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Swedish (OMX) Industrials Sector Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies157
  • 7D-4.0%
  • 3M-2.2%
  • 1Y0.01%
  • YTD-3.3%

Over the last 7 days, the Industrials industry has dropped 4.8%, driven by declines in AB Volvo and Atlas Copco of 6.2% and 4.2%, respectively. Meanwhile, NIBE Industrier actually outperformed within the industry, gaining 12% in the last week. Over the last year, the industry has been flat overall. 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, 25 Mar 2026SEK 4.4tSEK 2.5tSEK 166.8b23x26.7x1.8x
Fri, 20 Feb 2026SEK 5.0tSEK 2.5tSEK 165.9b25.4x30.2x2x
Sun, 18 Jan 2026SEK 4.9tSEK 2.5tSEK 172.2b26.3x28.4x2x
Tue, 16 Dec 2025SEK 4.5tSEK 2.5tSEK 172.2b25.3x26.2x1.8x
Thu, 13 Nov 2025SEK 4.5tSEK 2.5tSEK 172.0b24.9x25.9x1.8x
Sat, 11 Oct 2025SEK 4.3tSEK 2.5tSEK 175.5b23.1x24.8x1.7x
Mon, 08 Sep 2025SEK 4.3tSEK 2.5tSEK 175.5b23.3x24.4x1.7x
Wed, 06 Aug 2025SEK 4.2tSEK 2.4tSEK 173.0b24.4x24.4x1.7x
Fri, 04 Jul 2025SEK 4.3tSEK 2.5tSEK 183.8b23.7x23.2x1.7x
Sun, 01 Jun 2025SEK 4.2tSEK 2.5tSEK 183.9b23x22.8x1.7x
Tue, 29 Apr 2025SEK 4.1tSEK 2.5tSEK 183.0b21.2x22.4x1.6x
Thu, 27 Mar 2025SEK 4.4tSEK 2.5tSEK 185.6b22.1x23.6x1.7x
Sat, 22 Feb 2025SEK 4.6tSEK 2.5tSEK 186.0b24.3x24.9x1.8x
Mon, 20 Jan 2025SEK 4.3tSEK 2.5tSEK 183.7b24.1x23.7x1.7x
Wed, 18 Dec 2024SEK 4.3tSEK 2.5tSEK 183.7b23.4x23.2x1.7x
Fri, 15 Nov 2024SEK 4.3tSEK 2.5tSEK 185.8b23x23x1.7x
Sun, 13 Oct 2024SEK 4.4tSEK 2.5tSEK 185.3b23.5x23.7x1.7x
Tue, 10 Sep 2024SEK 4.2tSEK 2.5tSEK 185.8b24x22.6x1.7x
Thu, 08 Aug 2024SEK 4.2tSEK 2.5tSEK 189.0b24.3x22x1.6x
Sat, 06 Jul 2024SEK 4.3tSEK 2.5tSEK 186.1b24.7x23.2x1.7x
Mon, 03 Jun 2024SEK 4.4tSEK 2.5tSEK 186.3b25.2x23.8x1.8x
Wed, 01 May 2024SEK 4.3tSEK 2.5tSEK 189.1b22.9x22.5x1.7x
Fri, 29 Mar 2024SEK 4.2tSEK 2.5tSEK 191.6b21.9x22.2x1.7x
Sun, 25 Feb 2024SEK 4.1tSEK 2.5tSEK 192.2b22.8x21.3x1.6x
Tue, 23 Jan 2024SEK 3.8tSEK 2.5tSEK 182.1b19.9x21x1.5x
Thu, 21 Dec 2023SEK 4.0tSEK 2.5tSEK 182.1b19.1x21.9x1.6x
Sat, 18 Nov 2023SEK 3.6tSEK 2.5tSEK 180.4b17.6x20.1x1.5x
Mon, 16 Oct 2023SEK 3.5tSEK 2.4tSEK 176.1b16.5x19.8x1.4x
Wed, 13 Sep 2023SEK 3.5tSEK 2.4tSEK 176.1b17.9x20x1.4x
Fri, 11 Aug 2023SEK 3.6tSEK 2.4tSEK 174.6b18.8x20.9x1.5x
Sun, 09 Jul 2023SEK 3.7tSEK 2.4tSEK 167.9b18.5x21.8x1.6x
Tue, 06 Jun 2023SEK 3.8tSEK 2.4tSEK 167.4b19.1x22.6x1.6x
Thu, 04 May 2023SEK 3.7tSEK 2.3tSEK 165.8b19.3x22.4x1.6x
Sat, 01 Apr 2023SEK 3.7tSEK 2.2tSEK 156.3b19.9x23.8x1.7x
Price to Earnings Ratio

23.8x


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 23.2x202420252026
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 26.6x 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 3.3% 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 Market-4.12%
Industrials-4.04%
Marine and Shipping0.70%
Airlines0%0
Transportation0%0
Electrical-0.42%
Infrastructure-1.10%
Logistics-1.26%
Building-1.61%
Professional Services-1.91%
Commercial Services-2.23%
Trade Distributors-3.60%
Construction-4.04%
Machinery-4.23%
Industrials-4.88%
Aerospace & Defense-7.37%
Industry PE
  • Investors are most optimistic about the Electrical industry which is trading above its 3-year average PE ratio of 79.0x.
    • Analysts are expecting annual earnings growth of 24.3%, 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 37.7211.8%
+SEK 8.0b		-7.8%PE33.4x
MTRS Munters GroupSEK 166.602.4%
+SEK 711.9m		38.1%PE55.3x
HTRO Hexatronic GroupSEK 33.277.4%
+SEK 473.0m		23.8%PS0.9x
VSURE Verisure€8.860.5%
+€41.4m		n/aPS2.4x
SES Scandinavian Enviro SystemsSEK 0.28154.1%
+SEK 184.1m		-81.1%PS8.7x

Latest News

ATCO A
SEK 161.10
Atlas Copco
7D
-4.2%
1Y
-5.2%

ATCO A: Mixed Ratings And Special Dividend Will Support Future Upside

Atlas Copco's analyst fair value estimate has edged up to SEK 194.65 from SEK 194.00, as analysts balance mixed rating actions and price target tweaks (including recent target changes at banks such as Deutsche Bank and Citi) against relatively steady assumptions for growth, margins and future P/E. Analyst Commentary Recent research has been mixed, with both optimistic and cautious voices shaping how investors think about Atlas Copco's execution risk and valuation anchoring around the updated fair value estimate.
LATO B
SEK 191.20
Investment AB Latour
7D
-5.9%
1Y
-33.0%
SYSR
SEK 70.50
Systemair
7D
1.0%
1Y
-9.6%
ASSA B
SEK 329.80
ASSA ABLOY
7D
-4.2%
1Y
8.9%

ASSA B: European Construction Recovery Expectations Will Support More Optimistic Rating Shift

ASSA ABLOY’s analyst price target has been raised to SEK 466, reflecting analysts’ updated fair value assumptions, a slightly lower discount rate, modestly higher expected revenue growth and a higher future P/E multiple, partly offset by a marginally lower profit margin assumption. Analyst Commentary Recent Street research on ASSA ABLOY shows a mix of constructive and cautious views around the updated SEK 466 price target, with opinions largely centered on how the company might execute against its growth opportunities and how the current valuation reflects those expectations.
NIBE B
SEK 37.72
NIBE Industrier
7D
11.8%
1Y
-7.8%

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

NIBE Industrier's analyst price target has been adjusted slightly higher to SEK44.25 from SEK44.30. Analysts cited more cautious views, including a recent downgrade, while fine tuning fair value assumptions, discount rates, revenue growth expectations, profit margins and future P/E estimates.
VOLV B
SEK 299.80
AB Volvo
7D
-6.2%
1Y
-3.4%

VOLV B: Prolonged Truck Downturn Will Likely Undermine Elevated Future Earnings Expectations

Analysts have nudged the fair value estimate for AB Volvo up to SEK 250 from SEK 245, reflecting recent target increases across several firms while still accounting for mixed views on truck cycle strength and valuation, including higher assumed future P/E multiples and modest adjustments to growth, margins and discount rates. Analyst Commentary Recent Street research on AB Volvo shows a mix of optimism on valuation and caution on the truck cycle and execution risk.
SAAB B
SEK 637.10
Saab
7D
-7.3%
1Y
58.6%

SAAB B: Higher P/E And Cautious Ratings Will Shape Execution Risk

Narrative Update The analyst price target for Saab has been updated to SEK 604.45 from SEK 595.82, reflecting recent Street research in which analysts raised their targets into a range of SEK 516 to SEK 540 while generally maintaining cautious ratings on the shares. Analyst Commentary Recent Street research on Saab shows higher price targets clustered around the low SEK 500s, but with ratings that remain generally cautious.
HTRO
SEK 33.27
Hexatronic Group
7D
7.4%
1Y
23.8%
MTRS
SEK 166.60
Munters Group
7D
2.4%
1Y
38.1%

MTRS: Data Center Backlog And CEO Transition Will Support Future Cash Flow

Analysts have lifted the price target for Munters Group to SEK 175 from SEK 150, reflecting updated views on the company’s earnings profile and valuation assumptions. Analyst Commentary Analysts lifting the price target to SEK 175 while keeping a Hold stance signals a more constructive view on Munters Group’s potential, but also a sense that the valuation already reflects much of that optimism.
LIFCO B
SEK 277.40
Lifco
7D
-4.0%
1Y
-25.8%
SAND
SEK 344.60
Sandvik
7D
-2.2%
1Y
48.4%
EPI A
SEK 224.40
Epiroc
7D
-5.2%
1Y
4.0%
PLEJD
SEK 668.00
Plejd
7D
1.2%
1Y
n/a
VSURE
€8.86
Verisure
7D
0.5%
1Y
n/a
VPAB B
SEK 44.90
Veteranpoolen
7D
9.5%
1Y
29.8%
SES
SEK 0.28
Scandinavian Enviro Systems
7D
154.1%
1Y
-81.1%