Has the Swedish Metals and Mining Industry valuation changed over the past few years?

Investors are optimistic on the Swedish Metals and Mining industry, and appear confident in long term growth rates. The industry is trading at a PE ratio of 15.7x which is higher than its 3-year average PE of 8.3x. The 3-year average PS ratio of 0.88x is lower than the industry's current PS ratio of 1.3x.

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

Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 9.7x. Analysts are expecting annual earnings growth of 16.9%, which is higher than its past year's earnings growth of 2.5% per year.

Swedish (OMX) Metals and Mining Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 19 Sep 2026	SEK 316.0b	SEK 255.6b	SEK 20.4b	17.4x	15.5x	1.2x
Mon, 17 Aug 2026	SEK 316.0b	SEK 255.7b	SEK 20.4b	17.7x	15.5x	1.2x
Wed, 15 Jul 2026	SEK 301.7b	SEK 247.6b	SEK 18.0b	17.6x	16.8x	1.2x
Fri, 12 Jun 2026	SEK 295.0b	SEK 247.6b	SEK 18.0b	18.3x	16.4x	1.2x
Sun, 10 May 2026	SEK 279.5b	SEK 247.5b	SEK 18.0b	16.9x	15.5x	1.1x
Tue, 07 Apr 2026	SEK 259.3b	SEK 240.5b	SEK 15.9b	15.3x	16.3x	1.1x
Thu, 05 Mar 2026	SEK 309.9b	SEK 240.6b	SEK 15.9b	16.5x	19.5x	1.3x
Sat, 31 Jan 2026	SEK 297.3b	SEK 238.2b	SEK 14.5b	15.7x	20.4x	1.2x
Mon, 29 Dec 2025	SEK 252.2b	SEK 239.2b	SEK 14.8b	15.7x	17x	1.1x
Wed, 26 Nov 2025	SEK 227.5b	SEK 239.3b	SEK 14.7b	15.1x	15.4x	1x
Fri, 24 Oct 2025	SEK 220.3b	SEK 238.1b	SEK 14.9b	14.3x	14.7x	0.9x
Sun, 21 Sep 2025	SEK 184.5b	SEK 240.0b	SEK 14.6b	12x	12.6x	0.8x
Tue, 19 Aug 2025	SEK 179.5b	SEK 240.0b	SEK 14.7b	13.6x	12.2x	0.7x
Thu, 17 Jul 2025	SEK 183.8b	SEK 243.6b	SEK 18.7b	13.2x	9.9x	0.8x
Sat, 14 Jun 2025	SEK 178.2b	SEK 242.7b	SEK 18.7b	12.7x	9.5x	0.7x
Mon, 12 May 2025	SEK 180.8b	SEK 242.7b	SEK 18.7b	12.3x	9.7x	0.7x
Wed, 09 Apr 2025	SEK 165.1b	SEK 239.4b	SEK 18.8b	11.5x	8.8x	0.7x
Fri, 07 Mar 2025	SEK 214.4b	SEK 239.4b	SEK 18.8b	13x	11.4x	0.9x
Sun, 02 Feb 2025	SEK 186.1b	SEK 234.3b	SEK 17.4b	14.2x	10.7x	0.8x
Tue, 31 Dec 2024	SEK 166.5b	SEK 235.9b	SEK 18.9b	14.1x	8.8x	0.7x
Thu, 28 Nov 2024	SEK 175.0b	SEK 235.9b	SEK 18.8b	13.6x	9.3x	0.7x
Sat, 26 Oct 2024	SEK 176.2b	SEK 235.9b	SEK 18.9b	11.4x	9.3x	0.7x
Mon, 23 Sep 2024	SEK 166.0b	SEK 239.0b	SEK 20.3b	10.5x	8.2x	0.7x
Wed, 21 Aug 2024	SEK 170.4b	SEK 238.8b	SEK 20.3b	10.9x	8.4x	0.7x
Fri, 19 Jul 2024	SEK 191.5b	SEK 238.4b	SEK 18.3b	14.1x	10.4x	0.8x
Sun, 16 Jun 2024	SEK 185.7b	SEK 238.3b	SEK 18.4b	13x	10.1x	0.8x
Tue, 14 May 2024	SEK 199.4b	SEK 238.4b	SEK 18.4b	14x	10.8x	0.8x
Thu, 11 Apr 2024	SEK 199.0b	SEK 245.9b	SEK 21.7b	12.8x	9.2x	0.8x
Sat, 09 Mar 2024	SEK 180.4b	SEK 246.0b	SEK 21.5b	11x	8.4x	0.7x
Mon, 05 Feb 2024	SEK 186.3b	SEK 248.9b	SEK 22.2b	11.1x	8.4x	0.7x
Wed, 03 Jan 2024	SEK 200.7b	SEK 253.0b	-SEK 9,784,690,400.00	13x	-20.5x	0.8x
Fri, 01 Dec 2023	SEK 192.8b	SEK 253.1b	-SEK 9,765,549,884.00	12.1x	-19.7x	0.8x
Sun, 29 Oct 2023	SEK 176.1b	SEK 253.3b	-SEK 9,877,593,395.00	13.1x	-17.8x	0.7x
Tue, 26 Sep 2023	SEK 172.8b	SEK 255.9b	-SEK 7,485,215,786.00	13.4x	-23.1x	0.7x


SE Market	-0.26%
Materials	0.24%
Metals and Mining	-0.18%
Precious Metals and Minerals	13.82%
Aluminum	7.29%
Steel	2.88%
Silver	2.77%
Gold	0%	0
Diversified Metals and Mining	-3.50%

Company	Last Price	7D	1Y	Valuation
SSAB A SSAB	SEK 107.20	3.7% +SEK 3.8b	97.0%	PE19.1x
GRNG Gränges	SEK 176.40	7.7% +SEK 1.3b	44.8%	PE15.6x
SOSI Sotkamo Silver	SEK 5.00	2.8% +SEK 46.0m	414.4%	PE21.7x
ALLEI Alleima	SEK 114.10	0.09% +SEK 25.0m	61.8%	PE31.3x
GRANGX Grangex	SEK 31.40	5.0% +SEK 21.2m	-31.4%	PS20.2x

Announcement • Sep 14

Lappland Guldprospektering AB Reports Historical Drilling Results At Gubbträsk

Lappland Guldprospektering AB announced that of the 86 historical drill holes at Gubbträsk, 84 lie within the new permit. The highest gold grade reported was 6 metres at 11.15 grams of gold per tonne, and approximately 4,000 metres of the drilling has never formed the basis of a published resource estimate. The drill core is preserved, and the Company's geologist is now reviewing it with the aim of enabling the Company to report a Mineral Resource for Gubbträsk under PERC. Between 2004 and 2008, 68 core drill holes totalling approximately 8,800 metres were drilled within the area, in addition to geochemical sampling in more than 600 holes. The drilling intersected gold mineralisation as well as several parallel zones of zinc, lead and silver mineralisation within an area of approximately 1.5 by 0.5 kilometres. The drill core and the drill logs are preserved in SGU's core archive in Malå, and the Company has access to all assay certificates from the ALS laboratory. On 13 June 2007, Lappland Goldminers AB published a historical resource estimate for the area of 700,000 tonnes at 1.6 grams of gold per tonne, together with 2,100,000 tonnes at 1.2% zinc, 1.1% lead and 11 grams of silver per tonne, dated 21 May 2007. The highest gold grade was reported in drill hole GUT200723, at 6 metres and 11.15 grams of gold per tonne. The section refers to down-hole length, and true width has not been determined. According to the same press release, the resource estimate is based on the 29 core drill holes totalling 4,695 metres drilled up to 2006. A further approximately 4,000 metres were drilled during 2007 and 2008, and in its annual report for 2007 Lappland Goldminers stated that the estimate would be upgraded with additional drilling. No updated estimate was ever published, and the company's operations were subsequently wound up. The later drilling has therefore never formed the basis of a published estimate for the area. According to the 2007 press release, the resource estimate was compiled under the reporting rules of SveMin in force at the time, under the direction of a SveMin-registered Qualified Person and reviewed by an independent Qualified Person. It has not been prepared in accordance with PERC or any other currently applicable reporting standard. The Company does not have access to the underlying calculation and therefore does not treat the estimate as a current Mineral Resource. The core, the drill logs and the assay certificates do remain, and that is the material the Company is now going through. The Company's ongoing logging in SGU's archive covers four of the historical drill holes so far, selected on reported gold and base metal grades: GUT200504, GUT200601, GUT200723 and GUT200810. The observations below are preliminary. The mineralisation occurs in two forms: gold together with arsenopyrite in predominantly silicified zones, and galena with sphalerite together with carbonate, these also in silicified zones. Locally, galena and sphalerite occur in breccia with a carbonate matrix. In the holes logged so far, more than one mineralised level of both forms is present. In drill hole GUT200723 a mineralised zone of approximately 20 to 25 metres occurs in two parts, with sphalerite and galena above and below a central gold-bearing part. The footwall is unaltered greywacke with fine biotite and minor chlorite, locally with graphite. The structural control of the mineralisation is not documented. According to the Lappland Goldminers annual report for 2007, the highest gold grade was reported in drill hole GUT200723, with 6 metres at 11.15 grams of gold per tonne. The base metal section reported as the best in the area was in drill hole GUT200622, with 7 metres at 3.2% zinc, 0.2% lead and 5 grams of silver per tonne. The two sections lie in different drill holes and belong to the two forms of mineralisation described above, gold with arsenopyrite and galena with sphalerite respectively. The sections refer to down-hole length. True width has not been determined. In the press release of 11 January 2007, true width was estimated at between 60% and 100% of core length. In the summer of 2007, some fifteen loose boulders with lead and silver mineralisation were found, one of which assayed above 30% lead and 283 grams of silver per tonne. The bedrock source of the boulders was not located. Drill hole data for the holes referred to: Collar position, azimuth, dip and length of the drill holes according to SGU's drill hole register. Coordinates in SWEREF 99 TM. Drill hole Year Northing Easting Azimuth Dip Length (m) GUT200622 2006 7,229,321 623,125 133.7° 51.5° 157.8 GUT200723 2007 7,228,678 622,287 315.5° 45.2° 114.0. The published material from 2007 and 2008 does not state the cut-off grade, the internal dilution rule or the sample interval length behind the sections, nor who logged the core or how the samples were prepared. Without that information the sections cannot be reconstructed from the published material. They should be read as values reported by a previous permit holder, not as verified Exploration Results. The position, orientation and length of the drill holes are available in SGU's register and are presented above. According to the press release of 11 January 2007, the analyses were performed by ALS Chemex in Vancouver, Canada: gold by fire assay on a 50 gram sample (Au-AA26), base metals and silver by ICP-AES on a 0.5 gram sample (ME-ICP41, Ag-AA46, Zn-AA46, Pb-AA46). In the original source, the 2007 estimate was referred to as an "inferred mineral asset" (Swedish: antagen mineraltillgång). The term was used under the SveMin reporting rules in force at the time, which Lappland Goldminers stated that it applied, and should not be confused with an Inferred Mineral Resource under PERC.

Announcement • Sep 08

Eurobattery Minerals AB Announces Results Of Metallurgical Process Design Testwork Programme For San Juan Tungsten Project

Eurobattery Minerals AB announced the results of the metallurgical process design testwork programme carried out by SLR Consulting Limited at its laboratory in Truro (United Kingdom) on a bulk sample from the San Juan project in A Gudiña, Ourense. The programme, carried out between April and July 2026 in consultation with Minepro Solutions, aimed to determine the concentrate grade and tungsten recovery achievable through conventional gravity concentration. The tests conducted by SLR Consulting were performed exclusively using a gravity-based circuit. No flotation, no chemical separation reagents and with conventional off-the-shelf equipment. 63.1% WO3 concentrate grade obtained in the cleaning stage. No flotation, exclusively gravity-based circuit. No chemical separation reagents and no leaching. 6.67 kWh/t Bond crushing index, classified as “very easy”. An abrasion index of 0.12 classifies the ore as “slightly abrasive”. 92% proportion of free or liberated scheelite in the sample. Only 4% appears encapsulated. 0.07 m²/t/day thickener unit area, compatible with conventional thickening technology. The tested circuit, comprising hydrocyclone desliming, spiral concentration, a scavenging stage and a cleaning stage, recovered 49.9% of the tungsten contained in the feed into a concentrate mass equivalent to 0.7% of the original feed. All equipment used is conventional and commercially available: hydrocyclone, spirals, shaking tables and thickener. For comparison purposes, the metallurgical parameters published by operating tungsten mines and by projects with an available feasibility or prefeasibility study are presented below. All assets with publicly available data are included, without selection. Asset type: Operating mines (Europe and Australia) Feed grade: 0.13% – 0.24% Recovery: 60% kg WO3/t: 0.86 – 1.37. Projects with feasibility or prefeasibility Feed grade: 0.10% – 0.45% Recovery: 55% – 81% kg WO3/t: 0.74 – 3.65. Tungsten San Juan (laboratory testwork) Feed grade: 0.73% Recovery: 49.9 – XX% kg WO3/t: 3.64. Grades expressed in WO3. The last column is the product of grade and recovery, i.e. the tungsten recovered per tonne of ore treated. The figures for operating mines are taken from quarterly reports; those for projects are taken from published feasibility and prefeasibility studies. The next steps for the project will be to advance the detailed engineering, plant construction and commissioning in 2027. Tungsten San Juan S.L. is the owner of the San Juan tungsten project, located in the municipality of A Gudiña, in the province of Ourense, Galicia, north-western Spain. The data for the San Juan tungsten project are based on a laboratory test conducted on a bulk sample from the project and are not directly comparable with the performance of an industrial plant in continuous operation. The upper end of the recovery range will be determined by the plant enrichment operation.

Swedish (OMX) Metals and Mining Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Gruvaktiebolaget Viscaria Announces Appointment of Andreas Ridderström as Chief of Strategy, Procurement & Project Control, Effective October 1, 2026

ALLEI: Fair Outlook Balances Airbus Agreement And India Expansion With Recent Downgrade

BOL: Laver Project Progress Will Drive Future Re Rating Potential

Lappland Guldprospektering AB Reports Historical Drilling Results At Gubbträsk

SSAB Gets Green Light for Power Lines to New Electric Steel Plant in Luleå

Eurobattery Minerals AB Announces Results Of Metallurgical Process Design Testwork Programme For San Juan Tungsten Project

Second quarter 2026 earnings released: kr7.24 loss per share (vs kr0.84 profit in 2Q 2025)

We Think Arctic Minerals (STO:ARCT) Can Afford To Drive Business Growth

New minor risk - Share price stability

Deputy CEO & CFO recently bought kr5.3m worth of stock

New major risk - Revenue and earnings growth

New minor risk - Share price stability

New minor risk - Profit margin trend

Investor sentiment improves as stock rises 19%

Second quarter 2026 earnings released

Here's Why We Think ProfilGruppen (STO:PROF B) Might Deserve Your Attention Today