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Swedish (OMX) Industrials Sector Analysis

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies157
  • 7D-0.1%
  • 3M7.7%
  • 1Y9.9%
  • YTD5.1%

In the last week, the Industrials industry is up 2.0%, with Atlas Copco up 5.2%. In the last 12 months, the industry was up 12%. As for the next few years, earnings are expected to grow by 15% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Wed, 01 Mar 2023SEK 3.6tSEK 2.2tSEK 156.0b20x23.2x1.6x
Fri, 27 Jan 2023SEK 3.6tSEK 2.2tSEK 156.3b19.3x22.7x1.6x
Price to Earnings Ratio

22.7x


Total Market Cap: SEK 3.6tTotal Earnings: SEK 156.3bTotal Revenue: SEK 2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Industrials Sector Price to Earnings3Y Average 22.9x202420252026
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 28.4x which is higher than its 3-year average PE of 22.9x.
  • 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 2.2% per year over the last three years.
  • Revenues for these companies have grown 5.2% 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-0.82%
Industrials-0.14%
Aerospace & Defense3.99%
Machinery0.56%
Marine and Shipping0.038%
Airlines0%0
Transportation0%0
Building-0.23%
Construction-1.88%
Infrastructure-1.96%
Commercial Services-2.06%
Electrical-2.80%
Industrials-3.07%
Professional Services-3.42%
Logistics-4.06%
Trade Distributors-5.72%
Industry PE
  • Investors are most optimistic about the Marine and Shipping industry which is trading above its 3-year average PE ratio of 47.1x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
  • Analysts are most optimistic on the Logistics industry, expecting annual earnings growth of 111% over the next 5 years.
  • In contrast, the Machinery 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
ATCO A Atlas CopcoSEK 186.802.8%
+SEK 25.1b		0.5%PE33x
SAAB B SaabSEK 723.304.0%
+SEK 14.8b		225.1%PE74.9x
SAND SandvikSEK 320.501.3%
+SEK 5.1b		52.7%PE27.2x
ASSA B ASSA ABLOYSEK 369.001.0%
+SEK 4.2b		9.8%PE27.9x
EPI A EpirocSEK 225.600.5%
+SEK 1.3b		11.0%PE31.7x

Latest News

IVSO
SEK 313.00
Invisio
7D
4.0%
1Y
12.2%

Are Investors Undervaluing Invisio AB (publ) (STO:IVSO) By 22%?

Jan 20
Are Investors Undervaluing Invisio AB (publ) (STO:IVSO) By 22%?
ASSA B
SEK 369.00
ASSA ABLOY
7D
1.0%
1Y
9.8%

ASSA ABLOY AB (publ)'s (STO:ASSA B) Share Price Could Signal Some Risk

Jan 18
ASSA ABLOY AB (publ)'s (STO:ASSA B) Share Price Could Signal Some Risk
SKF B
SEK 249.40
AB SKF
7D
0.4%
1Y
13.1%
MILDEF
SEK 151.30
MilDef Group
7D
11.3%
1Y
22.2%

Should You Investigate MilDef Group AB (publ) (STO:MILDEF) At kr145?

Jan 16
Should You Investigate MilDef Group AB (publ) (STO:MILDEF) At kr145?
SAAB B
SEK 723.30
Saab
7D
4.0%
1Y
225.1%
BEIJ B
SEK 136.95
Beijer Ref
7D
-5.5%
1Y
-17.9%

Is Beijer Ref AB (publ) (STO:BEIJ B) Potentially Undervalued?

Jan 14
Is Beijer Ref AB (publ) (STO:BEIJ B) Potentially Undervalued?
ADDT B
SEK 301.20
Addtech AB (publ.)
7D
-7.8%
1Y
-3.0%

ADDT B: Reorganisation Will Support Expansion As Shares Look Increasingly Attractive

Analysts have nudged their fair value estimate for Addtech AB (publ.) from SEK 370.60 to about SEK 372.17. This reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E levels.
INDT
SEK 226.60
Indutrade
7D
-3.5%
1Y
-24.3%

Slowing Rates Of Return At Indutrade (STO:INDT) Leave Little Room For Excitement

Jan 12
Slowing Rates Of Return At Indutrade (STO:INDT) Leave Little Room For Excitement
EPI A
SEK 225.60
Epiroc
7D
0.5%
1Y
11.0%

EPI A: Index Inclusion And Autonomous Mining Will Support Balanced Outlook

Analysts have nudged their fair value estimate for Epiroc higher from SEK 208.50 to about SEK 213.11, citing updated assumptions around the discount rate, revenue growth, profit margins and future P/E that modestly reshape their overall valuation framework. What's in the News Epiroc AB (publ) is being added to the OMX Nordic 40 Index, reflecting its inclusion in a major regional benchmark index (Index Constituent Adds).
SAND
SEK 320.50
Sandvik
7D
1.3%
1Y
52.7%

SAND: Higher P/E Assumptions Will Expose Execution Risk Going Forward

Analysts have lifted their price target on Sandvik from about SEK 177 to SEK 212, reflecting updated assumptions on growth, profitability and P/E that are in line with recent target increases from Citi, RBC and Rothschild & Co Redburn. Analyst Commentary Recent Street research around Sandvik has centered on refreshed price targets and rating changes, giving you a clearer sense of how the market is framing risk and reward.
NIBE B
SEK 35.10
NIBE Industrier
7D
-5.7%
1Y
-16.8%

NIBE B: Future Upside Will Stem From Reassessed Risk And Earnings Multiple

Narrative update on NIBE Industrier Analysts have nudged their fair value estimate for NIBE Industrier slightly lower to SEK 44.63 from SEK 44.73, citing refreshed assumptions around discount rate, revenue growth, profit margin and future P/E, alongside a recent upgrade to Buy from Hold with a SEK 48 price target in wider Street research. Analyst Commentary Recent Street research, including the latest upgrade and SEK 48 price target, gives you a sense of how analysts are framing the risk and reward around NIBE Industrier at current levels.
SKA B
SEK 269.60
Skanska
7D
-1.5%
1Y
15.4%

SKA B: Fair Outlook Will Rely On Execution In Major Infrastructure Projects

Analysts have nudged their fair value estimate for Skanska to SEK 295 from SEK 285, citing updated assumptions on revenue growth, profit margins and a more conservative future P/E multiple that aligns with recent Street target moves, such as the shift to SEK 270. Analyst Commentary Recent Street commentary around Skanska has tilted more constructive, with price targets moving higher and fair value work edging up in tandem.
VOLV B
SEK 306.50
AB Volvo
7D
-1.2%
1Y
6.4%

VOLV B: Future Earnings May Be Constrained By Truck Cycle Execution Risk

Analysts have lifted their AB Volvo price expectations into a higher SEK 290 to SEK 333 range, pointing to tariff advantages, new truck launches, and potential benefits to construction equipment from lower rates and German stimulus as key support for the updated targets. Analyst Commentary Recent Street research on AB Volvo reflects a mixed backdrop, with some firms lifting targets into the SEK 290 to SEK 333 range while others trim estimates and stay more cautious.
ATCO A
SEK 186.80
Atlas Copco
7D
2.8%
1Y
0.5%

ATCO A: Acquisition Firepower And Cycle Risks Will Shape Balanced Outlook

The analyst price target for Atlas Copco has been raised by about SEK 1.76 to SEK 177.35, as analysts factor in shifts in end market conditions, differing views on the pace of recovery and equipment risk, and updated assumptions for growth, margins, discount rate, and future P/E. Analyst Commentary Recent research views on Atlas Copco show a clear split, with some analysts lifting ratings and targets, while others are turning more cautious and trimming their expectations.
LIFCO B
SEK 319.40
Lifco
7D
-6.4%
1Y
-6.9%

LIFCO B: Low Leverage And Acquisitions Will Support Steady Long Term Outlook

Analysts have nudged their price target on Lifco higher to SEK384.40 from SEK380.50, citing updated assumptions that include slightly adjusted revenue growth expectations, a modestly higher projected profit margin, a small change in the discount rate and a marginally higher future P/E multiple. What's in the News Lifco AB highlights interest bearing net debt to EBITDA at 1.3x, which management describes as a low level that supports continued acquisition activity (Third Quarter Report 2025).
VSURE
€14.64
Verisure
7D
-3.2%
1Y
n/a