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Swedish (OMX) Industrials Sector Analysis

UpdatedApr 09, 2026
DataAggregated Company Financials
Companies159
  • 7D3.5%
  • 3M1.9%
  • 1Y32.8%
  • YTD5.1%

Atlas Copco is up 5.3%, leading the way for the Industrials industry, which has gained 1.4%. In the last 12 months, the industry was up 23%. 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
Thu, 09 Apr 2026SEK 4.8tSEK 2.5tSEK 166.3b23.6x29.1x2x
Sat, 07 Mar 2026SEK 4.8tSEK 2.5tSEK 167.0b23.1x28.5x1.9x
Mon, 02 Feb 2026SEK 4.8tSEK 2.5tSEK 167.2b24.7x28.8x1.9x
Wed, 31 Dec 2025SEK 4.5tSEK 2.5tSEK 172.3b25.5x26.4x1.8x
Fri, 28 Nov 2025SEK 4.4tSEK 2.5tSEK 172.2b24.2x25.6x1.8x
Sun, 26 Oct 2025SEK 4.5tSEK 2.5tSEK 172.6b24.5x26.2x1.8x
Tue, 23 Sep 2025SEK 4.3tSEK 2.5tSEK 175.5b23x24.6x1.7x
Thu, 21 Aug 2025SEK 4.3tSEK 2.4tSEK 173.8b23.5x24.9x1.8x
Sat, 19 Jul 2025SEK 4.2tSEK 2.4tSEK 172.3b24.1x24.6x1.7x
Mon, 16 Jun 2025SEK 4.2tSEK 2.5tSEK 184.0b22.7x22.6x1.6x
Wed, 14 May 2025SEK 4.3tSEK 2.5tSEK 182.7b23.4x23.7x1.7x
Fri, 11 Apr 2025SEK 3.8tSEK 2.7tSEK 185.2b20.3x20.7x1.4x
Sun, 09 Mar 2025SEK 4.6tSEK 2.5tSEK 187.3b23.8x24.6x1.8x
Tue, 04 Feb 2025SEK 4.5tSEK 2.5tSEK 182.6b23.2x24.7x1.8x
Thu, 02 Jan 2025SEK 4.2tSEK 2.5tSEK 183.7b23.3x22.6x1.7x
Sat, 30 Nov 2024SEK 4.2tSEK 2.5tSEK 184.9b23x22.8x1.7x
Mon, 28 Oct 2024SEK 4.3tSEK 2.5tSEK 182.1b23.6x23.7x1.7x
Wed, 25 Sep 2024SEK 4.4tSEK 2.5tSEK 185.8b23.8x23.6x1.7x
Fri, 23 Aug 2024SEK 4.3tSEK 2.5tSEK 186.2b23.9x23.1x1.7x
Sun, 21 Jul 2024SEK 4.4tSEK 2.5tSEK 191.1b24.9x23x1.7x
Tue, 18 Jun 2024SEK 4.3tSEK 2.5tSEK 185.9b25.7x23.3x1.7x
Thu, 16 May 2024SEK 4.5tSEK 2.5tSEK 188.4b24x23.6x1.8x
Sat, 13 Apr 2024SEK 4.2tSEK 2.5tSEK 191.6b21.6x22x1.7x
Mon, 11 Mar 2024SEK 4.2tSEK 2.5tSEK 192.0b21.1x21.8x1.7x
Wed, 07 Feb 2024SEK 3.9tSEK 2.5tSEK 194.6b20.5x20.1x1.6x
Fri, 05 Jan 2024SEK 3.9tSEK 2.5tSEK 182.1b20x21.3x1.5x
Sun, 03 Dec 2023SEK 3.7tSEK 2.5tSEK 182.0b18.2x20.4x1.5x
Tue, 31 Oct 2023SEK 3.3tSEK 2.5tSEK 185.9b16x17.9x1.3x
Thu, 28 Sep 2023SEK 3.4tSEK 2.4tSEK 176.1b17.6x19.4x1.4x
Sat, 26 Aug 2023SEK 3.5tSEK 2.4tSEK 175.8b17.5x19.9x1.4x
Mon, 24 Jul 2023SEK 3.6tSEK 2.4tSEK 174.6b18.9x20.9x1.5x
Wed, 21 Jun 2023SEK 3.7tSEK 2.4tSEK 167.9b19.1x22.2x1.6x
Fri, 19 May 2023SEK 3.7tSEK 2.3tSEK 167.5b18.6x22.4x1.6x
Sun, 16 Apr 2023SEK 3.7tSEK 2.2tSEK 156.3b20.4x23.9x1.7x
Price to Earnings Ratio

23.9x


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 23.3x202420252026
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 27.6x which is higher than its 3-year average PE of 23.3x.
  • 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 2.1% 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 Market2.33%
Industrials3.52%
Building5.20%
Machinery4.97%
Logistics3.27%
Construction2.83%
Industrials2.54%
Electrical1.73%
Commercial Services1.49%
Professional Services0.79%
Trade Distributors0.60%
Airlines0%0
Transportation0%0
Marine and Shipping-0.13%
Infrastructure-1.44%
Aerospace & Defense-4.52%
Industry PE
  • Investors are most optimistic about the Commercial Services industry which is trading above its 3-year average PE ratio of 31.4x.
    • Analysts are expecting annual earnings growth of 34.8%, which is higher than its past year's earnings growth of 7.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Logistics industry, expecting annual earnings growth of 54% over the next 5 years.
  • In contrast, the Industrials industry is expected to see its earnings grow by 11% 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 177.755.3%
+SEK 43.6b		27.2%PE32.8x
VOLV B AB VolvoSEK 332.605.7%
+SEK 36.4b		45.0%PE19.6x
SAND SandvikSEK 393.305.8%
+SEK 27.0b		126.4%PE33.6x
ASSA B ASSA ABLOYSEK 363.405.5%
+SEK 21.0b		38.7%PE27.5x
EPI A EpirocSEK 250.605.3%
+SEK 15.4b		43.5%PE35.2x

Latest News

VOLV B
SEK 332.60
AB Volvo
7D
5.7%
1Y
45.0%
SKA B
SEK 251.50
Skanska
7D
3.4%
1Y
35.7%

SKA B: Future Returns Will Rely On Executing Expanding Project Pipeline

Analysts have raised their price target on Skanska by SEK 1 to SEK 296, citing updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E multiples. Analyst Commentary Bullish analysts point to the updated valuation work behind the SEK 296 price target as a sign of growing confidence in Skanska's ability to support a higher fair value, even if the nominal move is small.
SVED B
SEK 64.10
Svedbergs Group
7D
-7.6%
1Y
47.5%
ADDT B
SEK 316.80
Addtech AB (publ.)
7D
-2.8%
1Y
17.6%

ADDT B: Acquisition Pipeline And Strong Finances Will Support Future Repricing

Narrative Update on Addtech AB (publ.) The analyst price target for Addtech AB (publ.) has shifted from SEK 377.50 to SEK 372.50. Analysts attribute this change to updated assumptions on fair value, discount rate, revenue growth, profit margin, and future P/E following recent research, including a downgrade at DNB Carnegie.
ATCO A
SEK 177.75
Atlas Copco
7D
5.3%
1Y
27.2%

ATCO A: Special Dividend And Operating Leverage Will Support Future Upside

Narrative Update Analysts have made a small downward tweak to the Atlas Copco price target, trimming it by SEK 0.25, as they balance mixed recent broker actions with slightly adjusted assumptions for revenue, profit margins and future P/E. Analyst Commentary Recent research on Atlas Copco has been mixed, with several firms adjusting ratings and price targets in different directions over a short period.
PCELL
SEK 18.68
PowerCell Sweden
7D
-7.1%
1Y
-23.3%
ASSA B
SEK 363.40
ASSA ABLOY
7D
5.5%
1Y
38.7%

ASSA B: European Construction Recovery Hopes Will Face Rich Multiple And Margin Risks

Analysts have trimmed their fair value estimate for ASSA ABLOY from about SEK 312 to around SEK 305, reflecting a slightly higher discount rate and modestly lower expected profit margins, even as they factor in somewhat stronger revenue growth and maintain a similar future P/E profile, against a backdrop of mixed but generally constructive price target revisions across the Street. Analyst Commentary Recent Street research around ASSA ABLOY has been mixed, with some firms expressing more constructive views while others have taken a step back on valuation and execution risk.
MILDEF
SEK 132.55
MilDef Group
7D
-4.7%
1Y
-33.8%

MILDEF: Future Dividend Policy Will Support Long Term Upside Potential

MilDef Group's analyst price target has been adjusted slightly from SEK 208 to SEK 206 as analysts refresh their models around discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News MilDef Group AB (publ) declared an annual dividend of SEK 0.7500 per share, scheduled for payment on May 28, 2026 (Key Developments).
SAAB B
SEK 631.10
Saab
7D
-4.8%
1Y
60.1%

SAAB B: Higher P/E And Mixed Ratings Will Frame Fairly Valued Outlook

Saab's analyst price targets have moved higher, with recent updates pointing toward SEK 516 to SEK 540 as analysts factor in revised fair value assumptions and updated expectations for growth, margins and future P/E levels. Analyst Commentary Recent price target updates for Saab cluster in the SEK 516 to SEK 540 range, with analysts adjusting their fair value views while still expressing caution through Underweight and Sell ratings.
INDT
SEK 219.20
Indutrade
7D
-0.5%
1Y
-7.7%

INDT: Upgraded Outlook And Acquisition Pipeline Will Support Future Earnings Resilience

Analysts have made a slight adjustment to their price target for Indutrade to SEK 315.42 from SEK 315.49. This change reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E following recent research.
ALFA
SEK 544.40
Alfa Laval
7D
4.1%
1Y
46.0%

ALFA: Fair Outlook Balances Tanker Demand Opportunities With Execution And Pricing Risks

Alfa Laval's analyst fair value estimate has moved from SEK 479.33 to SEK 518.13. Analysts attribute this change to higher price targets from JPMorgan, Deutsche Bank and Morgan Stanley, along with updated assumptions for revenue growth, profit margin and future P/E as key drivers of this shift.
EPI A
SEK 250.60
Epiroc
7D
5.3%
1Y
43.5%
SVIK
SEK 305.50
Studsvik
7D
-3.6%
1Y
169.2%
SAND
SEK 393.30
Sandvik
7D
5.8%
1Y
126.4%

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.
LATO B
SEK 213.10
Investment AB Latour
7D
3.8%
1Y
-10.1%
IDUN B
SEK 302.00
Idun Industrier
7D
-4.4%
1Y
-0.3%