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Swedish (OMX) Industrials Sector Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies159
  • 7D1.2%
  • 3M-1.5%
  • 1Y2.7%
  • YTD-2.7%

The Industrials industry has gained 1.2% in the last week and Sandvik up 2.9%. During this same period, the Saab underperformed, falling 8.8%. Despite this gain, the industry's performance has been flat over the past year. Looking forward, earnings are forecast to grow by 14% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Mar 2026SEK 4.5tSEK 2.5tSEK 166.8b23.2x26.9x1.8x
Sun, 22 Feb 2026SEK 5.1tSEK 2.5tSEK 165.9b25x30.5x2.1x
Tue, 20 Jan 2026SEK 4.8tSEK 2.5tSEK 172.2b25.8x27.8x1.9x
Thu, 18 Dec 2025SEK 4.4tSEK 2.5tSEK 172.2b24.8x25.6x1.8x
Sat, 15 Nov 2025SEK 4.4tSEK 2.5tSEK 171.8b24.4x25.4x1.7x
Mon, 13 Oct 2025SEK 4.3tSEK 2.5tSEK 175.5b23.1x24.8x1.7x
Wed, 10 Sep 2025SEK 4.3tSEK 2.5tSEK 175.5b23.3x24.6x1.7x
Fri, 08 Aug 2025SEK 4.3tSEK 2.4tSEK 173.0b24.3x24.7x1.8x
Sun, 06 Jul 2025SEK 4.2tSEK 2.5tSEK 183.9b23.7x23x1.7x
Tue, 03 Jun 2025SEK 4.2tSEK 2.5tSEK 183.8b22.8x22.6x1.6x
Thu, 01 May 2025SEK 4.1tSEK 2.5tSEK 181.5b21.5x22.6x1.6x
Sat, 29 Mar 2025SEK 4.3tSEK 2.5tSEK 185.6b21.8x23.1x1.7x
Mon, 24 Feb 2025SEK 4.6tSEK 2.5tSEK 185.9b24.8x24.9x1.8x
Wed, 22 Jan 2025SEK 4.4tSEK 2.5tSEK 183.7b23.7x23.8x1.7x
Fri, 20 Dec 2024SEK 4.2tSEK 2.5tSEK 183.7b23.3x22.6x1.7x
Sun, 17 Nov 2024SEK 4.2tSEK 2.5tSEK 185.1b23.2x22.7x1.7x
Tue, 15 Oct 2024SEK 4.4tSEK 2.5tSEK 185.3b23.5x23.7x1.7x
Thu, 12 Sep 2024SEK 4.2tSEK 2.5tSEK 185.8b24.1x22.5x1.7x
Sat, 10 Aug 2024SEK 4.2tSEK 2.5tSEK 189.0b24.5x22.1x1.7x
Mon, 08 Jul 2024SEK 4.3tSEK 2.5tSEK 186.1b24.7x23.2x1.7x
Wed, 05 Jun 2024SEK 4.4tSEK 2.5tSEK 186.4b25.4x23.5x1.7x
Fri, 03 May 2024SEK 4.2tSEK 2.5tSEK 189.1b22.6x22.2x1.7x
Sun, 31 Mar 2024SEK 4.2tSEK 2.5tSEK 191.6b21.9x22.2x1.7x
Tue, 27 Feb 2024SEK 4.1tSEK 2.5tSEK 192.2b22.6x21.4x1.6x
Thu, 25 Jan 2024SEK 3.9tSEK 2.5tSEK 182.0b20.2x21.2x1.5x
Sat, 23 Dec 2023SEK 4.0tSEK 2.5tSEK 182.1b19.3x21.8x1.6x
Mon, 20 Nov 2023SEK 3.6tSEK 2.5tSEK 182.0b18.1x19.9x1.5x
Wed, 18 Oct 2023SEK 3.5tSEK 2.4tSEK 176.1b16.5x19.8x1.4x
Fri, 15 Sep 2023SEK 3.5tSEK 2.4tSEK 176.1b17.9x20x1.4x
Sun, 13 Aug 2023SEK 3.6tSEK 2.4tSEK 174.6b18.8x20.7x1.5x
Tue, 11 Jul 2023SEK 3.7tSEK 2.4tSEK 167.9b18.4x21.8x1.6x
Thu, 08 Jun 2023SEK 3.8tSEK 2.3tSEK 167.4b19.3x22.8x1.6x
Sat, 06 May 2023SEK 3.8tSEK 2.3tSEK 165.5b19.4x22.7x1.6x
Mon, 03 Apr 2023SEK 3.7tSEK 2.2tSEK 156.3b19.9x23.8x1.7x
Price to Earnings Ratio

23.8x


Total Market Cap: SEK 3.7tTotal Earnings: SEK 156.3bTotal Revenue: SEK 2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Industrials Sector Price to Earnings3Y Average 23.2x202420252026
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 26.9x which is higher than its 3-year average PE of 23.2x.
  • The industry is trading close to its 3-year average PS ratio of 1.7x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 2.2% 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 Market-0.37%
Industrials1.16%
Building4.74%
Commercial Services2.69%
Electrical2.14%
Trade Distributors2.03%
Machinery1.87%
Marine and Shipping1.74%
Professional Services1.17%
Industrials0.35%
Infrastructure0.19%
Construction0.077%
Airlines0%0
Transportation0%0
Logistics-0.77%
Aerospace & Defense-8.55%
Industry PE
  • Investors are most optimistic about the Electrical industry which is trading above its 3-year average PE ratio of 79.8x.
    • Analysts are expecting annual earnings growth of 24.2%, 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 347.402.9%
+SEK 12.2b		55.2%PE29.7x
ASSA B ASSA ABLOYSEK 332.703.4%
+SEK 12.0b		11.5%PE25.1x
ATCO A Atlas CopcoSEK 162.101.5%
+SEK 11.4b		-2.6%PE29.9x
VOLV B AB VolvoSEK 300.401.9%
+SEK 11.4b		-2.0%PE17.7x
NIBE B NIBE IndustrierSEK 37.2813.5%
+SEK 8.9b		-6.8%PE33x

Latest News

NIBE B
SEK 37.28
NIBE Industrier
7D
13.5%
1Y
-6.8%
BEIJ B
SEK 128.65
Beijer Ref
7D
-0.8%
1Y
-11.0%

BEIJ B: Proposed 2025 Dividend Increase And Split Payouts Will Support Outlook

Analysts have nudged their fair value estimate for Beijer Ref slightly higher to about SEK 173.17 from roughly SEK 172.83, reflecting updated views on the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News The Board of Directors of Beijer Ref AB (publ) has proposed a dividend of SEK 1.50 per share for the year 2025, compared with SEK 1.40 previously.
VSURE
€8.94
Verisure
7D
3.1%
1Y
n/a

Low Penetration And AI Efficiencies Will Support Long Duration Subscription Cash Flows

Catalysts About Verisure Verisure provides monitored security systems and services to households and small businesses on a subscription basis. What are the underlying business or industry changes driving this perspective?
EPI A
SEK 226.70
Epiroc
7D
3.2%
1Y
8.1%

EPI A: Africa Automation Order Will Support Steady Stance On Rich P/E

Analysts have raised their price target for Epiroc to SEK 238.58 from SEK 235.95, reflecting updated assumptions about revenue growth, profit margin and future P/E inputs in their models. What's in the News Epiroc secured a large order in Africa for autonomous and electric surface mining equipment, focused on productivity and sustainability in mining and infrastructure (Key Developments).
EPRO B
SEK 49.20
Electrolux Professional
7D
-8.2%
1Y
-23.0%
SAND
SEK 347.40
Sandvik
7D
2.9%
1Y
55.2%

SAND: Elevated P/E Assumptions Will Expose Mining Cycle Execution Risk

The updated analyst price target for Sandvik now reflects a fair value estimate of SEK 226.86, up from SEK 216.17, with analysts pointing to higher Street targets in the SEK 355 to SEK 404 range and slightly revised assumptions for growth, profitability, and future P/E multiples. Analyst Commentary Recent Street research around Sandvik presents a split picture, with several higher price targets on one side and more cautious positioning on the other.
ATCO A
SEK 162.10
Atlas Copco
7D
1.5%
1Y
-2.6%
LATO B
SEK 192.85
Investment AB Latour
7D
-0.4%
1Y
-31.0%
ASSA B
SEK 332.70
ASSA ABLOY
7D
3.4%
1Y
11.5%

ASSA B: European Construction Recovery Expectations Will Support More Optimistic Rating Shift

ASSA ABLOY’s analyst price target has been raised to SEK 466, reflecting analysts’ updated fair value assumptions, a slightly lower discount rate, modestly higher expected revenue growth and a higher future P/E multiple, partly offset by a marginally lower profit margin assumption. Analyst Commentary Recent Street research on ASSA ABLOY shows a mix of constructive and cautious views around the updated SEK 466 price target, with opinions largely centered on how the company might execute against its growth opportunities and how the current valuation reflects those expectations.
SKF B
SEK 221.70
AB SKF
7D
3.1%
1Y
4.7%

SKF B: Mixed Rating Shifts Will Support Constructive SEK 260 Upside Potential

Analysts have made a modest upward shift in the SEK price target for AB SKF, with recent SEK 260 updates described in the context of mixed rating changes and revised expectations for margins, discount rates and future P/E multiples. Analyst Commentary Recent research on AB SKF reflects a mixed backdrop, with some firms adjusting price targets higher toward SEK 260 while several large houses have moved to more cautious ratings.
MILDEF
SEK 115.80
MilDef Group
7D
-8.5%
1Y
-44.9%

MILDEF: Future Dividend And Steady Assumptions Will Support Long Term Upside

Analysts have kept their SEK price target for MilDef Group steady, with minor tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E. These adjustments reflect updated assumptions rather than a change in the overall valuation view.
VOLV B
SEK 300.40
AB Volvo
7D
1.9%
1Y
-2.0%

VOLV B: Prolonged Truck Downturn Will Likely Undermine Elevated Future Earnings Expectations

Analysts have nudged the fair value estimate for AB Volvo up to SEK 250 from SEK 245, reflecting recent target increases across several firms while still accounting for mixed views on truck cycle strength and valuation, including higher assumed future P/E multiples and modest adjustments to growth, margins and discount rates. Analyst Commentary Recent Street research on AB Volvo shows a mix of optimism on valuation and caution on the truck cycle and execution risk.
SAAB B
SEK 613.80
Saab
7D
-8.8%
1Y
51.8%

SAAB B: Higher P/E And Cautious Ratings Will Shape Execution Risk

Narrative Update The analyst price target for Saab has been updated to SEK 604.45 from SEK 595.82, reflecting recent Street research in which analysts raised their targets into a range of SEK 516 to SEK 540 while generally maintaining cautious ratings on the shares. Analyst Commentary Recent Street research on Saab shows higher price targets clustered around the low SEK 500s, but with ratings that remain generally cautious.
PEAB B
SEK 94.55
Peab
7D
-1.4%
1Y
20.8%
IVSO
SEK 260.50
Invisio
7D
-5.4%
1Y
-34.5%
SWEC B
SEK 132.30
Sweco
7D
-1.4%
1Y
-28.5%