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Swedish (OMX) Materials Sector Analysis

UpdatedJun 27, 2026
DataAggregated Company Financials
Companies38
  • 7D-3.7%
  • 3M8.0%
  • 1Y16.4%
  • YTD-2.7%

Over the last 7 days, the Materials industry has dropped 3.7%, driven by a pullback from Boliden of 5.6%. Over the past 12 months, the industry was up 16%. As for the next few years, earnings are expected to grow by 14% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 27 Jun 2026SEK 454.5bSEK 361.2bSEK 24.9b20x18.2x1.3x
Mon, 25 May 2026SEK 458.4bSEK 361.1bSEK 24.9b18.4x18.4x1.3x
Wed, 22 Apr 2026SEK 465.0bSEK 356.9bSEK 24.2b17.4x19.2x1.3x
Fri, 20 Mar 2026SEK 440.1bSEK 356.9bSEK 24.2b17.2x18.2x1.2x
Sun, 15 Feb 2026SEK 502.8bSEK 356.5bSEK 24.4b18.1x20.6x1.4x
Tue, 13 Jan 2026SEK 482.8bSEK 358.6bSEK 24.0b18.1x20.1x1.3x
Thu, 11 Dec 2025SEK 440.3bSEK 358.6bSEK 24.0b16.2x18.3x1.2x
Sat, 08 Nov 2025SEK 417.2bSEK 358.6bSEK 24.0b17.9x17.4x1.2x
Mon, 06 Oct 2025SEK 415.8bSEK 361.4bSEK 24.7b14.2x16.8x1.2x
Wed, 03 Sep 2025SEK 387.7bSEK 366.1bSEK 25.0b14.2x15.5x1.1x
Fri, 01 Aug 2025SEK 381.8bSEK 366.3bSEK 25.4b14.8x15x1x
Sun, 29 Jun 2025SEK 393.5bSEK 370.1bSEK 29.6b14.1x13.3x1.1x
Tue, 27 May 2025SEK 409.6bSEK 370.1bSEK 29.6b14.3x13.8x1.1x
Thu, 24 Apr 2025SEK 395.6bSEK 368.0bSEK 31.1b14.2x12.7x1.1x
Sat, 22 Mar 2025SEK 442.3bSEK 364.8bSEK 29.7b18.2x14.9x1.2x
Mon, 17 Feb 2025SEK 461.6bSEK 362.2bSEK 29.4b19x15.7x1.3x
Wed, 15 Jan 2025SEK 408.0bSEK 356.0bSEK 28.4b15.3x14.4x1.1x
Fri, 13 Dec 2024SEK 418.3bSEK 356.0bSEK 28.4b15.9x14.7x1.2x
Sun, 10 Nov 2024SEK 418.3bSEK 356.0bSEK 28.3b15.5x14.8x1.2x
Tue, 08 Oct 2024SEK 430.7bSEK 357.6bSEK 29.8b14x14.5x1.2x
Thu, 05 Sep 2024SEK 396.9bSEK 357.6bSEK 29.8b14.2x13.3x1.1x
Sat, 03 Aug 2024SEK 411.8bSEK 357.1bSEK 29.8b14.2x13.8x1.2x
Mon, 01 Jul 2024SEK 440.1bSEK 355.2bSEK 27.3b15.4x16.1x1.2x
Wed, 29 May 2024SEK 465.2bSEK 355.2bSEK 27.3b16.8x17x1.3x
Fri, 26 Apr 2024SEK 448.5bSEK 356.8bSEK 28.4b16.9x15.8x1.3x
Sun, 24 Mar 2024SEK 462.9bSEK 365.4bSEK 32.0b13.5x14.5x1.3x
Tue, 20 Feb 2024SEK 432.3bSEK 365.8bSEK 31.5b13.2x13.7x1.2x
Thu, 18 Jan 2024SEK 423.9bSEK 380.6bSEK 3.0b13.1x142.9x1.1x
Sat, 16 Dec 2023SEK 456.7bSEK 380.6bSEK 3.0b14.8x153.8x1.2x
Mon, 13 Nov 2023SEK 430.0bSEK 380.9bSEK 2.9b13.9x148.5x1.1x
Wed, 11 Oct 2023SEK 428.2bSEK 386.8bSEK 7.8b12.4x54.8x1.1x
Fri, 08 Sep 2023SEK 411.2bSEK 386.9bSEK 7.8b13.3x52.7x1.1x
Sun, 06 Aug 2023SEK 413.1bSEK 387.1bSEK 8.5b12.4x48.6x1.1x
Tue, 04 Jul 2023SEK 432.3bSEK 397.1bSEK 19.1b11x22.7x1.1x
Price to Earnings Ratio

22.7x


Total Market Cap: SEK 432.3bTotal Earnings: SEK 19.1bTotal Revenue: SEK 397.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Materials Sector Price to Earnings3Y Average 32.4x202420252026
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 18.2x which is lower than its 3-year average PE of 32.4x.
  • 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 grown 9.4% per year over the last three years.
  • Meanwhile revenues for these companies have declined 3.1% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

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

SE Market-0.81%
Materials-3.69%
Packaging3.95%
Paper and Forestry Products-2.10%
Chemicals-2.43%
Metals and Mining-4.82%
Industry PE
  • Investors are most optimistic about the Packaging industry which is trading above its 3-year average PE ratio of 43.8x.
    • Analysts are expecting annual earnings growth of 85.2%, which is higher than its past year's earnings decline of 95.8% per year.
  • Investors are most pessimistic about the Metals and Mining industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Packaging industry, expecting annual earnings growth of 85% over the next 5 years.
  • This is better than its past earnings decline of 96% per year.
  • In contrast, the Paper and Forestry Products industry is expected to see its earnings grow by 6.5% 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
BILL BillerudSEK 64.404.0%
+SEK 609.3m		-35.5%PE208x
VISC Gruvaktiebolaget ViscariaSEK 16.502.2%
+SEK 86.5m		-2.4%PS14x
RROS RottnerosSEK 2.217.5%
+SEK 41.4m		-20.9%PS0.2x
BAT Eurobattery MineralsSEK 0.2318.9%
+SEK 35.1m		201.3%PS341.5x
AXIC A aXichemSEK 1.6526.5%
+SEK 23.4m		-40.4%PS5.9x

Latest News

NEXAM
SEK 3.24
Nexam Chemical Holding
7D
3.5%
1Y
-19.2%
Narrative Update • Jun 26

NEXAM: Eastern Europe Capacity Expansion Will Drive Future Upside Potential

Analysts have adjusted their price target on Nexam Chemical Holding to SEK3.50 from SEK4.00, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E levels. What’s in the News for Nexam Chemical Holding Nexam Chemical is increasing production capacity in Eastern Europe and adjusting its manufacturing footprint across Sweden, Hungary and Poland to support higher and more variable order volumes.
HPOL B
SEK 72.05
HEXPOL
7D
-2.6%
1Y
-22.7%
Narrative Update • Jun 24

HPOL B: Leadership Transition And Stable Assumptions Will Support Future Upside Potential

Analysts have maintained their SEK 82.0 price target for HEXPOL, with only small adjustments to inputs such as the discount rate, revenue growth outlook, and future P/E assumptions guiding this steady view. What's in the News for HEXPOL HEXPOL AB stated that CEO Klas Dahlberg will leave his position, with the Board and Dahlberg reaching an agreement on his departure.
HOLM B
SEK 304.60
Holmen
7D
-1.8%
1Y
-19.9%
SCA B
SEK 99.74
Svenska Cellulosa Aktiebolaget
7D
-2.4%
1Y
-19.8%
Narrative Update • Jun 24

SCA B: Neutral Coverage And Sector Oversupply Will Support Future Repricing

Analysts have trimmed the fair value estimate for Svenska Cellulosa Aktiebolaget from SEK 118.31 to SEK 114.71, reflecting slightly higher assumed discount rates and modestly weaker profitability expectations, alongside ongoing sector concerns highlighted in recent price target cuts and Neutral ratings across the Street. Analyst Commentary Recent research on Svenska Cellulosa Aktiebolaget points to a more cautious tone, with several firms adjusting price targets and reiterating Neutral or equivalent ratings.
DURC B
SEK 18.70
Duroc
7D
0.8%
1Y
15.1%
ALLEI
SEK 89.80
Alleima
7D
-4.9%
1Y
16.0%
BILL
SEK 64.40
Billerud
7D
4.0%
1Y
-35.5%
Narrative Update • Jun 23

BILL: Execution Improvements And Dividend Support Will Drive Future Re Rating

The latest Narrative Update on Billerud reflects a slightly lower analyst price target of SEK 78.83 versus SEK 79.17, as analysts factor in updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Recent research on Billerud points to a mixed view, with some bullish analysts becoming more positive on the stock while others trim their price targets.
BOL
SEK 537.00
Boliden
7D
-5.6%
1Y
79.7%
Narrative Update • Jun 23

BOL: Future Returns Will Likely Lag As Garpenberg Ramp Risks Persist

The analyst fair value estimate for Boliden has been raised from SEK 445 to SEK 468 as analysts factor in a mix of higher Street price targets, more balanced risk/reward commentary after the recent selloff, and ongoing concerns around operational complexity following the Garpenberg seismic event. Analyst Commentary Recent Street research on Boliden shows a split view, with some firms flagging valuation and execution risks even as others lift price targets.
GRNG
SEK 168.90
Gränges
7D
-6.6%
1Y
37.9%
Narrative Update • Jun 23

GRNG: Dividend Stability And Recycling Partnership Will Support Future Upside Potential

Analysts keep their fair value estimate for Gränges steady at SEK199.25, with small tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions. These changes reflect only minor adjustments to their underlying model rather than a shift in overall view.
SSAB A
SEK 91.32
SSAB
7D
-3.3%
1Y
61.1%
Analysis Article • Jun 19

SSAB (OM:SSAB A) Stock Could Be 19.3% Overvalued After Armox Powder Launch

SSAB (OM:SSAB A) is in focus after launching Armox 500 AM Powder, described as the first protection grade steel powder for additive manufacturing, along with plans to expand production capacity at its Oxelösund facility. See our latest analysis for SSAB. Against this backdrop, SSAB’s share price has pulled back over the past week, with a 7 day share price return of down 3.9% after a 1 month gain of 11.4% and a 90 day share price return of 39.9%. The 1 year total shareholder return stands at...
VISC
SEK 16.50
Gruvaktiebolaget Viscaria
7D
2.2%
1Y
-2.4%
AXIC A
SEK 1.65
aXichem
7D
26.5%
1Y
-40.4%
SOSI
SEK 4.21
Sotkamo Silver
7D
-12.4%
1Y
348.3%
BAT
SEK 0.23
Eurobattery Minerals
7D
18.9%
1Y
201.3%
RROS
SEK 2.21
Rottneros
7D
7.5%
1Y
-20.9%
ECO B
SEK 0.087
EcoRub
7D
14.2%
1Y
-15.1%