0tSEK 6.0tSEK 586.2b22.8x18.8x1.9x
Fri, 04 Oct 2024SEK 11.7tSEK 6.1tSEK 552.8b23.6x21.3x1.9x
Sun, 01 Sep 2024SEK 11.7tSEK 6.1tSEK 553.0b23.6x21.2x1.9x
Tue, 30 Jul 2024SEK 11.6tSEK 6.1tSEK 543.8b23.4x21.4x1.9x
Thu, 27 Jun 2024SEK 11.4tSEK 6.0tSEK 511.8b22.3x22.2x1.9x
Sat, 25 May 2024SEK 11.7tSEK 6.1tSEK 513.1b23.2x22.8x1.9x
Mon, 22 Apr 2024SEK 11.0tSEK 6.0tSEK 562.0b21.5x19.5x1.8x
Wed, 20 Mar 2024SEK 11.2tSEK 6.0tSEK 514.5b21.1x21.8x1.9x
Fri, 16 Feb 2024SEK 10.7tSEK 6.0tSEK 483.6b22x22.1x1.8x
Sun, 14 Jan 2024SEK 10.4tSEK 6.0tSEK 441.0b22.3x23.6x1.7x
Tue, 12 Dec 2023SEK 10.2tSEK 6.0tSEK 442.3b20.8x23x1.7x
Thu, 09 Nov 2023SEK 9.2tSEK 6.0tSEK 449.0b18.9x20.4x1.5x
Sat, 07 Oct 2023SEK 9.2tSEK 6.0tSEK 493.7b17.5x18.7x1.5x
Mon, 04 Sep 2023SEK 9.5tSEK 6.0tSEK 489.5b18.6x19.3x1.6x
Wed, 02 Aug 2023SEK 9.8tSEK 5.9tSEK 484.6b19.5x20.2x1.6x
Fri, 30 Jun 2023SEK 9.7tSEK 5.7tSEK 412.0b19.2x23.6x1.7x
Sun, 28 May 2023SEK 9.9tSEK 5.6tSEK 406.6b19.4x24.4x1.8x
Tue, 25 Apr 2023SEK 10.1tSEK 5.5tSEK 438.8b20x22.9x1.8x
Thu, 23 Mar 2023SEK 8.7tSEK 5.3tSEK 402.6b18.9x21.6x1.6x
Sat, 18 Feb 2023SEK 9.3tSEK 5.3tSEK 439.8b19.2x21.1x1.7x
Mon, 16 Jan 2023SEK 9.7tSEK 5.1tSEK 505.6b16.9x19.2x1.9x
Wed, 14 Dec 2022SEK 9.6tSEK 5.1tSEK 509.8b16.2x18.8x1.9x
Price to Earnings Ratio

18.8x


Total Market Cap: SEK 9.6tTotal Earnings: SEK 509.8bTotal Revenue: SEK 5.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Market Price to Earnings3Y Average 21.3x202320242025
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 21.3x.
Past Earnings Growth
  • The earnings for Swedish listed companies have grown 2.4% 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 Market0.80%
Energy14.09%
Industrials2.11%
Utilities1.95%
Materials1.38%
Consumer Discretionary1.01%
Consumer Staples0.30%
Financials0.27%
Tech-0.38%
Real Estate-1.18%
Telecom-1.30%
Healthcare-1.81%
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 29.8% 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 3.2% 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
ATCO A Atlas CopcoSEK 167.804.7%
+SEK 37.0b		-6.9%PE29.6xIndustrials
VOLV B AB VolvoSEK 296.604.9%
+SEK 28.1b		3.4%PE17xIndustrials
EPI A EpirocSEK 210.503.9%
+SEK 9.6b		0.8%PE29.5xIndustrials
HM B H & M Hennes & MauritzSEK 176.603.1%
+SEK 8.5b		8.4%PE26.3xConsumer Discretionary
ALFA Alfa LavalSEK 465.404.4%
+SEK 8.1b		-5.9%PE23.1xIndustrials
See more

Market Insights

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🏰 Defensive Stocks Are No Longer Cheap
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Richard Bowman
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In this piece, we’ll cover the key defensive sectors across the US, Canada, the UK, Europe, and Australia, compare their valuations to the broader market, and highlight where “safety” might actually be expensive risk in disguise.
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VOLCAR B
SEK 34.27
Volvo Car AB (publ.)
7D
8.7%
1Y
35.3%

At kr34.27, Is It Time To Put Volvo Car AB (publ.) (STO:VOLCAR B) On Your Watch List?

Dec 06
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SAVE
SEK 261.20
Nordnet
7D
-3.6%
1Y
10.0%

SAVE: Future Returns Will Depend On Stable Activity And Profitability Dynamics

Analysts have slightly reduced their price target for Nordnet to approximately SEK 275 per share from about SEK 278, citing modestly higher discount rate assumptions. Long term growth and profitability expectations are broadly unchanged.
VOLV B
SEK 296.60
AB Volvo
7D
4.9%
1Y
3.4%

VOLV B: Margin Resilience And Tariff Headwinds Will Shape Medium-Term Outlook

Analysts have nudged their blended fair value estimate for AB Volvo slightly lower, trimming the target by about SEK 1 to roughly SEK 289 per share. Modestly softer long term revenue growth assumptions and recent Street target cuts offset improving margin expectations and a still constructive rating mix.
ALFA
SEK 465.40
Alfa Laval
7D
4.4%
1Y
-5.9%

ALFA: Raised Guidance And Partnerships Will Support Balanced Long Term Performance

Alfa Laval's analyst fair value estimate has inched higher to approximately SEK 470 from about SEK 468, as analysts factor in modestly stronger long term revenue growth, slightly improved margins, and a higher forward earnings multiple reflected in recent price target increases and rating upgrades. Analyst Commentary Recent updates from bullish analysts highlight a constructive view on Alfa Laval's earnings power and execution, with price targets moving meaningfully above the current fair value estimate and prior expectations.
ERIC B
SEK 90.22
Telefonaktiebolaget LM Ericsson
7D
-0.9%
1Y
-1.2%
TEL2 B
SEK 147.65
Tele2
7D
-1.7%
1Y
26.3%

Returns At Tele2 (STO:TEL2 B) Are On The Way Up

Dec 03
Returns At Tele2 (STO:TEL2 B) Are On The Way Up
EPI A
SEK 210.50
Epiroc
7D
3.9%
1Y
0.8%

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

Dec 02
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VSURE
€14.66
Verisure
7D
-11.3%
1Y
n/a
SAAB B
SEK 489.25
Saab
7D
2.9%
1Y
98.4%

SAAB B: Future Sector Demand And Premium Shares Will Shape Returns Ahead

Analysts have raised their price target for Saab to SEK 460 from SEK 430. They cite continued concerns about valuation alongside high expectations for defense spending.
SAND
SEK 291.00
Sandvik
7D
2.1%
1Y
36.7%

SAND: Price Upgrades Will Drive Near-Term Momentum Amid Sector Headwinds

Sandvik's analyst price target has been increased, with new targets ranging up to SEK 335, as analysts cite continued improvements in fundamentals and sustained positive momentum across recent research updates. Analyst Commentary Recent analyst research reflects a range of perspectives on Sandvik's outlook, marked chiefly by several upward price target revisions as well as a notable downgrade amid the broader sector context.
HM B
SEK 176.60
H & M Hennes & Mauritz
7D
3.1%
1Y
8.4%
ATCO A
SEK 167.80
Atlas Copco
7D
4.7%
1Y
-6.9%
EVO
SEK 622.40
Evolution
7D
-3.5%
1Y
-35.9%

EVO: Ongoing Legal Dispute Will Shape Medium-Term Market Sentiment

The analyst price target for Evolution has been reduced significantly, dropping from SEK 1,350 to SEK 630. Analysts cite uncertainty stemming from ongoing legal disputes and tempered growth expectations as contributing factors.
SECT B
SEK 274.60
Sectra
7D
-4.9%
1Y
-6.6%
AZA
SEK 344.60
Avanza Bank Holding
7D
-7.1%
1Y
31.4%

AZA: Price Target Upgrade And Fair Value Outlook Will Guide Performance Ahead

Avanza Bank Holding's analyst price target has been raised from SEK 327 to SEK 360. Analysts cite the company's improved valuation alignment as the key rationale for the change.
NOBA
SEK 114.14
NOBA Bank Group
7D
-4.1%
1Y
n/a