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Swedish (OMX) Industrials Sector Analysis

UpdatedMar 22, 2026
DataAggregated Company Financials
Companies157
  • 7D-6.4%
  • 3M-3.9%
  • 1Y-1.1%
  • YTD-5.2%

Over the last 7 days, the Industrials industry has dropped 6.4%, driven by a pullback from AB Volvo of 11%. Over the last year, the industry has been flat overall. 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
Sun, 22 Mar 2026SEK 4.4tSEK 2.5tSEK 166.7b22.8x26.2x1.8x
Tue, 17 Feb 2026SEK 5.0tSEK 2.5tSEK 166.5b23.5x29.8x2x
Thu, 15 Jan 2026SEK 4.8tSEK 2.5tSEK 172.2b26x27.6x1.9x
Sat, 13 Dec 2025SEK 4.5tSEK 2.5tSEK 172.2b25.2x26.2x1.8x
Mon, 10 Nov 2025SEK 4.3tSEK 2.5tSEK 172.0b24.2x25.2x1.7x
Wed, 08 Oct 2025SEK 4.4tSEK 2.5tSEK 175.5b24.3x25x1.8x
Fri, 05 Sep 2025SEK 4.2tSEK 2.5tSEK 175.5b23.4x24.1x1.7x
Sun, 03 Aug 2025SEK 4.2tSEK 2.4tSEK 173.0b24.5x24.1x1.7x
Tue, 01 Jul 2025SEK 4.2tSEK 2.5tSEK 183.8b23.2x22.8x1.7x
Thu, 29 May 2025SEK 4.2tSEK 2.5tSEK 183.9b23.3x23.1x1.7x
Sat, 26 Apr 2025SEK 4.1tSEK 2.5tSEK 182.4b21.4x22.5x1.6x
Mon, 24 Mar 2025SEK 4.4tSEK 2.5tSEK 185.8b23.1x23.8x1.8x
Wed, 19 Feb 2025SEK 4.7tSEK 2.5tSEK 186.1b24.6x25.4x1.9x
Fri, 17 Jan 2025SEK 4.3tSEK 2.5tSEK 183.7b23.8x23.4x1.7x
Sun, 15 Dec 2024SEK 4.3tSEK 2.5tSEK 183.7b23.8x23.4x1.7x
Tue, 12 Nov 2024SEK 4.4tSEK 2.5tSEK 185.8b23.3x23.6x1.8x
Thu, 10 Oct 2024SEK 4.4tSEK 2.5tSEK 185.3b23.4x23.9x1.8x
Sat, 07 Sep 2024SEK 4.2tSEK 2.5tSEK 185.8b24.1x22.3x1.6x
Mon, 05 Aug 2024SEK 4.2tSEK 2.5tSEK 189.0b24.3x22x1.6x
Wed, 03 Jul 2024SEK 4.3tSEK 2.5tSEK 186.1b24.9x23.4x1.7x
Fri, 31 May 2024SEK 4.4tSEK 2.5tSEK 186.3b24.6x23.7x1.8x
Sun, 28 Apr 2024SEK 4.2tSEK 2.5tSEK 189.5b22.1x22.4x1.7x
Tue, 26 Mar 2024SEK 4.3tSEK 2.5tSEK 192.1b21.6x22.6x1.7x
Thu, 22 Feb 2024SEK 4.1tSEK 2.5tSEK 192.4b22.1x21.1x1.6x
Sat, 20 Jan 2024SEK 3.8tSEK 2.5tSEK 182.0b19.9x20.7x1.5x
Mon, 18 Dec 2023SEK 4.0tSEK 2.5tSEK 182.0b19.3x21.8x1.6x
Wed, 15 Nov 2023SEK 3.6tSEK 2.5tSEK 180.7b17.5x19.8x1.4x
Fri, 13 Oct 2023SEK 3.6tSEK 2.4tSEK 176.1b16.9x20.2x1.5x
Sun, 10 Sep 2023SEK 3.5tSEK 2.4tSEK 176.1b18.1x20.1x1.5x
Tue, 08 Aug 2023SEK 3.6tSEK 2.4tSEK 174.7b18.7x20.9x1.5x
Thu, 06 Jul 2023SEK 3.7tSEK 2.4tSEK 167.9b18.8x22x1.6x
Sat, 03 Jun 2023SEK 3.8tSEK 2.4tSEK 167.4b19.2x22.6x1.6x
Mon, 01 May 2023SEK 3.8tSEK 2.3tSEK 165.7b19.7x22.7x1.6x
Wed, 29 Mar 2023SEK 3.5tSEK 2.2tSEK 156.3b19x22.6x1.6x
Price to Earnings Ratio

22.6x


Total Market Cap: SEK 3.5tTotal 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 26.2x 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-4.91%
Industrials-6.37%
Infrastructure1.03%
Airlines0%0
Transportation0%0
Electrical-0.34%
Marine and Shipping-1.75%
Professional Services-2.26%
Commercial Services-3.34%
Trade Distributors-3.38%
Construction-4.34%
Building-4.84%
Industrials-5.37%
Logistics-6.15%
Aerospace & Defense-6.52%
Machinery-7.57%
Industry PE
  • Investors are most optimistic about the Electrical industry which is trading above its 3-year average PE ratio of 78.0x.
    • 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
NIBE B NIBE IndustrierSEK 34.963.1%
+SEK 2.1b		-19.2%PE31x
HTRO Hexatronic GroupSEK 32.659.9%
+SEK 602.5m		16.9%PS0.9x
SES Scandinavian Enviro SystemsSEK 0.28137.4%
+SEK 178.5m		-79.3%PS8.8x
AAC AAC Clyde SpaceSEK 119.6014.8%
+SEK 109.8m		57.6%PS2.7x
PCELL PowerCell SwedenSEK 18.4210.0%
+SEK 97.3m		-25.7%PS2.8x

Latest News

ALFA
SEK 506.20
Alfa Laval
7D
-3.5%
1Y
11.6%

ALFA: Elevated P E Multiples Will Test Tanker Order Resilience

Analysts have lifted the SEK 500 price target on Alfa Laval by SEK 10 to SEK 510, citing recent upward revisions that reflect tanker order expectations, a shift to Equal Weight ratings, and more neutral valuation views across recent research. Analyst Commentary Recent research on Alfa Laval has centered on order intake expectations, especially around tanker activity, and how these assumptions line up with current valuation.
ATCO A
SEK 158.05
Atlas Copco
7D
-6.9%
1Y
-5.5%
HTRO
SEK 32.65
Hexatronic Group
7D
9.9%
1Y
16.9%
ASSA B
SEK 321.00
ASSA ABLOY
7D
-6.4%
1Y
4.9%
PCELL
SEK 18.42
PowerCell Sweden
7D
10.0%
1Y
-25.7%

PCELL: Maritime Fuel Cell Projects Will Support Long-Term Upside Potential

Analysts have lowered their price target for PowerCell Sweden from SEK 50.0 to SEK 38.5, citing updated assumptions regarding the discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News PowerCell joined the MiNaMi project, a €7m EU funded effort to develop a modular megawatt scale PEM fuel cell system for maritime use, with PowerCell's share of the project amounting to about €2.6m through the end of 2028 (Key Developments).
SAAB B
SEK 642.30
Saab
7D
-6.3%
1Y
69.0%
SAND
SEK 334.10
Sandvik
7D
-6.2%
1Y
46.5%
EPI A
SEK 218.10
Epiroc
7D
-8.8%
1Y
3.0%
PLEJD
SEK 668.00
Plejd
7D
1.2%
1Y
n/a
NIBE B
SEK 34.96
NIBE Industrier
7D
3.1%
1Y
-19.2%

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.
VOLV B
SEK 288.10
AB Volvo
7D
-11.1%
1Y
-6.7%

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.
VPAB B
SEK 44.90
Veteranpoolen
7D
9.5%
1Y
29.8%
AAC
SEK 119.60
AAC Clyde Space
7D
14.8%
1Y
57.6%
VSSAB B
SEK 143.50
Viking Supply Ships
7D
2.9%
1Y
24.2%
LATO B
SEK 190.75
Investment AB Latour
7D
-5.8%
1Y
-32.9%
SES
SEK 0.28
Scandinavian Enviro Systems
7D
137.4%
1Y
-79.3%