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Swedish (OMX) Industrials Sector Analysis

UpdatedFeb 10, 2026
DataAggregated Company Financials
Companies157
  • 7D3.0%
  • 3M12.4%
  • 1Y11.6%
  • YTD9.9%

In the last week, the Industrials industry is up 2.5%, with Sandvik leading the way, up 7.4%. Meanwhile, Verisure actually underperformed within the industry, shrinking 7.0% in the last week. This means that the industry has gained 11% over the past year. 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
Tue, 10 Feb 2026SEK 5.0tSEK 2.5tSEK 166.2b25.1x30.2x2x
Thu, 08 Jan 2026SEK 4.7tSEK 2.5tSEK 172.2b26x27.5x1.9x
Sat, 06 Dec 2025SEK 4.5tSEK 2.5tSEK 172.2b25.2x26.3x1.8x
Mon, 03 Nov 2025SEK 4.4tSEK 2.5tSEK 172.2b24.5x25.8x1.8x
Wed, 01 Oct 2025SEK 4.3tSEK 2.5tSEK 175.5b23.3x24.4x1.7x
Fri, 29 Aug 2025SEK 4.3tSEK 2.5tSEK 175.5b23.7x24.7x1.7x
Sun, 27 Jul 2025SEK 4.3tSEK 2.4tSEK 172.8b24.8x25x1.8x
Tue, 24 Jun 2025SEK 4.1tSEK 2.5tSEK 184.0b22.7x22.2x1.6x
Thu, 22 May 2025SEK 4.3tSEK 2.5tSEK 184.0b22.6x23.4x1.7x
Sat, 19 Apr 2025SEK 3.9tSEK 2.5tSEK 188.1b20.3x20.9x1.6x
Mon, 17 Mar 2025SEK 4.5tSEK 2.5tSEK 185.7b23.4x24.4x1.8x
Wed, 12 Feb 2025SEK 4.5tSEK 2.5tSEK 185.7b23.5x24.3x1.8x
Fri, 10 Jan 2025SEK 4.2tSEK 2.5tSEK 183.7b24x23.1x1.7x
Sun, 08 Dec 2024SEK 4.4tSEK 2.5tSEK 183.9b23.1x24x1.8x
Tue, 05 Nov 2024SEK 4.3tSEK 2.5tSEK 181.7b23.5x23.7x1.7x
Thu, 03 Oct 2024SEK 4.4tSEK 2.5tSEK 185.3b23.2x24x1.8x
Sat, 31 Aug 2024SEK 4.4tSEK 2.5tSEK 185.8b24.9x23.8x1.7x
Mon, 29 Jul 2024SEK 4.4tSEK 2.5tSEK 189.0b25.4x23.2x1.7x
Wed, 26 Jun 2024SEK 4.3tSEK 2.5tSEK 186.0b24.7x23.1x1.7x
Fri, 24 May 2024SEK 4.5tSEK 2.5tSEK 186.3b24.2x24.3x1.8x
Sun, 21 Apr 2024SEK 4.1tSEK 2.5tSEK 192.7b21.3x21.5x1.6x
Tue, 19 Mar 2024SEK 4.2tSEK 2.5tSEK 192.1b21.6x22x1.7x
Thu, 15 Feb 2024SEK 4.0tSEK 2.5tSEK 193.1b21.2x20.5x1.6x
Sat, 13 Jan 2024SEK 3.9tSEK 2.5tSEK 182.0b20.8x21.3x1.6x
Mon, 11 Dec 2023SEK 3.8tSEK 2.5tSEK 182.2b18.8x20.9x1.5x
Wed, 08 Nov 2023SEK 3.4tSEK 2.5tSEK 184.4b16.5x18.6x1.4x
Fri, 06 Oct 2023SEK 3.4tSEK 2.4tSEK 176.1b17.2x19.4x1.4x
Sun, 03 Sep 2023SEK 3.6tSEK 2.4tSEK 176.1b18.3x20.2x1.5x
Tue, 01 Aug 2023SEK 3.7tSEK 2.4tSEK 174.7b19.2x21.3x1.5x
Thu, 29 Jun 2023SEK 3.7tSEK 2.4tSEK 167.9b19x21.9x1.6x
Sat, 27 May 2023SEK 3.8tSEK 2.4tSEK 167.7b18.7x22.4x1.6x
Mon, 24 Apr 2023SEK 3.7tSEK 2.3tSEK 162.6b20.2x22.8x1.6x
Wed, 22 Mar 2023SEK 3.6tSEK 2.2tSEK 156.1b19.4x22.8x1.6x
Fri, 17 Feb 2023SEK 3.7tSEK 2.2tSEK 156.4b20.6x23.7x1.7x
Price to Earnings Ratio

23.7x


Total Market Cap: SEK 3.7tTotal Earnings: SEK 156.4bTotal Revenue: SEK 2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Industrials Sector Price to Earnings3Y Average 23x202420252026
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 30.1x which is higher than its 3-year average PE of 23.0x.
  • 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 2.0% per year over the last three years.
  • Revenues for these companies have grown 3.3% 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 Market1.62%
Industrials2.99%
Building7.82%
Trade Distributors6.97%
Marine and Shipping6.87%
Machinery3.18%
Electrical2.19%
Industrials2.13%
Infrastructure0.64%
Airlines0%0
Transportation0%0
Aerospace & Defense-0.57%
Commercial Services-0.97%
Construction-1.04%
Professional Services-4.35%
Logistics-11.36%
Industry PE
  • Investors are most optimistic about the Electrical industry which is trading above its 3-year average PE ratio of 70.4x.
    • Analysts are expecting annual earnings growth of 27.9%, which is higher than its past year's earnings decline of 36.9% 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 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
SAND SandvikSEK 379.707.4%
+SEK 33.0b		65.8%PE32.4x
ASSA B ASSA ABLOYSEK 392.207.7%
+SEK 31.0b		19.9%PE29.6x
VOLV B AB VolvoSEK 342.903.8%
+SEK 25.4b		9.7%PE20.2x
EPI A EpirocSEK 269.106.4%
+SEK 19.5b		27.4%PE37.8x
ATCO A Atlas CopcoSEK 189.601.3%
+SEK 11.4b		2.2%PE35x

Latest News

SAAB B
SEK 670.90
Saab
7D
-1.4%
1Y
207.3%
XANO B
SEK 65.00
XANO Industri
7D
-32.6%
1Y
17.1%
EPI A
SEK 269.10
Epiroc
7D
6.4%
1Y
27.4%

EPI A: Index Inclusion Will Coincide With Cautious View On Rich P E

Analysts now set their price target for Epiroc at SEK 232.45, up from SEK 220.80. This reflects updated assumptions for slightly higher revenue growth, profit margins and future P/E multiples.
NIBE B
SEK 37.22
NIBE Industrier
7D
9.0%
1Y
-17.8%

NIBE B: Index Removal Will Likely Highlight Fragile Earnings Assumptions

Analysts have nudged their price target for NIBE Industrier slightly higher to €31.30. This reflects modest tweaks to their models around discount rate, revenue growth assumptions and profit margins, while the forward P/E view remains broadly unchanged.
ASSA B
SEK 392.20
ASSA ABLOY
7D
7.7%
1Y
19.9%

ASSA B: Higher Fair Value Will Reflect Stronger Earnings Execution Confidence

Narrative Update The analyst fair value estimate for ASSA ABLOY moves from SEK 410.00 to SEK 440.00. This reflects updated views from analysts who have recently adjusted their price targets and growth assumptions while keeping a relatively similar future P/E framework.
NOLA B
SEK 52.20
Nolato
7D
-10.6%
1Y
-18.8%

Nolato (STO:NOLA B) Has Announced That It Will Be Increasing Its Dividend To SEK1.70

Feb 08
Nolato (STO:NOLA B) Has Announced That It Will Be Increasing Its Dividend To SEK1.70
SKA B
SEK 262.90
Skanska
7D
-4.3%
1Y
1.6%

SKA B: Cautious Order Book Execution Will Likely Pressure An Optimistic P/E

Analysts have lifted their price target on Skanska by SEK 1, citing updated assumptions around revenue growth, profit margins, the discount rate, and future P/E expectations. Analyst Commentary While the latest SEK 1 price target adjustment is modest, it reflects a wider set of cautious signals that some bearish analysts are flagging around Skanska's valuation, execution, and growth assumptions.
ADDT B
SEK 326.40
Addtech AB (publ.)
7D
10.6%
1Y
-1.2%
VOLV B
SEK 342.90
AB Volvo
7D
3.8%
1Y
9.7%

VOLV B: Truck Cycle Uncertainty And Tariff Support Will Shape Medium-Term Returns

Analysts have lifted their price targets on AB Volvo, with the updated fair value estimate moving from SEK 288.51 to about SEK 323.56. This change reflects higher assumed revenue growth, a slightly lower discount rate, and a higher future P/E multiple, broadly in line with recent target increases from major banks.
TROAX
SEK 98.30
Troax Group
7D
-33.0%
1Y
-53.5%

TROAX: Centralised Swedish Production Will Drive Future Efficiency And Earnings Repricing

Analysts have lowered their price target for Troax Group from about SEK 194.74 to about SEK 180.90, citing updated assumptions that combine higher projected revenue growth and a richer future P/E multiple with a lower profit margin and a slightly higher discount rate. What's in the News The Board of Directors suggests a dividend of €0.24 per share for the period January to December 2025, compared with €0.34 previously.
ATCO A
SEK 189.60
Atlas Copco
7D
1.3%
1Y
2.2%

ATCO A: Acquisition Push And Mixed Cycle Views Will Shape Balanced Outlook

Analysts have lifted their fair value estimate for Atlas Copco from SEK 191.80 to SEK 193.25, reflecting updated revenue growth and P/E assumptions after a mix of recent target raises, trims and rating changes across the Street. Analyst Commentary Recent research on Atlas Copco has been mixed, with both valuation upgrades and downgrades coming through in quick succession.
INDT
SEK 232.60
Indutrade
7D
7.5%
1Y
-24.5%

Quintessential serial acquirer

1. The Decentralized Compounder Indutrade’s narrative is built on the Swedish Serial Acquirer model, a story of stability through extreme diversification De-centralization: Unlike traditional conglomerates that centralize power, Indutrade’s narrative is small is beautiful.
HUSQ B
SEK 44.14
Husqvarna
7D
-5.4%
1Y
-18.3%
ALFA
SEK 510.40
Alfa Laval
7D
-3.3%
1Y
9.1%

ALFA: Future Margin Resilience Will Support Higher Fair Value Estimate

Analysts have revised their fair value estimate for Alfa Laval from SEK 530 to SEK 570, citing updated assumptions for revenue growth, profit margins and future P/E expectations. Analyst Commentary Recent research shows a mix of views around Alfa Laval, with some adjustments to price targets and assumptions feeding into the revised fair value estimate of SEK 570.
SAND
SEK 379.70
Sandvik
7D
7.4%
1Y
65.8%
VSURE
€12.84
Verisure
7D
-7.0%
1Y
n/a