Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Swedish (OMX) Market Analysis & Valuation

UpdatedDec 18, 2025
DataAggregated Company Financials
Companies796
  • 7D-0.6%
  • 3M2.1%
  • 1Y3.0%
  • YTD3.2%

The Consumer Staples sector gained 3.1% while the market remained flat over the last week. As for the longer term, the market has also been flat over the past year. As for the next few years, earnings are expected to grow by 14% per annum.

Trending IndustriesBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 19 Dec 2025SEK 11.5tSEK 5.8tSEK 547.6b21.6x20.9x2x
Sun, 16 Nov 2025SEK 11.4tSEK 5.8tSEK 544.1b22.1x21x2x
Tue, 14 Oct 2025SEK 11.3tSEK 5.8tSEK 484.4b22.9x23.3x2x
Thu, 11 Sep 2025SEK 11.0tSEK 5.8tSEK 480.0b23x23x1.9x
Sat, 09 Aug 2025SEK 11.0tSEK 5.7tSEK 471.3b23.8x23.4x1.9x
Mon, 07 Jul 2025SEK 11.0tSEK 5.8tSEK 497.1b23.3x22.2x1.9x
Wed, 04 Jun 2025SEK 10.8tSEK 5.8tSEK 496.3b22.5x21.7x1.8x
Fri, 02 May 2025SEK 10.6tSEK 5.8tSEK 462.7b21.6x22.9x1.8x
Sun, 30 Mar 2025SEK 10.9tSEK 5.9tSEK 547.2b21.4x20x1.9x
Tue, 25 Feb 2025SEK 11.7tSEK 5.9tSEK 545.1b23.2x21.5x2x
Thu, 23 Jan 2025SEK 11.3tSEK 6.0tSEK 588.7b23.3x19.2x1.9x
Sat, 21 Dec 2024SEK 10.7tSEK 6.0tSEK 587.9b23x18.2x1.8x
Mon, 18 Nov 2024SEK 10.7tSEK 6.0tSEK 587.4b22.1x18.3x1.8x
Wed, 16 Oct 2024SEK 11.3tSEK 6.0tSEK 531.6b23.5x21.2x1.9x
Fri, 13 Sep 2024SEK 11.4tSEK 6.1tSEK 553.6b23.4x20.7x1.9x
Sun, 11 Aug 2024SEK 11.2tSEK 6.1tSEK 549.0b22.7x20.3x1.8x
Tue, 09 Jul 2024SEK 11.5tSEK 6.1tSEK 515.6b22.9x22.3x1.9x
Thu, 06 Jun 2024SEK 11.6tSEK 6.0tSEK 512.4b23.3x22.6x1.9x
Sat, 04 May 2024SEK 11.2tSEK 6.1tSEK 563.7b22.5x19.8x1.8x
Mon, 01 Apr 2024SEK 11.3tSEK 6.0tSEK 516.5b21.6x21.9x1.9x
Wed, 28 Feb 2024SEK 10.9tSEK 6.0tSEK 486.1b21.1x22.4x1.8x
Fri, 26 Jan 2024SEK 10.4tSEK 6.0tSEK 457.2b21.3x22.7x1.7x
Sun, 24 Dec 2023SEK 10.5tSEK 6.0tSEK 440.2b21.9x23.9x1.7x
Tue, 21 Nov 2023SEK 9.7tSEK 6.0tSEK 445.3b19.4x21.8x1.6x
Thu, 19 Oct 2023SEK 9.1tSEK 6.0tSEK 464.6b17.2x19.6x1.5x
Sat, 16 Sep 2023SEK 9.4tSEK 6.0tSEK 489.4b18x19.3x1.6x
Mon, 14 Aug 2023SEK 9.6tSEK 5.9tSEK 489.3b19.5x19.6x1.6x
Wed, 12 Jul 2023SEK 9.6tSEK 5.7tSEK 408.5b19.1x23.6x1.7x
Fri, 09 Jun 2023SEK 10.1tSEK 5.7tSEK 411.7b19x24.5x1.8x
Sun, 07 May 2023SEK 10.1tSEK 5.6tSEK 410.4b20.3x24.5x1.8x
Tue, 04 Apr 2023SEK 8.9tSEK 5.3tSEK 403.1b19.4x22.2x1.7x
Thu, 02 Mar 2023SEK 9.1tSEK 5.3tSEK 404.7b19.3x22.5x1.7x
Sat, 28 Jan 2023SEK 9.1tSEK 5.2tSEK 473.9b17.4x19.2x1.8x
Mon, 26 Dec 2022SEK 9.1tSEK 5.1tSEK 511.7b15.6x17.9x1.8x
Price to Earnings Ratio

17.9x


Total Market Cap: SEK 9.1tTotal Earnings: SEK 511.7bTotal 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 Market-0.60%
Consumer Staples3.06%
Telecom1.73%
Materials1.11%
Real Estate0.37%
Consumer Discretionary0.37%
Financials-0.27%
Healthcare-1.31%
Industrials-1.46%
Tech-1.62%
Utilities-2.16%
Energy-8.15%
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 3.3% 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 345.005.5%
+SEK 21.2b		16.0%PE44.2xFinancials
HM B H & M Hennes & MauritzSEK 187.755.1%
+SEK 14.6b		26.4%PE27.9xConsumer Discretionary
ESSITY B EssitySEK 266.102.7%
+SEK 4.9b		-10.0%PE14.9xConsumer Staples
VSURE Verisure€13.973.0%
+€426.0m		n/aPS4xIndustrials
TEL2 B Tele2SEK 152.903.7%
+SEK 3.8b		40.2%PE24.5xTelecom
See more

Market Insights

Header cover image
Three Sectors Expected to Rally in 2026 📈
With the backdrop of consistently strong broad market returns over the last few years, analysts are now looking at sector-specific plays that could outperform in 2026.
Continue reading
🤖 AI Companies Hit The Bond Market
Last Week

🤖 AI Companies Hit The Bond Market

Latest News

ATCO A
SEK 163.20
Atlas Copco
7D
-1.8%
1Y
-4.8%
TEL2 B
SEK 152.90
Tele2
7D
3.7%
1Y
40.2%

Earnings Not Telling The Story For Tele2 AB (publ) (STO:TEL2 B)

Dec 17
Earnings Not Telling The Story For Tele2 AB (publ) (STO:TEL2 B)
SECT B
SEK 252.60
Sectra
7D
-7.1%
1Y
-7.2%

Results: Sectra AB (publ) Beat Earnings Expectations And Analysts Now Have New Forecasts

Dec 17
Results: Sectra AB (publ) Beat Earnings Expectations And Analysts Now Have New Forecasts
EQT
SEK 345.00
EQT
7D
5.5%
1Y
16.0%

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 106.80
Hexagon
7D
-1.2%
1Y
0.8%
SEB A
SEK 190.80
Skandinaviska Enskilda Banken
7D
-1.0%
1Y
26.2%

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 241.70
AB SKF
7D
-3.8%
1Y
16.6%

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.
TELIA
SEK 38.64
Telia Company
7D
2.5%
1Y
27.7%

TELIA: Cost Discipline And Efficiency Will Drive Stronger Profitability Ahead

Analysts have raised their fair value estimate for Telia Company from SEK 45.24 to SEK 48.00, citing recent price target increases and expectations that disciplined capital allocation and cost efficiency will continue to support improving profitability, even with slightly weaker revenue growth assumptions. Analyst Commentary Recent Street research indicates that bullish analysts are incrementally more confident in Telia Company's ability to execute on its strategic priorities, reflected in a series of upward price target revisions.
VOLCAR B
SEK 30.09
Volvo Car AB (publ.)
7D
-8.6%
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.
ESSITY B
SEK 266.10
Essity
7D
2.7%
1Y
-10.0%

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.
SHB A
SEK 131.20
Svenska Handelsbanken
7D
-1.3%
1Y
16.3%

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.
HM B
SEK 187.75
H & M Hennes & Mauritz
7D
5.1%
1Y
26.4%

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 492.30
Boliden
7D
2.1%
1Y
61.6%

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 208.20
Epiroc
7D
-2.3%
1Y
6.1%

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
€13.97
Verisure
7D
3.0%
1Y
n/a
AXFO
SEK 284.60
Axfood
7D
5.8%
1Y
22.9%

Axfood (STO:AXFO) Has A Pretty Healthy Balance Sheet

Nov 22
Axfood (STO:AXFO) Has A Pretty Healthy Balance Sheet