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Swedish (OMX) Industrials Sector Analysis

UpdatedApr 08, 2026
DataAggregated Company Financials
Companies160
  • 7D1.4%
  • 3M-4.2%
  • 1Y22.9%
  • YTD-0.2%

Sandvik is up 3.6%, leading the way for the Industrials industry, which has gained 1.4%. This means that the industry has gained 23% over the past year. 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, 08 Apr 2026SEK 4.6tSEK 2.5tSEK 166.5b23.3x27.6x1.9x
Fri, 06 Mar 2026SEK 4.8tSEK 2.5tSEK 166.8b23.7x28.9x2x
Sun, 01 Feb 2026SEK 4.8tSEK 2.5tSEK 167.2b24.7x28.8x1.9x
Tue, 30 Dec 2025SEK 4.5tSEK 2.5tSEK 172.2b25.6x26.2x1.8x
Thu, 27 Nov 2025SEK 4.4tSEK 2.5tSEK 172.2b24.3x25.4x1.8x
Sat, 25 Oct 2025SEK 4.5tSEK 2.5tSEK 172.6b24.5x26.2x1.8x
Mon, 22 Sep 2025SEK 4.3tSEK 2.5tSEK 175.5b23.4x24.6x1.7x
Wed, 20 Aug 2025SEK 4.3tSEK 2.4tSEK 173.8b23.6x25x1.8x
Fri, 18 Jul 2025SEK 4.3tSEK 2.5tSEK 180.7b24.2x23.8x1.7x
Sun, 15 Jun 2025SEK 4.2tSEK 2.5tSEK 184.0b22.7x22.6x1.6x
Tue, 13 May 2025SEK 4.3tSEK 2.5tSEK 182.7b22.8x23.6x1.7x
Thu, 10 Apr 2025SEK 3.6tSEK 2.5tSEK 185.6b19.4x19.6x1.4x
Sat, 08 Mar 2025SEK 4.6tSEK 2.5tSEK 187.3b23.8x24.6x1.8x
Mon, 03 Feb 2025SEK 4.5tSEK 2.5tSEK 182.6b23.8x24.7x1.8x
Wed, 01 Jan 2025SEK 4.2tSEK 2.5tSEK 183.7b23.3x22.6x1.7x
Fri, 29 Nov 2024SEK 4.2tSEK 2.5tSEK 184.9b22.9x22.7x1.7x
Sun, 27 Oct 2024SEK 4.3tSEK 2.5tSEK 182.1b23.6x23.7x1.7x
Tue, 24 Sep 2024SEK 4.4tSEK 2.5tSEK 185.8b24.1x23.5x1.7x
Thu, 22 Aug 2024SEK 4.3tSEK 2.5tSEK 186.5b23.9x23x1.7x
Sat, 20 Jul 2024SEK 4.4tSEK 2.5tSEK 191.0b24.9x23x1.7x
Mon, 17 Jun 2024SEK 4.3tSEK 2.5tSEK 185.9b25.5x23.3x1.7x
Wed, 15 May 2024SEK 4.4tSEK 2.5tSEK 188.2b24.1x23.5x1.8x
Fri, 12 Apr 2024SEK 4.2tSEK 2.5tSEK 191.6b21.8x22x1.7x
Sun, 10 Mar 2024SEK 4.2tSEK 2.5tSEK 192.0b21.1x21.8x1.7x
Tue, 06 Feb 2024SEK 3.9tSEK 2.5tSEK 194.4b20.4x19.9x1.5x
Thu, 04 Jan 2024SEK 3.9tSEK 2.5tSEK 182.1b19.7x21.3x1.5x
Sat, 02 Dec 2023SEK 3.7tSEK 2.5tSEK 182.0b18.2x20.4x1.5x
Mon, 30 Oct 2023SEK 3.3tSEK 2.5tSEK 185.9b15.8x17.8x1.3x
Wed, 27 Sep 2023SEK 3.4tSEK 2.4tSEK 176.1b17.6x19.3x1.4x
Fri, 25 Aug 2023SEK 3.5tSEK 2.4tSEK 175.8b17.5x19.8x1.4x
Sun, 23 Jul 2023SEK 3.6tSEK 2.4tSEK 174.6b18.9x20.9x1.5x
Tue, 20 Jun 2023SEK 3.8tSEK 2.4tSEK 167.9b19.3x22.3x1.6x
Thu, 18 May 2023SEK 3.7tSEK 2.3tSEK 166.6b18.7x22.5x1.6x
Sat, 15 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 Market1.06%
Industrials1.36%
Logistics4.39%
Commercial Services2.34%
Machinery1.88%
Building1.64%
Electrical1.20%
Aerospace & Defense0.98%
Industrials0.44%
Airlines0%0
Transportation0%0
Infrastructure-0.41%
Marine and Shipping-1.26%
Trade Distributors-1.28%
Professional Services-1.93%
Construction-1.96%
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
SAND SandvikSEK 370.103.6%
+SEK 15.9b		108.0%PE31.6x
ATCO A Atlas CopcoSEK 166.201.9%
+SEK 14.9b		17.4%PE30.6x
ASSA B ASSA ABLOYSEK 344.602.4%
+SEK 9.1b		28.5%PE26x
VOLV B AB VolvoSEK 308.801.1%
+SEK 6.7b		30.4%PE18.2x
ALFA Alfa LavalSEK 524.003.2%
+SEK 6.7b		36.7%PE26.2x

Latest News

ASSA B
SEK 344.60
ASSA ABLOY
7D
2.4%
1Y
28.5%

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.
VOLV B
SEK 308.80
AB Volvo
7D
1.1%
1Y
30.4%

VOLV B: Prolonged Truck Weakness Will Likely Pressure Future Earnings Expectations

Analysts have adjusted the AB Volvo fair value estimate to SEK 262 from SEK 250, reflecting updated assumptions for slightly higher revenue growth, modestly stronger profit margins, a small change in discount rate, and an updated future P/E multiple, along with a mixed set of recent price target moves and rating changes across major banks. Analyst Commentary Recent Street research around AB Volvo reflects a split view, with several firms lifting price targets and others turning more cautious.
SAAB B
SEK 624.30
Saab
7D
1.1%
1Y
55.9%

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 211.80
Indutrade
7D
-1.2%
1Y
-14.7%

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 524.00
Alfa Laval
7D
3.2%
1Y
36.7%

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.
ADDT B
SEK 303.80
Addtech AB (publ.)
7D
-4.3%
1Y
9.6%
EPI A
SEK 234.20
Epiroc
7D
2.2%
1Y
32.4%
MTRS
SEK 163.65
Munters Group
7D
-1.3%
1Y
61.9%

MTRS: Data Center Order Backlog Will Support Stronger Future Earnings Visibility

Analysts have lifted their price target on Munters Group to SEK 175.00 from SEK 150.00, citing updated assumptions around discount rates, revenue growth, profit margins, and a revised future P/E multiple. Analyst Commentary Recent Street research reflects a more constructive stance on Munters Group, with bullish analysts updating their views to align the price target with refreshed assumptions around discount rates, revenue, margins, and future P/E levels.
AFRY
SEK 123.80
Afry
7D
-2.7%
1Y
-28.7%

AFRY: Higher Growth Assumptions And Backlog Restructuring Will Support Earnings Recovery

The analyst price target for Afry has been revised from SEK 202.50 to SEK 171.25. Analysts point to updated assumptions on revenue growth, profit margins, discount rate and future P/E as the key drivers of this change.
SKA B
SEK 240.20
Skanska
7D
-4.9%
1Y
23.8%
LIFCO B
SEK 279.80
Lifco
7D
-0.7%
1Y
-14.3%
VSURE
€9.20
Verisure
7D
3.4%
1Y
n/a
OEM B
SEK 126.20
OEM International
7D
-2.2%
1Y
-0.9%
SAND
SEK 370.10
Sandvik
7D
3.6%
1Y
108.0%

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.
ATCO A
SEK 166.20
Atlas Copco
7D
1.9%
1Y
17.4%
SKF B
SEK 223.20
AB SKF
7D
-0.4%
1Y
32.9%

SKF B: Mixed Rating Shifts Will Support Constructive SEK 260 Upside Potential

Analysts have made a modest upward shift in the SEK price target for AB SKF, with recent SEK 260 updates described in the context of mixed rating changes and revised expectations for margins, discount rates and future P/E multiples. Analyst Commentary Recent research on AB SKF reflects a mixed backdrop, with some firms adjusting price targets higher toward SEK 260 while several large houses have moved to more cautious ratings.