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Swedish (OMX) Industrials Sector Analysis

UpdatedFeb 26, 2026
DataAggregated Company Financials
Companies157
  • 7D0.9%
  • 3M13.2%
  • 1Y8.4%
  • YTD9.8%

Over the last 7 days, the Industrials industry has remained flat, although notably Sandvik gained 4.7%. The past year has been better, since the industry has gained 8.4% in that time. As for the next few years, earnings are expected to grow by 14% per annum.

Sector Valuation and Performance

Has the Swedish Industrials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Feb 2026SEK 5.1tSEK 2.5tSEK 165.9b24.9x30.5x2x
Sat, 24 Jan 2026SEK 4.8tSEK 2.5tSEK 172.2b25.3x28.1x1.9x
Mon, 22 Dec 2025SEK 4.5tSEK 2.5tSEK 172.2b25.1x26x1.8x
Wed, 19 Nov 2025SEK 4.2tSEK 2.5tSEK 172.1b23.6x24.6x1.7x
Fri, 17 Oct 2025SEK 4.4tSEK 2.5tSEK 175.5b23.7x24.8x1.7x
Sun, 14 Sep 2025SEK 4.3tSEK 2.5tSEK 175.5b23.5x24.7x1.7x
Tue, 12 Aug 2025SEK 4.2tSEK 2.4tSEK 173.0b24.2x24.4x1.7x
Thu, 10 Jul 2025SEK 4.3tSEK 2.5tSEK 183.9b23.8x23.3x1.7x
Sat, 07 Jun 2025SEK 4.3tSEK 2.5tSEK 183.8b24.3x23.3x1.7x
Mon, 05 May 2025SEK 4.2tSEK 2.5tSEK 181.8b22.3x23x1.7x
Wed, 02 Apr 2025SEK 4.2tSEK 2.5tSEK 185.6b21.6x22.8x1.7x
Fri, 28 Feb 2025SEK 4.6tSEK 2.5tSEK 185.9b24.2x24.8x1.8x
Sun, 26 Jan 2025SEK 4.5tSEK 2.5tSEK 183.8b23.7x24.4x1.8x
Tue, 24 Dec 2024SEK 4.1tSEK 2.5tSEK 183.7b23.1x22.6x1.7x
Thu, 21 Nov 2024SEK 4.1tSEK 2.5tSEK 185.1b23x22.3x1.6x
Sat, 19 Oct 2024SEK 4.4tSEK 2.5tSEK 181.9b23.7x24.1x1.7x
Mon, 16 Sep 2024SEK 4.3tSEK 2.5tSEK 185.8b23.4x23.1x1.7x
Wed, 14 Aug 2024SEK 4.2tSEK 2.5tSEK 189.0b23.8x22.3x1.7x
Fri, 12 Jul 2024SEK 4.4tSEK 2.5tSEK 186.1b25.5x23.4x1.7x
Sun, 09 Jun 2024SEK 4.4tSEK 2.5tSEK 185.9b25x23.9x1.8x
Tue, 07 May 2024SEK 4.3tSEK 2.5tSEK 188.7b23.2x22.7x1.7x
Thu, 04 Apr 2024SEK 4.2tSEK 2.5tSEK 191.6b22x22.2x1.7x
Sat, 02 Mar 2024SEK 4.1tSEK 2.5tSEK 192.2b21.9x21.5x1.6x
Mon, 29 Jan 2024SEK 3.9tSEK 2.5tSEK 192.8b20.3x20x1.5x
Wed, 27 Dec 2023SEK 4.0tSEK 2.5tSEK 182.1b19.3x21.8x1.6x
Fri, 24 Nov 2023SEK 3.7tSEK 2.5tSEK 182.0b18.2x20.2x1.5x
Sun, 22 Oct 2023SEK 3.3tSEK 2.5tSEK 182.1b16.2x18.1x1.3x
Tue, 19 Sep 2023SEK 3.6tSEK 2.4tSEK 176.1b17.9x20.2x1.5x
Thu, 17 Aug 2023SEK 3.6tSEK 2.4tSEK 174.2b18.3x20.5x1.5x
Sat, 15 Jul 2023SEK 3.6tSEK 2.4tSEK 168.3b18.4x21.7x1.5x
Mon, 12 Jun 2023SEK 3.8tSEK 2.4tSEK 167.9b19.1x22.6x1.6x
Wed, 10 May 2023SEK 3.7tSEK 2.3tSEK 165.5b18.9x22.5x1.6x
Fri, 07 Apr 2023SEK 3.6tSEK 2.2tSEK 156.3b19.6x22.8x1.6x
Sun, 05 Mar 2023SEK 3.7tSEK 2.2tSEK 156.1b19.7x23.6x1.6x
Price to Earnings Ratio

23.6x


Total Market Cap: SEK 3.7tTotal Earnings: SEK 156.1bTotal Revenue: SEK 2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Industrials Sector Price to Earnings3Y Average 23.1x202420252026
Current Industry PE
  • Investors are optimistic on the Swedish Industrials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 30.5x which is higher than its 3-year average PE of 23.1x.
  • The 3-year average PS ratio of 1.7x is lower than the industry's current PS ratio of 2.0x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 2.1% per year over the last three years.
  • Revenues for these companies have grown 3.2% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Swedish Industrials sector?

SE Market0.94%
Industrials0.90%
Marine and Shipping1.98%
Machinery1.80%
Trade Distributors1.68%
Construction1.37%
Industrials0.27%
Airlines0%0
Transportation0%0
Electrical-0.50%
Logistics-0.60%
Aerospace & Defense-0.93%
Professional Services-1.00%
Building-1.13%
Commercial Services-1.87%
Infrastructure-2.77%
Industry PE
  • Investors are most optimistic about the Electrical industry which is trading above its 3-year average PE ratio of 78.9x.
    • Analysts are expecting annual earnings growth of 24.3%, which is higher than its past year's earnings decline of 10.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Logistics industry, expecting annual earnings growth of 52% over the next 5 years.
  • In contrast, the Industrials industry is expected to see its earnings grow by 10% 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
SAND SandvikSEK 397.604.7%
+SEK 22.3b		67.6%PE34x
EPI A EpirocSEK 266.903.1%
+SEK 9.8b		23.1%PE37.5x
VOLV B AB VolvoSEK 349.801.2%
+SEK 8.3b		2.2%PE20.6x
ATCO A Atlas CopcoSEK 195.850.5%
+SEK 4.6b		5.4%PE36.1x
INDT IndutradeSEK 234.604.5%
+SEK 3.6b		-25.5%PE33.4x

Latest News

NIBE B
SEK 35.10
NIBE Industrier
7D
-10.9%
1Y
-14.9%
SAAB B
SEK 648.60
Saab
7D
-0.8%
1Y
109.8%
ENGCON B
SEK 68.00
engcon
7D
-4.2%
1Y
-37.7%

ENGCON B: Circularity Project Participation Will Support Long-Term Upside Potential

Analysts have trimmed their fair value estimate for engcon to about SEK 88 per share, down from roughly SEK 94. This reflects updated views on slightly softer revenue growth, profit margins and a higher discount rate, while keeping future P/E expectations broadly in line with prior assumptions.
SAND
SEK 397.60
Sandvik
7D
4.7%
1Y
67.6%

SAND: Higher Multiple Assumptions Will Likely Constrain Future Share Returns

Our updated fair value estimate for Sandvik moves to SEK 329.30 from SEK 282.56. This reflects analysts' refreshed price targets around SEK 350 and above, which are supported by assumptions of higher revenue growth, stronger profit margins, and a slightly richer future P/E multiple.
EPI A
SEK 266.90
Epiroc
7D
3.1%
1Y
23.1%

EPI A: Index Addition Will Coincide With Cautious Stance On Rich P/E

Analysts have nudged their fair value estimate for Epiroc slightly higher from SEK 232.45 to SEK 232.95, reflecting modest adjustments to the discount rate, long term revenue growth, profit margin assumptions, and future P/E expectations. What's in the News Epiroc AB (publ) has been added to the OMX Nordic 40 Index, which can influence how index funds and ETFs that track this benchmark gain exposure to the stock (Key Developments).
SKA B
SEK 274.60
Skanska
7D
1.5%
1Y
8.3%

SKA B: Refined Assumptions And New Projects Will Shape Future Margins

The analyst price target for Skanska has been adjusted from SEK 269 to about SEK 273. Analysts cited updated assumptions on fair value, discount rate, revenue growth, profit margins and future P/E following recent research where the target was raised by SEK 1.
VOLV B
SEK 349.80
AB Volvo
7D
1.2%
1Y
2.2%
ATCO A
SEK 195.85
Atlas Copco
7D
0.5%
1Y
5.4%

ATCO A: Acquisition Appetite And Split Cycle Views Will Shape Future Balance

Analysts have made only a modest adjustment to their SEK price targets on Atlas Copco, reflecting a mix of recent target increases and cuts, alongside broadly unchanged fair value assumptions and slightly tweaked inputs such as discount rate and future P/E expectations. Analyst Commentary Recent Street research on Atlas Copco shows a split view, with some analysts highlighting operational upside and others focusing on execution risks and valuation sensitivities.
EWRK
SEK 62.70
Ework Group
7D
-29.8%
1Y
-57.3%
INDT
SEK 234.60
Indutrade
7D
4.5%
1Y
-25.5%

INDT: Fair Outlook Will Balance Higher Discount Rate And Acquisition Pipeline

Analysts have revised their SEK 230.00 price target for Indutrade to reflect slightly updated assumptions for the discount rate, revenue growth and profit margin, indicating a refreshed but broadly unchanged view on the shares. Analyst Commentary Recent research around the SEK 230.00 target highlights that, while the headline number is unchanged, some inputs behind the valuation have shifted, including the discount rate, revenue growth assumptions and margin expectations.
ALFA
SEK 530.20
Alfa Laval
7D
1.6%
1Y
11.4%

ALFA: Rising P E Multiples Will Face Heightened Execution Risk Ahead

Alfa Laval's analyst price target has been adjusted from SEK 420 to SEK 425, as analysts factor in updated fair value, discount rate, revenue growth, profit margin and P/E assumptions following mixed target revisions from Deutsche Bank and JPMorgan. Analyst Commentary The latest Street research on Alfa Laval highlights a mixed but increasingly valuation-conscious setup, with recent target moves reflecting both optimism and caution around execution and earnings quality.
FAG
SEK 29.35
Fagerhult Group
7D
-8.6%
1Y
-38.3%
TREL B
SEK 399.60
Trelleborg
7D
2.4%
1Y
-6.3%

TREL B: Future View Will Weigh Dividend Proposal Against Refined Market Expectations

Analysts have nudged their Trelleborg price targets slightly lower, trimming them by around SEK 5 to SEK 10 per share, as they reassess valuation assumptions while maintaining broadly constructive views on the company. Analyst Commentary Recent Street research around Trelleborg has focused on refining price targets rather than changing the overall stance on the shares.
IVSO
SEK 310.00
Invisio
7D
-3.1%
1Y
-19.9%
VSURE
€9.38
Verisure
7D
-6.4%
1Y
n/a
INTRUM
SEK 37.52
Intrum
7D
-16.3%
1Y
22.3%