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Swedish (OMX) Market Analysis & Valuation

UpdatedSep 17, 2025
DataAggregated Company Financials
Companies803
  • 7D-0.5%
  • 3M3.9%
  • 1Y-2.6%
  • YTD0.3%

The market has stayed flat over the 7 days. As for the longer term, the market has also been flat over the past year. Looking forward, earnings are forecast to grow by 16% annually.

Trending IndustriesBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Sep 2025SEK 11.0tSEK 5.8tSEK 480.2b22.8x22.9x1.9x
Fri, 15 Aug 2025SEK 11.1tSEK 5.7tSEK 473.3b23.4x23.4x1.9x
Sun, 13 Jul 2025SEK 11.1tSEK 5.8tSEK 506.8b23.4x22x1.9x
Tue, 10 Jun 2025SEK 10.9tSEK 5.8tSEK 496.2b22.8x22x1.9x
Thu, 08 May 2025SEK 10.6tSEK 5.8tSEK 465.8b21.9x22.8x1.8x
Sat, 05 Apr 2025SEK 10.0tSEK 5.9tSEK 545.3b20.5x18.3x1.7x
Mon, 03 Mar 2025SEK 11.7tSEK 5.9tSEK 549.8b22.9x21.2x2x
Wed, 29 Jan 2025SEK 11.4tSEK 5.9tSEK 502.8b23.3x22.6x1.9x
Fri, 27 Dec 2024SEK 10.7tSEK 6.0tSEK 588.0b22.9x18.2x1.8x
Sun, 24 Nov 2024SEK 10.7tSEK 6.0tSEK 586.6b21.5x18.2x1.8x
Tue, 22 Oct 2024SEK 11.2tSEK 6.0tSEK 557.2b23.4x20x1.9x
Thu, 19 Sep 2024SEK 11.6tSEK 6.1tSEK 554.4b23.7x20.9x1.9x
Sat, 17 Aug 2024SEK 11.4tSEK 6.1tSEK 543.1b23.3x21x1.9x
Mon, 15 Jul 2024SEK 11.8tSEK 6.1tSEK 501.5b23.7x23.6x2x
Wed, 12 Jun 2024SEK 11.5tSEK 6.0tSEK 511.5b23.2x22.4x1.9x
Fri, 10 May 2024SEK 11.4tSEK 6.1tSEK 551.7b22.8x20.7x1.9x
Sun, 07 Apr 2024SEK 11.2tSEK 6.0tSEK 517.6b21.6x21.7x1.9x
Tue, 05 Mar 2024SEK 10.9tSEK 6.0tSEK 513.6b21.2x21.3x1.8x
Thu, 01 Feb 2024SEK 10.5tSEK 6.0tSEK 476.2b21.5x22.1x1.7x
Sat, 30 Dec 2023SEK 10.6tSEK 6.0tSEK 441.0b22.3x24.1x1.8x
Mon, 27 Nov 2023SEK 9.7tSEK 6.0tSEK 445.6b19.5x21.9x1.6x
Wed, 25 Oct 2023SEK 8.8tSEK 6.0tSEK 446.6b17.3x19.7x1.5x
Fri, 22 Sep 2023SEK 9.4tSEK 6.0tSEK 489.2b18.3x19.2x1.6x
Sun, 20 Aug 2023SEK 9.3tSEK 5.9tSEK 489.6b18.6x19x1.6x
Tue, 18 Jul 2023SEK 9.6tSEK 5.8tSEK 497.0b18.7x19.4x1.7x
Thu, 15 Jun 2023SEK 10.2tSEK 5.6tSEK 411.0b19.5x24.8x1.8x
Sat, 13 May 2023SEK 10.0tSEK 5.6tSEK 402.5b19.6x24.7x1.8x
Mon, 10 Apr 2023SEK 9.0tSEK 5.3tSEK 420.9b19.3x21.3x1.7x
Wed, 08 Mar 2023SEK 9.2tSEK 5.3tSEK 404.0b19.3x22.8x1.7x
Fri, 03 Feb 2023SEK 9.5tSEK 5.2tSEK 474.7b17.6x20x1.8x
Sun, 01 Jan 2023SEK 9.2tSEK 5.1tSEK 511.6b15.7x17.9x1.8x
Tue, 29 Nov 2022SEK 9.3tSEK 5.1tSEK 510.9b16.2x18.3x1.8x
Thu, 27 Oct 2022SEK 8.8tSEK 5.0tSEK 545.9b15.5x16.2x1.8x
Sat, 24 Sep 2022SEK 8.2tSEK 4.9tSEK 573.0b14.6x14.3x1.7x
Price to Earnings Ratio

14.3x


Total Market Cap: SEK 8.2tTotal Earnings: SEK 573.0bTotal Revenue: SEK 4.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Market Price to Earnings3Y Average 20.9x202320242025
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 20.9x.
Past Earnings Growth
  • The earnings for Swedish listed companies have declined 5.7% per year over the last three years.
  • Meanwhile revenues for these companies have grown 5.9% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the Swedish Market?

SE Market-0.54%
Energy2.72%
Consumer Discretionary0.96%
Real Estate0.046%
Materials0.019%
Financials-0.025%
Industrials-0.63%
Utilities-1.14%
Tech-1.41%
Healthcare-1.52%
Telecom-2.03%
Consumer Staples-2.93%
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 28.1%, which is higher than its past year's earnings growth of 4.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 28% over the next 5 years.
  • This is better than its past earnings growth rate of 4.2% per year.
  • In contrast, the Consumer Staples sector is expected to see its earnings grow by 9.8% 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 337.002.9%
+SEK 10.8b		-6.2%PE43xFinancials
SAND SandvikSEK 252.502.0%
+SEK 6.3b		19.7%PE21.9xIndustrials
SEB A Skandinaviska Enskilda BankenSEK 180.401.7%
+SEK 5.9b		14.7%PB1.6xFinancials
HM B H & M Hennes & MauritzSEK 151.202.2%
+SEK 5.3b		-13.8%PE24.6xConsumer Discretionary
SAAB B SaabSEK 517.701.5%
+SEK 4.2b		134.1%PE53.4xIndustrials
See more

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Latest News

BEIJ B
SEK 154.40
Beijer Ref
7D
-6.1%
1Y
-13.2%

Beijer Ref's (STO:BEIJ B) Dividend Will Be SEK0.70

Sep 17
Beijer Ref's (STO:BEIJ B) Dividend Will Be SEK0.70
ATCO A
SEK 155.45
Atlas Copco
7D
-1.4%
1Y
-14.2%
TEL2 B
SEK 157.55
Tele2
7D
-5.8%
1Y
34.7%
EQT
SEK 337.00
EQT
7D
2.9%
1Y
-6.2%
LIFCO B
SEK 323.80
Lifco
7D
-3.1%
1Y
-2.2%
CLAS B
SEK 387.60
Clas Ohlson
7D
18.1%
1Y
138.7%
EVO
SEK 820.80
Evolution
7D
2.2%
1Y
-18.3%

New Studios And Digital Trends Will Unlock Future Potential

Driven primarily by a sharp increase in the Future P/E multiple while revenue growth forecasts remained stable, the consensus analyst price target for Evolution saw only a marginal decrease from SEK916.81 to SEK907.31. What's in the News Evolution entered the Rhode Island online casino market via a partnership with Bally's Corporation, achieving a presence in all seven US states that offer online casino gaming.
SAND
SEK 252.50
Sandvik
7D
2.0%
1Y
19.7%

Pinning Down Sandvik AB (publ)'s (STO:SAND) P/E Is Difficult Right Now

Sep 09
Pinning Down Sandvik AB (publ)'s (STO:SAND) P/E Is Difficult Right Now
SEB A
SEK 180.40
Skandinaviska Enskilda Banken
7D
1.7%
1Y
14.7%

Fee And AI Expansion Will Improve Operational Efficiency

Analysts have marginally raised Skandinaviska Enskilda Banken’s price target to SEK171.29, reflecting improved capital returns and stable earnings, though concerns over margin pressures and economic outlook temper overall sentiment. Analyst Commentary Bullish analysts are reflecting improving capital returns and stable earnings quality in increasing price targets.
ASSA B
SEK 334.10
ASSA ABLOY
7D
-1.8%
1Y
-0.1%

Investor Optimism Abounds ASSA ABLOY AB (publ) (STO:ASSA B) But Growth Is Lacking

Sep 04
Investor Optimism Abounds ASSA ABLOY AB (publ) (STO:ASSA B) But Growth Is Lacking
SAAB B
SEK 517.70
Saab
7D
1.5%
1Y
134.1%

Global Defense Spending And AI Will Open Future Markets

Analysts have kept Saab’s price target unchanged at SEK504.57, citing concerns that its valuation already fully reflects anticipated defense spending growth and that current pricing offers limited upside given realistic sector expansion prospects. Analyst Commentary Elevated valuation premium suggests the stock already factors in anticipated increases in defense spending.
SWED A
SEK 273.40
Swedbank
7D
1.3%
1Y
25.2%

Digital Transformation Overreach Will Erode Nordic Margins

Despite improved earnings momentum and capital strength, Swedbank’s price target was held steady at SEK262.33 as analysts cite limited valuation upside relative to peers and ongoing regulatory uncertainty. Analyst Commentary Improved earnings momentum and robust capital generation have driven upward adjustments in price targets despite conservative or neutral rating stances.
HM B
SEK 151.20
H & M Hennes & Mauritz
7D
2.2%
1Y
-13.8%

Upgraded Stores And Sellpy Expansion Will Fuel Future Success

The consensus target for H&M remains steady at SEK132.96, as analysts weigh modest sales growth and cost improvements against ongoing margin pressures, sector competition, and valuation concerns. Analyst Commentary Mixed outlook due to recent quarterly results reflecting continued sales growth but margin pressures.
ERIC B
SEK 73.74
Telefonaktiebolaget LM Ericsson
7D
-2.4%
1Y
-1.6%

Accelerating 5G And AI Expansion Will Drive Telecom Modernization

As both the forward P/E and revenue growth forecasts for Telefonaktiebolaget LM Ericsson remained essentially flat, analyst estimates on fair value were unchanged, with the price target holding steady at SEK78.65. What's in the News Ericsson is in advanced talks to invest several hundred million dollars for a minority stake in Intel's newly spun-off networking and edge business, NEX, deepening an already close supplier relationship; Intel is seeking additional investors and continues to retain a stake in NEX (Bloomberg, Key Developments).
INVE A
SEK 281.00
Investor
7D
-2.1%
1Y
-7.7%

Investor (STO:INVE A) Is Due To Pay A Dividend Of SEK1.45

Sep 03
Investor (STO:INVE A) Is Due To Pay A Dividend Of SEK1.45
ESSITY B
SEK 247.30
Essity
7D
-4.0%
1Y
-22.6%