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Swedish (OMX) Industrials Sector Analysis

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies157
  • 7D3.8%
  • 3M9.0%
  • 1Y14.7%
  • YTD4.8%

The Industrials industry is up 3.8% in the last week, with Saab up 18%. This means that the industry has gained 15% over the past year. Earnings are forecast to grow by 15% annually.

Sector Valuation and Performance

Has the Swedish Industrials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 14 Jan 2026SEK 4.8tSEK 2.5tSEK 172.2b26x27.7x1.9x
Fri, 12 Dec 2025SEK 4.5tSEK 2.5tSEK 172.2b25.2x26.2x1.8x
Sun, 09 Nov 2025SEK 4.3tSEK 2.5tSEK 172.0b24.6x25.2x1.7x
Tue, 07 Oct 2025SEK 4.4tSEK 2.5tSEK 175.5b23.7x25.2x1.8x
Thu, 04 Sep 2025SEK 4.2tSEK 2.5tSEK 175.5b23.3x24.1x1.7x
Sat, 02 Aug 2025SEK 4.2tSEK 2.4tSEK 173.0b24.4x24.1x1.7x
Mon, 30 Jun 2025SEK 4.2tSEK 2.5tSEK 184.0b23.4x23.1x1.7x
Wed, 28 May 2025SEK 4.3tSEK 2.5tSEK 183.9b23.7x23.1x1.7x
Fri, 25 Apr 2025SEK 4.1tSEK 2.5tSEK 182.8b20.7x22.2x1.6x
Sun, 23 Mar 2025SEK 4.4tSEK 2.5tSEK 185.8b23.1x23.8x1.8x
Tue, 18 Feb 2025SEK 4.7tSEK 2.5tSEK 186.1b24.8x25.1x1.9x
Thu, 16 Jan 2025SEK 4.3tSEK 2.5tSEK 183.7b23.7x23.2x1.7x
Sat, 14 Dec 2024SEK 4.3tSEK 2.5tSEK 183.8b23.4x23.4x1.7x
Mon, 11 Nov 2024SEK 4.3tSEK 2.5tSEK 185.8b23.7x23.4x1.7x
Wed, 09 Oct 2024SEK 4.4tSEK 2.5tSEK 185.3b23.1x23.8x1.7x
Fri, 06 Sep 2024SEK 4.2tSEK 2.5tSEK 185.7b24.3x22.6x1.7x
Sun, 04 Aug 2024SEK 4.2tSEK 2.5tSEK 189.0b24.3x22x1.6x
Tue, 02 Jul 2024SEK 4.3tSEK 2.5tSEK 186.1b25x23.4x1.7x
Thu, 30 May 2024SEK 4.4tSEK 2.5tSEK 186.3b24.5x23.6x1.8x
Sat, 27 Apr 2024SEK 4.2tSEK 2.5tSEK 189.6b22.5x22.4x1.7x
Mon, 25 Mar 2024SEK 4.4tSEK 2.5tSEK 192.1b21.8x22.7x1.7x
Wed, 21 Feb 2024SEK 4.0tSEK 2.5tSEK 192.4b21.9x21x1.6x
Fri, 19 Jan 2024SEK 3.8tSEK 2.5tSEK 182.0b20.5x20.9x1.5x
Sun, 17 Dec 2023SEK 4.0tSEK 2.5tSEK 182.0b19.3x21.8x1.6x
Tue, 14 Nov 2023SEK 3.5tSEK 2.5tSEK 180.8b16.9x19.2x1.4x
Thu, 12 Oct 2023SEK 3.5tSEK 2.4tSEK 176.1b17.2x20.1x1.4x
Sat, 09 Sep 2023SEK 3.5tSEK 2.4tSEK 176.1b18.1x20.1x1.5x
Mon, 07 Aug 2023SEK 3.7tSEK 2.4tSEK 174.7b18.8x20.9x1.5x
Wed, 05 Jul 2023SEK 3.7tSEK 2.4tSEK 167.9b18.8x22.2x1.6x
Fri, 02 Jun 2023SEK 3.7tSEK 2.4tSEK 167.4b18.6x22.1x1.6x
Sun, 30 Apr 2023SEK 3.8tSEK 2.3tSEK 165.7b19.7x22.7x1.6x
Tue, 28 Mar 2023SEK 3.5tSEK 2.2tSEK 156.3b18.9x22.5x1.6x
Thu, 23 Feb 2023SEK 3.6tSEK 2.2tSEK 156.3b19.7x23.2x1.6x
Sat, 21 Jan 2023SEK 3.6tSEK 2.2tSEK 162.6b18.9x21.9x1.7x
Price to Earnings Ratio

21.9x


Total Market Cap: SEK 3.6tTotal Earnings: SEK 162.6bTotal Revenue: SEK 2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Industrials Sector Price to Earnings3Y Average 22.8x202420252026
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 27.7x which is higher than its 3-year average PE of 22.8x.
  • 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 remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 5.1% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

Which industries have driven the changes within the Swedish Industrials sector?

SE Market2.43%
Industrials3.78%
Aerospace & Defense17.60%
Machinery3.58%
Commercial Services3.36%
Infrastructure3.06%
Construction2.50%
Building1.26%
Industrials0.50%
Electrical0.39%
Airlines0%0
Transportation0%0
Professional Services-0.10%
Trade Distributors-0.61%
Marine and Shipping-1.57%
Logistics-1.89%
Industry PE
  • Investors are most optimistic about the Marine and Shipping industry which is trading above its 3-year average PE ratio of 46.0x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
  • Analysts are most optimistic on the Logistics industry, expecting annual earnings growth of 112% 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
SAAB B SaabSEK 704.1018.0%
+SEK 57.6b		203.6%PE72.9x
ATCO A Atlas CopcoSEK 181.405.2%
+SEK 43.3b		3.0%PE32x
SAND SandvikSEK 321.105.3%
+SEK 20.3b		59.4%PE27.2x
VOLV B AB VolvoSEK 307.402.9%
+SEK 17.7b		10.8%PE17.6x
VSURE Verisure€14.756.7%
+€957.4m		n/aPS4.2x

Latest News

BEIJ B
SEK 142.85
Beijer Ref
7D
-3.1%
1Y
-7.8%

Is Beijer Ref AB (publ) (STO:BEIJ B) Potentially Undervalued?

Jan 14
Is Beijer Ref AB (publ) (STO:BEIJ B) Potentially Undervalued?
TREL B
SEK 373.90
Trelleborg
7D
-3.9%
1Y
-3.9%

Is It Too Late To Consider Buying Trelleborg AB (publ) (STO:TREL B)?

Jan 13
Is It Too Late To Consider Buying Trelleborg AB (publ) (STO:TREL B)?
SWEC B
SEK 146.90
Sweco
7D
-0.9%
1Y
-6.8%

SWEC B: Long Dated Infrastructure Contracts Will Support Future Earnings

Analysts have adjusted their price target on Sweco from SEK 197 to SEK 190, citing updated assumptions related to discount rates, revenue growth, profit margins and future P/E levels. What's in the News Sweco secured a three year framework agreement with Vattenfall worth an estimated SEK 600 million to provide technical consulting across wind, hydropower, nuclear, thermal power and related energy services, with options to extend for up to two additional years and a focus on supporting Vattenfall's 2040 net zero target (Client Announcements).
INDT
SEK 232.00
Indutrade
7D
-0.9%
1Y
-15.1%

Slowing Rates Of Return At Indutrade (STO:INDT) Leave Little Room For Excitement

Jan 12
Slowing Rates Of Return At Indutrade (STO:INDT) Leave Little Room For Excitement
EPI A
SEK 221.90
Epiroc
7D
3.7%
1Y
14.6%

EPI A: Index Inclusion And Autonomous Mining Will Support Balanced Outlook

Analysts have nudged their fair value estimate for Epiroc higher from SEK 208.50 to about SEK 213.11, citing updated assumptions around the discount rate, revenue growth, profit margins and future P/E that modestly reshape their overall valuation framework. What's in the News Epiroc AB (publ) is being added to the OMX Nordic 40 Index, reflecting its inclusion in a major regional benchmark index (Index Constituent Adds).
SAND
SEK 321.10
Sandvik
7D
5.3%
1Y
59.4%

SAND: Higher P/E Assumptions Will Expose Execution Risk Going Forward

Analysts have lifted their price target on Sandvik from about SEK 177 to SEK 212, reflecting updated assumptions on growth, profitability and P/E that are in line with recent target increases from Citi, RBC and Rothschild & Co Redburn. Analyst Commentary Recent Street research around Sandvik has centered on refreshed price targets and rating changes, giving you a clearer sense of how the market is framing risk and reward.
ASSA B
SEK 361.00
ASSA ABLOY
7D
2.1%
1Y
14.7%

ASSA B: Higher Street Hurdles Will Expose Rich Pricing To Execution Risk

Analysts have made a modest downward tweak to their fair value estimate for ASSA ABLOY to SEK 307.55 from SEK 308.25, even though recent Street research has reflected higher price targets of SEK 340 and SEK 350, citing updated assumptions around discount rate, revenue growth, profit margin and future P/E. Analyst Commentary The latest Street research has introduced higher price targets of SEK 340 and SEK 350, while still pairing those targets with neutral stock ratings such as Hold and Equal Weight.
VOLV B
SEK 307.40
AB Volvo
7D
2.9%
1Y
10.8%

VOLV B: Future Earnings May Be Constrained By Truck Cycle Execution Risk

Analysts have lifted their AB Volvo price expectations into a higher SEK 290 to SEK 333 range, pointing to tariff advantages, new truck launches, and potential benefits to construction equipment from lower rates and German stimulus as key support for the updated targets. Analyst Commentary Recent Street research on AB Volvo reflects a mixed backdrop, with some firms lifting targets into the SEK 290 to SEK 333 range while others trim estimates and stay more cautious.
SECU B
SEK 144.00
Securitas
7D
-0.9%
1Y
7.9%

SECU B: Upcoming Investor Day Will Clarify Risk Profile Assumptions

Analysts have adjusted their price target on Securitas from €190 to €175, citing updated assumptions for revenue growth, profit margin and future P/E. They state that these assumptions better reflect the current risk profile of the business.
SAAB B
SEK 704.10
Saab
7D
18.0%
1Y
203.6%

SAAB B: French And Colombian Contracts Will Support A Balanced Outlook

Analysts have lifted their fair value estimate for Saab to SEK 660 from SEK 600, citing updated views on revenue growth, profit margins and future P/E, alongside recent Street research that includes a price target increase to SEK 460. Analyst Commentary Morgan Stanley has raised its price target for Saab to SEK 460 from SEK 430 while maintaining an Underweight rating.
ATCO A
SEK 181.40
Atlas Copco
7D
5.2%
1Y
3.0%

ATCO A: Acquisition Firepower And Cycle Risks Will Shape Balanced Outlook

The analyst price target for Atlas Copco has been raised by about SEK 1.76 to SEK 177.35, as analysts factor in shifts in end market conditions, differing views on the pace of recovery and equipment risk, and updated assumptions for growth, margins, discount rate, and future P/E. Analyst Commentary Recent research views on Atlas Copco show a clear split, with some analysts lifting ratings and targets, while others are turning more cautious and trimming their expectations.
ALFA
SEK 493.20
Alfa Laval
7D
4.5%
1Y
7.2%

ALFA: Raised Guidance And Partnerships Will Support Balanced Medium Term Prospects

Narrative Update Alfa Laval's analyst price targets have moved slightly higher, with updated fair value now at SEK 479.33. Analysts are referencing recent target increases to SEK 540 and SEK 484 as support for this new level.
LIFCO B
SEK 330.80
Lifco
7D
-1.7%
1Y
4.9%

LIFCO B: Low Leverage And Acquisitions Will Support Steady Long Term Outlook

Analysts have nudged their price target on Lifco higher to SEK384.40 from SEK380.50, citing updated assumptions that include slightly adjusted revenue growth expectations, a modestly higher projected profit margin, a small change in the discount rate and a marginally higher future P/E multiple. What's in the News Lifco AB highlights interest bearing net debt to EBITDA at 1.3x, which management describes as a low level that supports continued acquisition activity (Third Quarter Report 2025).
MTRS
SEK 167.60
Munters Group
7D
-6.9%
1Y
-4.9%

MTRS: AI Infrastructure Orders And Standout Q3 Will Support Future Cash Flow

Our fair value estimate for Munters Group has been lifted from SEK 199 to SEK 204 as analysts raise price targets into the SEK 175 to SEK 195 range, citing recent research that highlights the company’s role in artificial intelligence infrastructure and updated assumptions for revenue growth, profit margin and future P/E. Analyst Commentary Recent research coverage has focused on Munters Group's link to artificial intelligence infrastructure and how that could support the current valuation range, with price targets now clustered between SEK 175 and SEK 195.
BEIA B
SEK 282.50
Beijer Alma
7D
-2.6%
1Y
77.7%
VSURE
€14.75
Verisure
7D
6.7%
1Y
n/a