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Swedish (OMX) Capital Markets Industry Analysis

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies50
  • 7D-2.2%
  • 3M0.9%
  • 1Y3.9%
  • YTD-1.2%

In the last week, the Capital Markets industry is flat overall, with EQT standing out by going down 3.4%. The past year has been better, since the industry has gained 11% in that time. As for the next few years, earnings are expected to grow by 20% per annum.

Industry Valuation and Performance

Has the Swedish Capital Markets Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 15 Jan 2026SEK 610.8bSEK 89.6bSEK 17.8b20.4x34.4x6.8x
Sat, 13 Dec 2025SEK 583.5bSEK 89.9bSEK 18.0b21.4x32.5x6.5x
Mon, 10 Nov 2025SEK 576.9bSEK 89.4bSEK 18.0b24.8x32x6.5x
Wed, 08 Oct 2025SEK 605.5bSEK 90.2bSEK 18.0b24.9x33.7x6.7x
Fri, 05 Sep 2025SEK 589.5bSEK 90.3bSEK 18.0b24.3x32.8x6.5x
Sun, 03 Aug 2025SEK 604.7bSEK 90.8bSEK 17.6b23.7x34.3x6.7x
Tue, 01 Jul 2025SEK 581.4bSEK 89.2bSEK 16.4b21x35.5x6.5x
Thu, 29 May 2025SEK 540.9bSEK 88.6bSEK 16.3b20.4x33.2x6.1x
Sat, 26 Apr 2025SEK 520.6bSEK 93.7bSEK 22.2b15.7x23.4x5.6x
Mon, 24 Mar 2025SEK 588.4bSEK 94.3bSEK 23.0b18.8x25.6x6.2x
Wed, 19 Feb 2025SEK 627.0bSEK 92.5bSEK 20.0b24.1x31.4x6.8x
Fri, 17 Jan 2025SEK 574.4bSEK 87.0bSEK 16.0b21.1x35.9x6.6x
Sun, 15 Dec 2024SEK 538.3bSEK 87.1bSEK 15.9b19.9x33.8x6.2x
Tue, 12 Nov 2024SEK 529.3bSEK 87.1bSEK 15.9b14.2x33.2x6.1x
Thu, 10 Oct 2024SEK 547.4bSEK 82.4b-SEK 1,568,879,882.1618.1x-348.9x6.6x
Sat, 07 Sep 2024SEK 528.3bSEK 82.4b-SEK 1,411,851,605.4917.4x-374.2x6.4x
Mon, 05 Aug 2024SEK 519.4bSEK 81.9b-SEK 7,728,657,696.9818.6x-67.2x6.3x
Wed, 03 Jul 2024SEK 534.9bSEK 79.8b-SEK 10,526,275,011.9328.9x-50.8x6.7x
Fri, 31 May 2024SEK 542.7bSEK 79.9b-SEK 10,741,697,747.3922.5x-50.5x6.8x
Sun, 28 Apr 2024SEK 498.5bSEK 79.3bSEK 5.6b17.7x89.7x6.3x
Tue, 26 Mar 2024SEK 571.3bSEK 80.1bSEK 6.2b16.2x92.9x7.1x
Thu, 22 Feb 2024SEK 476.3bSEK 79.7bSEK 5.7b16.6x83.3x6x
Sat, 20 Jan 2024SEK 449.6bSEK 79.6bSEK 19.6b16.5x23x5.6x
Mon, 18 Dec 2023SEK 480.8bSEK 75.6bSEK 17.3b18.6x27.8x6.4x
Wed, 15 Nov 2023SEK 423.2bSEK 76.4bSEK 17.5b17.4x24.3x5.5x
Fri, 13 Oct 2023SEK 390.3bSEK 73.4bSEK 15.2b16.6x25.7x5.3x
Sun, 10 Sep 2023SEK 379.4bSEK 73.0bSEK 15.4b16.4x24.6x5.2x
Tue, 08 Aug 2023SEK 406.1bSEK 69.4bSEK 12.2b18.6x33.2x5.9x
Thu, 06 Jul 2023SEK 342.0bSEK 63.5bSEK 10.1b20.1x34x5.4x
Sat, 03 Jun 2023SEK 357.4bSEK 63.7bSEK 10.5b21.1x34x5.6x
Mon, 01 May 2023SEK 367.4bSEK 63.4bSEK 13.6b25.6x26.9x5.8x
Wed, 29 Mar 2023SEK 296.9bSEK 57.9bSEK 11.6b22.4x25.5x5.1x
Fri, 24 Feb 2023SEK 356.7bSEK 57.8bSEK 11.6b20.4x30.8x6.2x
Sun, 22 Jan 2023SEK 339.7bSEK 54.9b-SEK 1,396,105,711.007.3x-243.3x6.2x
Price to Earnings Ratio

-243.3x


Total Market Cap: SEK 339.7bTotal Earnings: -SEK 1,396,105,711.00Total Revenue: SEK 54.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Capital Markets Industry Price to Earnings3Y Average -13x202420252026
Current Industry PE
  • Investors are optimistic on the Swedish Capital Markets industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 34.9x which is higher than its 3-year average PE of -13.0x.
  • The 3-year average PS ratio of 6.2x is lower than the industry's current PS ratio of 6.9x.
Past Earnings Growth
  • Total earnings for the Capital Markets industry have gone up over the last three years, and the industry is now profitable. Revenues have grown 18% per year.
  • This means that more sales are being generated by the industry overall, and subsequently profits are increasing too.

Industry Trends

Which industries have driven the changes within the Swedish Financials industry?

SE Market-0.011%
Financials0.78%
Capital Markets-2.17%
Investment Banking and Brokerage1.60%
Financial Exchanges and Data0.26%
Asset Management-3.02%
Industry PE
  • Investors are most optimistic about the Asset Management industry which is trading above its 3-year average PE ratio of 34.2x.
    • Analysts are expecting annual earnings growth of 22.7%, which is higher than its past year's earnings growth of 8.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Asset Management industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 8.2% per year.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 8.4% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
SAVE NordnetSEK 268.601.6%
+SEK 1.0b		5.7%PE23.6x
AZA Avanza Bank HoldingSEK 337.101.7%
+SEK 899.5m		18.7%PE20.3x
CS CoinShares InternationalSEK 126.007.5%
+SEK 576.6m		42.4%PE7.2x
SEAF SeafireSEK 9.749.4%
+SEK 36.0m		82.4%PS0.5x
CASE Case GroupSEK 23.404.5%
+SEK 32.2m		34.5%PE20.4x

Latest News

RATO B
SEK 38.70
Ratos
7D
-1.4%
1Y
19.6%
SAVE
SEK 268.60
Nordnet
7D
1.6%
1Y
5.7%

SAVE: Future Returns Will Depend On Sustained Trading And Customer Activity

Analysts have kept their fair value estimate for Nordnet steady at €278.70, with only marginal tweaks to the discount rate, long term revenue growth, profit margin assumptions and future P/E. This reflects fine tuning of their models rather than a change in their overall view.
SEAF
SEK 9.74
Seafire
7D
9.4%
1Y
82.4%

Investors Continue Waiting On Sidelines For Seafire AB (publ) (STO:SEAF)

Jan 06
Investors Continue Waiting On Sidelines For Seafire AB (publ) (STO:SEAF)
AZA
SEK 337.10
Avanza Bank Holding
7D
1.7%
1Y
18.7%

AZA: Higher Margin Outlook Will Support Stronger Future Earnings Multiple

Analysts have lifted their price target on Avanza Bank Holding from SEK 405 to SEK 425, citing updated assumptions around revenue growth, profit margins, the discount rate, and a revised future P/E multiple. Valuation Changes Fair Value Estimate: raised from SEK 405 to SEK 425, a modest upward adjustment in the target range.
CS
SEK 126.00
CoinShares International
7D
7.5%
1Y
42.4%
CASE
SEK 23.40
Case Group
7D
4.5%
1Y
34.5%
VNV
SEK 21.06
VNV Global
7D
0.9%
1Y
13.0%
EQT
SEK 353.40
EQT
7D
-3.4%
1Y
5.1%

EQT: Modest Price Objective Revisions Will Shape Future Return Profile

Analysts have nudged their price targets on EQT higher, with recent updates pointing to a modest uplift of around SEK 5 to SEK 10 per share. This is driven by slightly stronger long term revenue growth assumptions and a marginally lower discount rate, even as expectations for profit margins remain broadly stable.
TRAC B
SEK 250.00
AB Traction
7D
-2.7%
1Y
-6.4%
VEFAB
SEK 2.20
VEF
7D
1.1%
1Y
17.0%
BURE
SEK 239.80
Bure Equity
7D
-2.9%
1Y
-36.7%
ROKO B
SEK 1,740.40
Röko
7D
-1.8%
1Y
n/a
LINC
SEK 63.20
Linc
7D
-5.4%
1Y
-31.5%
CAT B
SEK 28.45
Catella
7D
0.9%
1Y
4.6%
FLAT B
SEK 13.62
Flat Capital
7D
-4.2%
1Y
-15.7%
SPLTN
SEK 193.00
Investment AB Spiltan
7D
-1.9%
1Y
-12.3%