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Swedish (OMX) Market Analysis & Valuation

UpdatedAug 11, 2026
DataAggregated Company Financials
Companies778
  • 7D0.6%
  • 3M7.0%
  • 1Y14.0%
  • YTD7.1%

The Materials sector gained 3.3% while the market remained flat over the last week. More promisingly, the market is up 14% over the past year. Looking forward, earnings are forecast to grow by 7.1% annually.

Trending IndustriesBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 11 Aug 2026SEK 12.8tSEK 6.0tSEK 813.9b19.3x15.7x2.1x
Thu, 09 Jul 2026SEK 12.1tSEK 5.8tSEK 694.5b19.8x17.5x2.1x
Sat, 06 Jun 2026SEK 12.1tSEK 5.8tSEK 692.6b20x17.5x2.1x
Mon, 04 May 2026SEK 11.9tSEK 5.8tSEK 703.5b20.7x16.9x2.1x
Wed, 01 Apr 2026SEK 11.5tSEK 5.8tSEK 647.7b19.9x17.7x2x
Fri, 27 Feb 2026SEK 12.5tSEK 5.8tSEK 651.0b21.4x19.2x2.2x
Sun, 25 Jan 2026SEK 12.2tSEK 5.9tSEK 639.4b22.3x19x2.1x
Tue, 23 Dec 2025SEK 11.6tSEK 5.8tSEK 547.3b21.8x21.3x2x
Thu, 20 Nov 2025SEK 11.1tSEK 5.8tSEK 545.2b21.9x20.4x1.9x
Sat, 18 Oct 2025SEK 11.3tSEK 5.8tSEK 538.8b23.1x20.9x1.9x
Mon, 15 Sep 2025SEK 11.1tSEK 5.8tSEK 480.2b22.9x23x1.9x
Wed, 13 Aug 2025SEK 11.0tSEK 5.7tSEK 471.2b23.4x23.4x1.9x
Fri, 11 Jul 2025SEK 11.3tSEK 5.8tSEK 506.2b23.7x22.3x1.9x
Sun, 08 Jun 2025SEK 10.9tSEK 5.8tSEK 496.3b23x22.1x1.9x
Tue, 06 May 2025SEK 10.7tSEK 5.8tSEK 462.5b22.1x23.2x1.8x
Thu, 03 Apr 2025SEK 10.8tSEK 5.9tSEK 544.3b21.3x19.8x1.8x
Sat, 01 Mar 2025SEK 11.7tSEK 5.9tSEK 547.3b22.9x21.4x2x
Mon, 27 Jan 2025SEK 11.4tSEK 5.9tSEK 502.8b23.4x22.8x1.9x
Wed, 25 Dec 2024SEK 10.7tSEK 6.0tSEK 588.0b22.9x18.2x1.8x
Fri, 22 Nov 2024SEK 10.6tSEK 6.0tSEK 586.7b22x18x1.8x
Sun, 20 Oct 2024SEK 11.2tSEK 6.0tSEK 559.9b23.7x20.1x1.9x
Tue, 17 Sep 2024SEK 11.6tSEK 6.1tSEK 554.3b23.5x20.8x1.9x
Thu, 15 Aug 2024SEK 11.3tSEK 6.1tSEK 549.2b22.9x20.5x1.8x
Sat, 13 Jul 2024SEK 11.8tSEK 6.1tSEK 507.9b23.9x23.3x2x
Mon, 10 Jun 2024SEK 11.6tSEK 6.0tSEK 512.2b23.3x22.6x1.9x
Wed, 08 May 2024SEK 11.4tSEK 6.1tSEK 564.8b22.9x20.2x1.9x
Fri, 05 Apr 2024SEK 11.3tSEK 6.0tSEK 517.5b21.7x21.9x1.9x
Sun, 03 Mar 2024SEK 11.0tSEK 6.0tSEK 514.6b21.3x21.4x1.8x
Tue, 30 Jan 2024SEK 10.4tSEK 6.0tSEK 477.3b21.7x21.8x1.7x
Thu, 28 Dec 2023SEK 10.6tSEK 6.0tSEK 440.2b22x24x1.8x
Sat, 25 Nov 2023SEK 9.7tSEK 6.0tSEK 445.7b19.5x21.9x1.6x
Mon, 23 Oct 2023SEK 8.9tSEK 6.0tSEK 444.7b17x19.9x1.5x
Wed, 20 Sep 2023SEK 9.3tSEK 6.0tSEK 489.4b18x19.1x1.6x
Fri, 18 Aug 2023SEK 9.3tSEK 5.9tSEK 488.7b19x19.1x1.6x
Price to Earnings Ratio

19.1x


Total Market Cap: SEK 9.3tTotal Earnings: SEK 488.7bTotal Revenue: SEK 5.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Market Price to Earnings3Y Average 20.6x202420252026
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 15.7x which is lower than its 3-year average PE of 20.6x.
Past Earnings Growth
  • The earnings for Swedish listed companies have grown 19% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Swedish Market?

SE Market0.56%
Materials3.34%
Tech1.57%
Healthcare1.24%
Financials0.58%
Industrials0.50%
Consumer Discretionary0.44%
Consumer Staples-0.21%
Real Estate-0.60%
Energy-1.36%
Telecom-2.81%
Utilities-3.12%
Sector PE
  • Investors favour the Telecom sector the most for future growth, which is trading above its 3-year average PE ratio of 31.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 13.9% which is higher than its past year's earnings decline of 28.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 104% over the next 5 years.
  • This is better than its past earnings decline of 46% per year.
  • In contrast, the Financials sector is expected to see its earnings decline by 12% 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 210.703.7%
+SEK 37.1b		45.3%PE38.6xIndustrials
EQT EQTSEK 345.803.9%
+SEK 15.2b		3.2%PE35.3xFinancials
INVE A InvestorSEK 414.301.2%
+SEK 15.0b		43.8%PE4.8xFinancials
BOL BolidenSEK 526.6010.7%
+SEK 14.4b		67.0%PE11.8xMaterials
SAAB B SaabSEK 639.303.9%
+SEK 13.0b		28.2%PE48.5xIndustrials
See more

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Latest News

SOBI
SEK 450.40
Swedish Orphan Biovitrum
7D
3.3%
1Y
65.0%
SAND
SEK 367.10
Sandvik
7D
2.8%
1Y
56.2%
EQT
SEK 345.80
EQT
7D
3.9%
1Y
3.2%
ATCO A
SEK 210.70
Atlas Copco
7D
3.7%
1Y
45.3%
Narrative Update • Aug 05

ATCO A: Rich P E Will Be Tested By Semiconductor Capex Cyclicality

Atlas Copco's analyst price target has been raised, with fair value moving from SEK 150.76 to SEK 163.49. Analysts point to the company as a key beneficiary of the current capex upcycle in semiconductors and general industrial spending, and have adjusted assumptions on revenue growth, profit margins and future P/E accordingly.
SWED A
SEK 378.90
Swedbank
7D
-1.3%
1Y
41.4%
Narrative Update • Aug 05

SWED A: Higher Baltic Rates And Cost Cuts Will Shape Earnings Outlook

Swedbank's analyst price target has been updated from SEK 390 to about SEK 425, with analysts pointing to refinements in discount rate assumptions, revenue growth forecasts, profit margins and P/E expectations. Analyst Commentary Recent research on Swedbank shows a cluster of upward price target revisions and a key rating upgrade that together signal improving confidence in the stock.
BOL
SEK 526.60
Boliden
7D
10.7%
1Y
67.0%
Narrative Update • Aug 04

BOL: Copper And Zinc Support Will Outweigh Garpenberg Execution Concerns

The updated analyst price target for Boliden has been trimmed as fair value moves from SEK 565.61 to SEK 538.28. This reflects a series of recent target cuts across the Street and analyst focus on a slightly higher discount rate and more measured assumptions for growth, margins, and future P/E multiples.
VOLV B
SEK 354.60
AB Volvo
7D
-4.0%
1Y
23.2%
Narrative Update • Aug 04

VOLV B: Autonomous Truck And Hydrogen Engine Expansion Will Support Future Earnings

Analysts have raised the fair value estimate for AB Volvo shares from SEK 395.00 to about SEK 444.15, citing recent upward revisions to Street price targets and updated assumptions for revenue growth, profit margins and future P/E levels. Analyst Commentary Recent Street research on AB Volvo shows a cluster of higher price targets and a rating upgrade that point to growing confidence in how the company is executing and how the stock is valued.
TELIA
SEK 42.71
Telia Company
7D
-3.7%
1Y
23.7%
EPI A
SEK 255.60
Epiroc
7D
4.1%
1Y
31.2%
Narrative Update • Aug 03

EPI A: Connectivity Partnerships And Autonomy Rollout Will Support Balanced Outlook

Analysts have lifted their price target for Epiroc from SEK185 to about SEK222.63, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E that together support a higher valuation framework. What’s in the News for Epiroc Epiroc Mexico and Rajant Corporation agreed a partnership to offer deployment ready Kinetic Mesh wireless connectivity for mining customers in Mexico, with a focus on more reliable communications for mobile equipment fleets and support for automation.
SECU B
SEK 149.60
Securitas
7D
-3.9%
1Y
1.6%
Analysis Article • Aug 01

We Think Securitas' (STO:SECU B) Solid Earnings Are Understated

The market seemed underwhelmed by the solid earnings posted by Securitas AB (publ) ( STO:SECU B ) recently. Our...
TEL2 B
SEK 160.50
Tele2
7D
-4.3%
1Y
2.5%
Narrative Update • Jul 31

TEL2 B: Mixed Rating Revisions And Stable Dividend Will Guide Future Returns

Tele2's updated analyst price target has adjusted from about SEK 181.54 to roughly SEK 176.41. Analysts point to slightly higher modeled revenue growth, a modestly lower profit margin and a small change in future P/E assumptions to support the new level.
VSURE
€9.49
Verisure
7D
-9.7%
1Y
n/a
SAAB B
SEK 639.30
Saab
7D
3.9%
1Y
28.2%
SEB A
SEK 222.10
Skandinaviska Enskilda Banken
7D
-1.4%
1Y
25.9%
Narrative Update • Jul 22

SEB A: Future Returns Will Reflect Execution And Disciplined Share Repurchases

The analyst fair value estimate for Skandinaviska Enskilda Banken has been raised from SEK 197.12 to SEK 205.35, with analysts pointing to a series of higher SEK 204 to SEK 230 price targets and slight adjustments to growth, margin and P/E assumptions as key drivers. Analyst Commentary Recent Street research on Skandinaviska Enskilda Banken shows a mix of higher and lower price targets within a relatively tight SEK 170 to SEK 230 range.
INVE A
SEK 414.30
Investor
7D
1.2%
1Y
43.8%
LATO B
SEK 195.35
Investment AB Latour
7D
-3.7%
1Y
-22.2%