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Swedish (OMX) Industrials Sector Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies157
  • 7D4.9%
  • 3M8.9%
  • 1Y14.1%
  • YTD4.9%

The Industrials industry is up 4.9% in the last week, with Saab up 22%. During this same period, the Munters Group underperformed, falling 13%. This means that the industry has gained 14% over the past year. As for the next few years, earnings are expected to grow by 15% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 12 Jan 2026SEK 4.8tSEK 2.5tSEK 172.2b25.8x27.7x1.9x
Wed, 10 Dec 2025SEK 4.5tSEK 2.5tSEK 172.2b25x26x1.8x
Fri, 07 Nov 2025SEK 4.3tSEK 2.5tSEK 172.5b24.9x25.2x1.7x
Sun, 05 Oct 2025SEK 4.4tSEK 2.5tSEK 175.5b23.7x25.1x1.8x
Tue, 02 Sep 2025SEK 4.3tSEK 2.5tSEK 175.5b23.4x24.6x1.7x
Thu, 31 Jul 2025SEK 4.3tSEK 2.4tSEK 172.8b24.8x25x1.8x
Sat, 28 Jun 2025SEK 4.2tSEK 2.5tSEK 184.0b23.4x23.1x1.7x
Mon, 26 May 2025SEK 4.2tSEK 2.5tSEK 183.9b22.7x22.6x1.6x
Wed, 23 Apr 2025SEK 4.0tSEK 2.5tSEK 188.1b20.2x21x1.6x
Fri, 21 Mar 2025SEK 4.5tSEK 2.5tSEK 185.8b23.7x24.2x1.8x
Sun, 16 Feb 2025SEK 4.6tSEK 2.5tSEK 186.1b25.1x24.9x1.8x
Tue, 14 Jan 2025SEK 4.1tSEK 2.5tSEK 183.7b23.4x22.6x1.7x
Thu, 12 Dec 2024SEK 4.4tSEK 2.5tSEK 183.8b23.9x23.7x1.7x
Sat, 09 Nov 2024SEK 4.3tSEK 2.5tSEK 185.7b23.4x23.4x1.7x
Mon, 07 Oct 2024SEK 4.5tSEK 2.5tSEK 185.3b23.4x24x1.8x
Wed, 04 Sep 2024SEK 4.3tSEK 2.5tSEK 185.7b24.5x23.4x1.7x
Fri, 02 Aug 2024SEK 4.3tSEK 2.5tSEK 189.0b24.9x22.8x1.7x
Sun, 30 Jun 2024SEK 4.3tSEK 2.5tSEK 186.1b25.1x23.3x1.7x
Tue, 28 May 2024SEK 4.5tSEK 2.5tSEK 186.3b24.8x24.2x1.8x
Thu, 25 Apr 2024SEK 4.3tSEK 2.5tSEK 190.4b22.4x22.3x1.7x
Sat, 23 Mar 2024SEK 4.4tSEK 2.5tSEK 192.1b21.8x22.7x1.7x
Mon, 19 Feb 2024SEK 4.0tSEK 2.5tSEK 192.4b22.8x21x1.6x
Wed, 17 Jan 2024SEK 3.8tSEK 2.5tSEK 182.0b21.1x21x1.5x
Fri, 15 Dec 2023SEK 3.9tSEK 2.5tSEK 182.0b19.3x21.5x1.6x
Sun, 12 Nov 2023SEK 3.5tSEK 2.5tSEK 180.7b16.8x19.1x1.4x
Tue, 10 Oct 2023SEK 3.4tSEK 2.4tSEK 176.1b17x19.4x1.4x
Thu, 07 Sep 2023SEK 3.6tSEK 2.4tSEK 176.1b18.6x20.5x1.5x
Sat, 05 Aug 2023SEK 3.7tSEK 2.4tSEK 174.7b18.8x20.9x1.5x
Mon, 03 Jul 2023SEK 3.8tSEK 2.4tSEK 167.9b18.9x22.5x1.6x
Wed, 31 May 2023SEK 3.7tSEK 2.4tSEK 167.5b18.8x22.2x1.6x
Fri, 28 Apr 2023SEK 3.7tSEK 2.3tSEK 163.9b19.9x22.9x1.6x
Sun, 26 Mar 2023SEK 3.4tSEK 2.2tSEK 156.3b18.8x22.1x1.5x
Tue, 21 Feb 2023SEK 3.7tSEK 2.2tSEK 156.2b19.9x23.5x1.6x
Thu, 19 Jan 2023SEK 3.6tSEK 2.2tSEK 162.6b18.7x22.1x1.7x
Price to Earnings Ratio

22.1x


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 Market2.90%
Industrials4.94%
Aerospace & Defense20.81%
Commercial Services5.75%
Machinery4.53%
Construction2.65%
Industrials2.28%
Trade Distributors2.10%
Building1.66%
Logistics1.36%
Professional Services1.12%
Marine and Shipping0.75%
Infrastructure0.15%
Airlines0%0
Transportation0%0
Electrical-1.35%
Industry PE
  • Investors are most optimistic about the Marine and Shipping industry which is trading above its 3-year average PE ratio of 45.3x.
    • 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 111% over the next 5 years.
  • In contrast, the Machinery 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
SAAB B SaabSEK 682.0021.8%
+SEK 65.6b		196.1%PE70.6x
ATCO A Atlas CopcoSEK 178.256.3%
+SEK 51.1b		1.5%PE31.5x
VOLV B AB VolvoSEK 309.303.9%
+SEK 23.4b		10.8%PE17.7x
SAND SandvikSEK 315.404.5%
+SEK 17.1b		54.8%PE26.8x
VSURE Verisure€15.3010.4%
+€1.5b		n/aPS4.3x

Latest News

ASSA B
SEK 364.70
ASSA ABLOY
7D
2.8%
1Y
14.0%

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 309.30
AB Volvo
7D
3.9%
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.
SAAB B
SEK 682.00
Saab
7D
21.8%
1Y
196.1%

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 178.25
Atlas Copco
7D
6.3%
1Y
1.5%

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 492.30
Alfa Laval
7D
5.1%
1Y
5.9%

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.
MTRS
SEK 168.00
Munters Group
7D
-13.1%
1Y
-9.3%

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.
EPI A
SEK 222.20
Epiroc
7D
5.7%
1Y
15.8%

Here's Why Epiroc (STO:EPI A) Can Manage Its Debt Responsibly

Jan 05
Here's Why Epiroc (STO:EPI A) Can Manage Its Debt Responsibly
SAND
SEK 315.40
Sandvik
7D
4.5%
1Y
54.8%

Here's Why Sandvik (STO:SAND) Has Caught The Eye Of Investors

Jan 03
Here's Why Sandvik (STO:SAND) Has Caught The Eye Of Investors
SUMMAS
SEK 19.80
Summa Defence Oyj
7D
-26.1%
1Y
n/a
FAG
SEK 38.65
Fagerhult Group
7D
-4.6%
1Y
-26.7%
BEIJ B
SEK 146.75
Beijer Ref
7D
-0.3%
1Y
-2.8%

Beijer Ref (STO:BEIJ B) Has Some Way To Go To Become A Multi-Bagger

Dec 21
Beijer Ref (STO:BEIJ B) Has Some Way To Go To Become A Multi-Bagger
REJL B
SEK 184.60
Rejlers
7D
-3.9%
1Y
29.5%
QBEN
SEK 11.40
Qben Infra
7D
-8.8%
1Y
-13.6%
VSURE
€15.30
Verisure
7D
10.4%
1Y
n/a
VESTUM
SEK 8.14
Vestum
7D
-7.0%
1Y
-26.5%
IDUN B
SEK 333.00
Idun Industrier
7D
-4.3%
1Y
4.7%