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Swedish (OMX) Materials Sector Analysis

UpdatedMar 28, 2026
DataAggregated Company Financials
Companies38
  • 7D-2.7%
  • 3M-6.5%
  • 1Y-0.4%
  • YTD-9.9%

Over the last 7 days, the Materials industry has dropped 3.1%, driven by Boliden declining 13%. In contrast, SSAB has gained 5.8%. As for the longer term, the industry's performance has been flat for the past year. As for the next few years, earnings are expected to grow by 13% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 28 Mar 2026SEK 421.6bSEK 357.0bSEK 24.2b16.1x17.5x1.2x
Mon, 23 Feb 2026SEK 504.1bSEK 356.4bSEK 24.2b17.9x20.9x1.4x
Wed, 21 Jan 2026SEK 476.5bSEK 358.6bSEK 24.0b17.4x19.9x1.3x
Fri, 19 Dec 2025SEK 449.5bSEK 358.6bSEK 24.0b16.4x18.7x1.3x
Sun, 16 Nov 2025SEK 421.6bSEK 358.6bSEK 24.0b18.2x17.6x1.2x
Tue, 14 Oct 2025SEK 412.3bSEK 361.4bSEK 24.7b14.8x16.7x1.1x
Thu, 11 Sep 2025SEK 390.3bSEK 366.1bSEK 25.1b14.4x15.5x1.1x
Sat, 09 Aug 2025SEK 398.1bSEK 366.3bSEK 25.4b14.9x15.7x1.1x
Mon, 07 Jul 2025SEK 394.3bSEK 370.1bSEK 29.7b13.9x13.3x1.1x
Wed, 04 Jun 2025SEK 399.1bSEK 370.1bSEK 29.6b13.9x13.5x1.1x
Fri, 02 May 2025SEK 394.6bSEK 369.5bSEK 29.7b13.5x13.3x1.1x
Sun, 30 Mar 2025SEK 420.2bSEK 364.9bSEK 29.7b17.4x14.1x1.2x
Tue, 25 Feb 2025SEK 459.0bSEK 362.3bSEK 29.6b17.9x15.5x1.3x
Thu, 23 Jan 2025SEK 421.9bSEK 356.0bSEK 28.4b15.5x14.9x1.2x
Sat, 21 Dec 2024SEK 393.7bSEK 356.0bSEK 28.4b14.9x13.9x1.1x
Mon, 18 Nov 2024SEK 408.4bSEK 356.0bSEK 28.3b15.1x14.4x1.1x
Wed, 16 Oct 2024SEK 412.7bSEK 357.6bSEK 29.8b13.7x13.9x1.2x
Fri, 13 Sep 2024SEK 401.5bSEK 357.6bSEK 29.8b13.9x13.5x1.1x
Sun, 11 Aug 2024SEK 403.4bSEK 357.1bSEK 29.8b13.2x13.5x1.1x
Tue, 09 Jul 2024SEK 441.8bSEK 355.2bSEK 27.3b15.6x16.2x1.2x
Thu, 06 Jun 2024SEK 451.8bSEK 355.2bSEK 27.3b15.9x16.5x1.3x
Sat, 04 May 2024SEK 456.7bSEK 355.3bSEK 27.3b15.9x16.7x1.3x
Mon, 01 Apr 2024SEK 460.3bSEK 365.5bSEK 32.2b13.4x14.3x1.3x
Wed, 28 Feb 2024SEK 428.9bSEK 365.8bSEK 31.6b13.1x13.6x1.2x
Fri, 26 Jan 2024SEK 422.1bSEK 377.9bSEK 1.7b14.7x241.8x1.1x
Sun, 24 Dec 2023SEK 458.2bSEK 380.6bSEK 3.0b14.6x154x1.2x
Tue, 21 Nov 2023SEK 448.7bSEK 380.8bSEK 2.9b12.9x154.2x1.2x
Thu, 19 Oct 2023SEK 414.1bSEK 386.6bSEK 7.8b12.2x53.4x1.1x
Sat, 16 Sep 2023SEK 414.4bSEK 386.9bSEK 7.8b13x53.1x1.1x
Mon, 14 Aug 2023SEK 402.3bSEK 387.1bSEK 8.5b11.6x47.4x1x
Wed, 12 Jul 2023SEK 432.1bSEK 397.1bSEK 19.1b11x22.7x1.1x
Fri, 09 Jun 2023SEK 456.0bSEK 397.1bSEK 19.1b11.5x23.9x1.1x
Sun, 07 May 2023SEK 452.9bSEK 397.0bSEK 19.2b11.1x23.6x1.1x
Tue, 04 Apr 2023SEK 464.1bSEK 392.4bSEK 23.6b11x19.7x1.2x
Price to Earnings Ratio

19.7x


Total Market Cap: SEK 464.1bTotal Earnings: SEK 23.6bTotal Revenue: SEK 392.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Materials Sector Price to Earnings3Y Average 32.7x202420252026
Current Industry PE
  • Investors are pessimistic on the Swedish Materials industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 17.7x which is lower than its 3-year average PE of 32.7x.
  • The industry is trading close to its 3-year average PS ratio of 1.2x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have declined 3.1% per year.
  • This means that the cost of doing business could be reducing since sales have declined but profits have remained steady.

Industry Trends

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

SE Market0.097%
Materials-2.66%
Packaging3.21%
Chemicals2.98%
Paper and Forestry Products1.93%
Metals and Mining-5.90%
Industry PE
  • Investors are most optimistic about the Packaging industry even though it's trading below its 3-year average PE ratio of 32.7x.
    • Analysts are expecting annual earnings growth of 29.7%, which is higher than its past year's earnings decline of 59.3% per year.
  • Investors are most pessimistic about the Chemicals industry, which is trading below its 3-year average of 21.8x.
Forecasted Growth
  • Analysts are most optimistic on the Packaging industry, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings decline of 59% per year.
  • In contrast, the Paper and Forestry Products industry is expected to see its earnings grow by 5.3% 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
SSAB A SSABSEK 71.445.8%
+SEK 3.9b		12.3%PE14.5x
SCA B Svenska Cellulosa AktiebolagetSEK 109.351.7%
+SEK 1.3b		-18.8%PE24x
HOLM B HolmenSEK 333.402.2%
+SEK 1.1b		-17.8%PE17.8x
HPOL B HEXPOLSEK 71.504.3%
+SEK 1.0b		-19.9%PE12.7x
ALLEI AlleimaSEK 76.054.8%
+SEK 875.6m		-10.7%PE28.4x

Latest News

BILL
SEK 72.40
Billerud
7D
3.2%
1Y
-30.7%
SCA B
SEK 109.35
Svenska Cellulosa Aktiebolaget
7D
1.7%
1Y
-18.8%
ALLEI
SEK 76.05
Alleima
7D
4.8%
1Y
-10.7%
LGOLD B
SEK 168.60
Lappland Guldprospektering
7D
-4.3%
1Y
41.7%
HOLM B
SEK 333.40
Holmen
7D
2.2%
1Y
-17.8%

HOLM B: Dividend Proposal And Mixed P E Expectations Will Shape Future Share Performance

Holmen's analyst fair value estimate has edged up from SEK 354 to SEK 362, as analysts factor in slightly adjusted discount rate assumptions, a revised revenue growth profile, and a modestly higher projected profit margin and future P/E. Analyst Commentary Bullish Takeaways Bullish analysts are comfortable with a fair value estimate that sits above the SEK 330 to SEK 335 price targets cited in recent research, which implies some confidence in execution against the revised growth and margin profile used in the valuation model.
SSAB A
SEK 71.44
SSAB
7D
5.8%
1Y
12.3%

SSAB A: Profitability Execution And Fossil Free Steel Deals Will Drive Upside

Analysts have lifted their average price target on SSAB by SEK 2, citing updated expectations for profitability, modestly higher revenue growth assumptions, and a lower future P/E multiple, even as some firms have recently shifted to more cautious ratings. Analyst Commentary Recent research on SSAB has been mixed, but there is a clearly supportive camp of bullish analysts who are willing to lift valuation targets even as some peers turn more cautious.
GRNG
SEK 140.00
Gränges
7D
1.1%
1Y
21.5%
BOL
SEK 467.70
Boliden
7D
-13.4%
1Y
37.8%

BOL: Future Ronnskar Restart And Gold Exposure Will Drive Re Rating

Boliden's analyst fair value estimate has been raised from SEK 550 to SEK 770. This reflects higher price targets across several firms as analysts factor in stronger revenue growth assumptions, adjusted profit expectations and slightly lower future P/E multiples, alongside recent target increases from banks such as Morgan Stanley, JPMorgan, Citi, Deutsche Bank, RBC Capital, Danske Bank, Kepler Cheuvreux and Barclays.
ITECH
SEK 48.20
I-Tech
7D
-2.6%
1Y
-44.9%
VISC
SEK 14.54
Gruvaktiebolaget Viscaria
7D
6.6%
1Y
-29.4%
HPOL B
SEK 71.50
HEXPOL
7D
4.3%
1Y
-19.9%

HPOL B: Rebased Price Expectations Will Support Future Margin And P E Resilience

Analysts have reduced their HEXPOL price target by SEK 21, reflecting updated assumptions for the discount rate, long-term revenue growth, profit margin and future P/E, and signalling a slightly more cautious stance on the shares. Analyst Commentary Recent research updates suggest that the lower SEK 21 price target mainly reflects refreshed assumptions rather than a fundamental shift in how the business is viewed.
KBC
SEK 39.80
KB Components
7D
-4.4%
1Y
-13.8%
DRIL
SEK 3.86
Drillcon
7D
-13.5%
1Y
-29.3%
NEXAM
SEK 2.84
Nexam Chemical Holding
7D
-6.3%
1Y
-11.5%
BLUE
SEK 1.26
Bluelake Mineral
7D
-3.5%
1Y
33.8%
MAHVIE
SEK 0.48
Mahvie Minerals
7D
-10.1%
1Y
5.5%