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Swedish (OMX) Industrials Sector Analysis

UpdatedMar 11, 2026
DataAggregated Company Financials
Companies157
  • 7D-0.9%
  • 3M6.4%
  • 1Y8.2%
  • YTD4.5%

Over the last 7 days, the Industrials industry has dropped 7.0%, driven by a pullback from ASSA ABLOY of 6.2%. In contrast, Saab has gained 6.0%. As for the longer term, the industry's performance has been flat for 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
Wed, 11 Mar 2026SEK 4.8tSEK 2.5tSEK 167.0b23.8x28.8x2x
Fri, 06 Feb 2026SEK 5.0tSEK 2.5tSEK 166.9b24.4x29.7x2x
Sun, 04 Jan 2026SEK 4.6tSEK 2.5tSEK 172.2b25.6x26.4x1.8x
Tue, 02 Dec 2025SEK 4.4tSEK 2.5tSEK 172.2b24.5x25.6x1.8x
Thu, 30 Oct 2025SEK 4.5tSEK 2.5tSEK 173.0b25.3x25.9x1.8x
Sat, 27 Sep 2025SEK 4.3tSEK 2.5tSEK 175.5b23x24.3x1.7x
Mon, 25 Aug 2025SEK 4.4tSEK 2.5tSEK 175.5b23.4x25.1x1.8x
Wed, 23 Jul 2025SEK 4.2tSEK 2.4tSEK 171.1b23.6x24.6x1.7x
Fri, 20 Jun 2025SEK 4.1tSEK 2.5tSEK 184.0b22.3x22.3x1.6x
Sun, 18 May 2025SEK 4.3tSEK 2.5tSEK 183.8b23.1x23.5x1.7x
Tue, 15 Apr 2025SEK 3.9tSEK 2.5tSEK 185.7b20.6x21.2x1.6x
Thu, 13 Mar 2025SEK 4.5tSEK 2.5tSEK 187.3b23x23.9x1.8x
Sat, 08 Feb 2025SEK 4.5tSEK 2.5tSEK 185.4b23.3x24.1x1.8x
Mon, 06 Jan 2025SEK 4.2tSEK 2.5tSEK 183.7b23.7x22.8x1.7x
Wed, 04 Dec 2024SEK 4.3tSEK 2.5tSEK 183.9b23.1x23.5x1.7x
Fri, 01 Nov 2024SEK 4.3tSEK 2.5tSEK 181.8b23.3x23.7x1.7x
Sun, 29 Sep 2024SEK 4.5tSEK 2.5tSEK 185.3b23.7x24.3x1.8x
Tue, 27 Aug 2024SEK 4.3tSEK 2.5tSEK 186.3b24.2x23.3x1.7x
Thu, 25 Jul 2024SEK 4.4tSEK 2.5tSEK 189.3b24.7x23.1x1.7x
Sat, 22 Jun 2024SEK 4.3tSEK 2.5tSEK 186.0b25.6x23.4x1.7x
Mon, 20 May 2024SEK 4.4tSEK 2.5tSEK 186.2b23.9x23.7x1.8x
Wed, 17 Apr 2024SEK 4.3tSEK 2.5tSEK 191.4b22.2x22.2x1.7x
Fri, 15 Mar 2024SEK 4.2tSEK 2.5tSEK 192.1b21.8x22x1.7x
Sun, 11 Feb 2024SEK 3.9tSEK 2.5tSEK 193.2b20.6x20.4x1.6x
Tue, 09 Jan 2024SEK 3.9tSEK 2.5tSEK 182.1b20.7x21.2x1.5x
Thu, 07 Dec 2023SEK 3.8tSEK 2.5tSEK 182.0b18.5x20.9x1.5x
Sat, 04 Nov 2023SEK 3.5tSEK 2.5tSEK 184.5b16.4x18.8x1.4x
Mon, 02 Oct 2023SEK 3.5tSEK 2.4tSEK 176.1b17.8x19.8x1.4x
Wed, 30 Aug 2023SEK 3.6tSEK 2.4tSEK 176.1b18.1x20.3x1.5x
Fri, 28 Jul 2023SEK 3.7tSEK 2.4tSEK 174.6b19.2x21.2x1.5x
Sun, 25 Jun 2023SEK 3.7tSEK 2.4tSEK 167.9b18.8x21.9x1.6x
Tue, 23 May 2023SEK 3.8tSEK 2.3tSEK 167.5b19.3x22.7x1.6x
Thu, 20 Apr 2023SEK 3.7tSEK 2.2tSEK 156.3b20.6x23.9x1.7x
Sat, 18 Mar 2023SEK 3.4tSEK 2.2tSEK 156.1b18.9x22x1.5x
Price to Earnings Ratio

22x


Total Market Cap: SEK 3.4tTotal 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 27.9x 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 1.9x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 2.3% 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 Market0.33%
Industrials-0.93%
Aerospace & Defense5.63%
Electrical2.89%
Marine and Shipping1.87%
Professional Services1.85%
Commercial Services0.086%
Airlines0%0
Transportation0%0
Construction-0.077%
Trade Distributors-0.93%
Industrials-1.12%
Machinery-1.14%
Infrastructure-2.29%
Logistics-3.36%
Building-5.20%
Industry PE
  • Investors are most optimistic about the Electrical industry which is trading above its 3-year average PE ratio of 74.0x.
    • Analysts are expecting annual earnings growth of 23.9%, 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
SAAB B SaabSEK 683.006.0%
+SEK 20.9b		78.1%PE58.2x
SAND SandvikSEK 380.500.5%
+SEK 2.3b		67.6%PE32.5x
VOLV B AB VolvoSEK 333.700.2%
+SEK 1.4b		6.4%PE19.7x
ALFA Alfa LavalSEK 521.600.5%
+SEK 1.1b		17.5%PE26.1x
STOR B Storskogen GroupSEK 9.077.2%
+SEK 1.0b		-30.4%PE14.4x

Latest News

LIFCO B
SEK 297.40
Lifco
7D
-2.2%
1Y
-15.8%
SKF B
SEK 235.70
AB SKF
7D
-3.0%
1Y
3.4%
ASSA B
SEK 354.20
ASSA ABLOY
7D
-6.2%
1Y
9.5%

ASSA B: European Construction Recovery Expectations Will Test Rich Multiple And Execution Credentials

The analyst price target for ASSA ABLOY has increased by about SEK 5 to SEK 312, as analysts factor in updated assumptions on growth, margins and P/E multiples, along with recent Street research that highlights a potential recovery in European construction activity and mixed views across brokerage houses. Analyst Commentary Recent Street research on ASSA ABLOY presents a split view, with some firms lifting ratings and targets and others turning more cautious.
NIBE B
SEK 34.71
NIBE Industrier
7D
-2.7%
1Y
-19.7%

NIBE B: Future Upside Will Stem From Resilient Margins Despite Recent Downgrade

Analysts have trimmed their price target on NIBE Industrier slightly to SEK44.30 from SEK44.63, reflecting updated assumptions around revenue growth, profit margins and future P/E after recent Street research turned more cautious on the shares. Analyst Commentary Recent research has tilted more cautious, with some bearish analysts reassessing NIBE Industrier’s risk and reward profile.
SWEC B
SEK 140.00
Sweco
7D
1.4%
1Y
-24.1%
ATCO A
SEK 178.90
Atlas Copco
7D
-2.2%
1Y
2.1%

ATCO A: Mixed Ratings And Special Dividend Will Shape Future Balance

The analyst price target for Atlas Copco has edged higher to SEK 194.0, with analysts citing a small adjustment to the discount rate and steady assumptions for revenue growth, profit margins and future P/E as key factors behind the move, despite mixed recent rating and target changes from Goldman Sachs, Deutsche Bank, Citi and Pareto. Analyst Commentary Recent research on Atlas Copco reflects a split view, with some on the Street focusing on earnings power and end market trends, and others concentrating on valuation risk and execution hurdles.
VOLV B
SEK 333.70
AB Volvo
7D
0.2%
1Y
6.4%

VOLV B: Truck Cycle Weakness And Tariff Effects Will Shape Future Returns

Analysts have lifted the AB Volvo price target by SEK 8 to reflect slightly higher modeled fair value, supported by a series of recent SEK 10 to SEK 30 target increases and mixed rating changes that point to adjusted assumptions for revenue growth and margins despite ongoing truck market headwinds. Analyst Commentary Recent Street research on AB Volvo reflects a mix of optimism on valuation upside and caution around the truck cycle, with several firms adjusting price targets while fine tuning ratings.
SECU B
SEK 156.00
Securitas
7D
0.7%
1Y
7.2%

SECU B: Future Margins Dividend Policy And P/E Assumptions Will Drive Balanced Outlook

We are lifting our analyst price target for Securitas by SEK 3.2 to SEK 155.4. This reflects recent SEK-based target increases from several firms and updated analyst assumptions on discount rate, profit margin and future P/E levels. Analyst Commentary Recent Street research on Securitas points to a mixed view, with some analysts adjusting targets higher while others turn more cautious on the shares.
SAAB B
SEK 683.00
Saab
7D
6.0%
1Y
78.1%

SAAB B: Recent Defence Orders And Alliance Participation Will Support Upside Potential

Narrative Update on Saab We lift our Saab fair value estimate to SEK 760 from SEK 660, reflecting analysts' higher price targets, including recent increases to SEK 516 and SEK 540, alongside updated assumptions for slightly stronger revenue growth, profit margins, and a marginally higher future P/E multiple. Analyst Commentary Recent Street research on Saab has leaned cautiously positive, with several bullish analysts lifting their price targets while still holding conservative ratings.
TREL B
SEK 364.60
Trelleborg
7D
-2.8%
1Y
-9.0%

TREL B: Future View Will Balance Dividend Proposal With Portfolio Shift Conviction

The analyst price target for Trelleborg has been adjusted slightly lower to SEK 409, from about SEK 411, as analysts balance recent additions to high conviction lists with modest trims in target prices, while reiterating their focus on the company shifting its portfolio toward structural growth areas. Analyst Commentary Recent research on Trelleborg reflects a mix of optimism about the portfolio shift toward structural growth areas and some restraint on valuation, with target prices edging lower even as conviction on the story remains high.
ALFA
SEK 521.60
Alfa Laval
7D
0.5%
1Y
17.5%

ALFA: Elevated P E Multiples Will Strain Tanker Order Execution Ahead

Narrative Update: Alfa Laval The analyst fair value estimate for Alfa Laval has been lifted from SEK 425 to SEK 430, reflecting updated assumptions on revenue growth, profit margins and P/E multiples, as analysts point to stronger tanker order expectations, a more balanced valuation and a series of recent price target revisions, including moves to SEK 466 and SEK 500. Analyst Commentary Recent research updates on Alfa Laval highlight a mix of optimism and caution, with several firms adjusting their views and price targets in quick succession.
BEIJ B
SEK 129.40
Beijer Ref
7D
-3.4%
1Y
-15.6%

BEIJ B: Higher 2025 Dividend And Split Payouts Will Support Outlook

Analysts have kept their SEK 172.83 price target for Beijer Ref unchanged, citing only minor tweaks to inputs such as a slightly lower discount rate and a marginally adjusted future P/E assumption, rather than any shift in their core view of the company. 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, corresponding to 31% of net profit attributable to the parent company's shareholders, excluding items affecting comparability (Key Developments).
BRAV
SEK 102.70
Bravida Holding
7D
2.8%
1Y
13.9%
SAND
SEK 380.50
Sandvik
7D
0.5%
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 247.80
Epiroc
7D
-4.2%
1Y
19.7%

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).
STOR B
SEK 9.07
Storskogen Group
7D
7.2%
1Y
-30.4%

Analyst Estimates: Here's What Brokers Think Of Storskogen Group AB (publ) (STO:STOR B) After Its Full-Year Report

Feb 13
Analyst Estimates: Here's What Brokers Think Of Storskogen Group AB (publ) (STO:STOR B) After Its Full-Year Report