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Swedish (OMX) Tech Sector Analysis

UpdatedMar 10, 2026
DataAggregated Company Financials
Companies135
  • 7D-2.8%
  • 3M-3.6%
  • 1Y-8.0%
  • YTD-1.3%

Over the last 7 days, the Tech industry has dropped 2.4%, driven by Hexagon declining 4.2%. However, the industry is down 7.7% over the past year. As for the next few years, earnings are expected to grow by 8.0% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Mar 2026SEK 833.6bSEK 441.1bSEK 34.9b22.5x23.9x1.9x
Thu, 05 Feb 2026SEK 839.6bSEK 444.6bSEK 38.5b23.8x21.8x1.9x
Sat, 03 Jan 2026SEK 844.3bSEK 448.7bSEK 35.6b26.7x23.7x1.9x
Mon, 01 Dec 2025SEK 873.5bSEK 450.7bSEK 35.8b27x24.4x1.9x
Wed, 29 Oct 2025SEK 926.8bSEK 451.8bSEK 29.4b28.4x31.6x2.1x
Fri, 26 Sep 2025SEK 848.0bSEK 458.0bSEK 25.2b29.6x33.7x1.9x
Sun, 24 Aug 2025SEK 852.2bSEK 458.3bSEK 25.4b30.6x33.5x1.9x
Tue, 22 Jul 2025SEK 880.5bSEK 460.7bSEK 26.9b28.9x32.8x1.9x
Thu, 19 Jun 2025SEK 863.0bSEK 464.9bSEK 10.8b26.3x80x1.9x
Sat, 17 May 2025SEK 894.1bSEK 462.3bSEK 10.2b27.2x87.6x1.9x
Mon, 14 Apr 2025SEK 781.4bSEK 461.9bSEK 9.1b23.8x86.2x1.7x
Wed, 12 Mar 2025SEK 911.4bSEK 461.4bSEK 11.4b24.9x79.9x2x
Fri, 07 Feb 2025SEK 992.1bSEK 464.5bSEK 4.8b26.1x205.8x2.1x
Sun, 05 Jan 2025SEK 923.8bSEK 464.9bSEK 3.3b25x282.1x2x
Tue, 03 Dec 2024SEK 885.2bSEK 465.0bSEK 3.2b24.7x273.5x1.9x
Thu, 31 Oct 2024SEK 926.4bSEK 464.0bSEK 9.5b25.5x97.8x2x
Sat, 28 Sep 2024SEK 890.2bSEK 463.9b-SEK 27,406,603,000.7327.4x-32.5x1.9x
Mon, 26 Aug 2024SEK 863.2bSEK 464.6b-SEK 27,446,638,574.8626.8x-31.4x1.9x
Wed, 24 Jul 2024SEK 889.1bSEK 466.0b-SEK 27,326,625,172.1225.7x-32.5x1.9x
Fri, 21 Jun 2024SEK 865.9bSEK 467.0b-SEK 18,003,826,008.5628.2x-48.1x1.9x
Sun, 19 May 2024SEK 868.9bSEK 472.6b-SEK 17,396,066,280.7128.8x-49.9x1.8x
Tue, 16 Apr 2024SEK 839.5bSEK 482.2b-SEK 18,683,724,146.3926.7x-44.9x1.7x
Thu, 14 Mar 2024SEK 863.0bSEK 481.1b-SEK 18,836,516,856.1426.3x-45.8x1.8x
Sat, 10 Feb 2024SEK 823.5bSEK 481.1b-SEK 19,047,485,787.7731.1x-43.2x1.7x
Mon, 08 Jan 2024SEK 830.1bSEK 495.1b-SEK 16,296,969,009.0030.6x-50.9x1.7x
Wed, 06 Dec 2023SEK 761.4bSEK 495.5b-SEK 16,245,429,736.0028.8x-46.9x1.5x
Fri, 03 Nov 2023SEK 667.5bSEK 498.7b-SEK 20,898,996,853.0023.8x-31.9x1.3x
Sun, 01 Oct 2023SEK 693.5bSEK 499.8bSEK 17.3b22.4x40.1x1.4x
Tue, 29 Aug 2023SEK 710.0bSEK 501.7bSEK 17.6b23.5x40.4x1.4x
Thu, 27 Jul 2023SEK 749.8bSEK 498.0bSEK 17.4b24.4x43.1x1.5x
Sat, 24 Jun 2023SEK 818.3bSEK 494.9bSEK 23.5b22.7x34.8x1.7x
Mon, 22 May 2023SEK 820.9bSEK 492.4bSEK 23.5b25.6x34.9x1.7x
Wed, 19 Apr 2023SEK 814.5bSEK 478.9bSEK 24.2b27.9x33.7x1.7x
Fri, 17 Mar 2023SEK 784.7bSEK 452.9bSEK 23.8b27.3x33x1.7x
Price to Earnings Ratio

33x


Total Market Cap: SEK 784.7bTotal Earnings: SEK 23.8bTotal Revenue: SEK 452.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Tech Sector Price to Earnings3Y Average 38.3x202420252026
Current Industry PE
  • Investors are pessimistic on the Swedish Information Technology 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 24.3x which is lower than its 3-year average PE of 38.3x.
  • The industry is trading close to its 3-year average PS ratio of 1.8x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 14% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

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

SE Market-4.91%
Tech-2.82%
Semiconductors5.30%
Software0.74%
Tech Hardware-1.46%
IT-1.91%
Communications-2.12%
Electronic Equipment and Components-4.09%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio of 37.0x.
    • Analysts are expecting annual earnings growth of 15.6%, which is higher than its past year's earnings decline of 7.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 92% over the next 5 years.
  • In contrast, the Communications industry is expected to see its earnings decline by 4.9% 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
VIT B Vitec Software GroupSEK 240.403.4%
+SEK 311.1m		-57.2%PE22x
SINCH SinchSEK 22.461.3%
+SEK 222.1m		-1.2%PE79.3x
SIVE Sivers SemiconductorsSEK 3.4514.7%
+SEK 137.6m		-15.6%PS3x
TRUE B TruecallerSEK 11.563.6%
+SEK 132.9m		-84.1%PE9.9x
LIME Lime TechnologiesSEK 206.504.6%
+SEK 121.3m		-45.9%PE24.6x

Latest News

SINCH
SEK 22.46
Sinch
7D
1.3%
1Y
-1.2%
SIVE
SEK 3.45
Sivers Semiconductors
7D
14.7%
1Y
-15.6%
TRUE B
SEK 11.56
Truecaller
7D
3.6%
1Y
-84.1%

TRUE B: Ad Expansion And Buyback Programme Will Support Future Rerating Potential

Our analyst price target for Truecaller now stands at SEK 15. This change reflects updated views on revenue growth, profitability and a more conservative future P/E multiple, in line with recent research where one firm lifted its target to SEK 15 and another shifted to a Hold stance.
VIT B
SEK 240.40
Vitec Software Group
7D
3.4%
1Y
-57.2%

VIT B: Firmer Margin Outlook Will Support Constructive Long Term Thesis

The analyst price target for Vitec Software Group has shifted from SEK 650 to about SEK 570. Analysts point to more moderate revenue growth assumptions and a higher discount rate, partly offset by slightly firmer profit margin expectations and a broadly similar future P/E outlook, as reflected in recent research updates including the upgrade at SEB Equities.
ERIC B
SEK 102.35
Telefonaktiebolaget LM Ericsson
7D
-2.0%
1Y
19.0%

ERIC B: Alliance Partnerships And Modest Re Rating Will Support Balanced Outlook

Analysts have nudged their price targets on Telefonaktiebolaget LM Ericsson slightly higher, with recent increases of SEK 1 to SEK 3 supported by updated assumptions around the discount rate, modest revenue growth expectations, and a future P/E of about 16.8x. Analyst Commentary Recent Street research on Telefonaktiebolaget LM Ericsson has centered on gradual adjustments to price targets, with bullish analysts fine tuning their models rather than making sweeping changes.
LIME
SEK 206.50
Lime Technologies
7D
4.6%
1Y
-45.9%
YUBICO
SEK 48.05
Yubico
7D
-4.9%
1Y
-77.5%

YUBICO: Global Security Expansion And Singapore Hub Will Drive Future Upside

Analysts have reduced their SEK price target for Yubico from about SEK 78 to roughly SEK 69, reflecting updated assumptions for slightly lower revenue growth, profit margins, and future P/E multiples. What's in the News Opened a third global headquarters in Singapore to serve as a center of excellence for supply chain, operations, sales, and administration across the Asia Pacific region, with a focus on hardware backed authentication and AI related security use cases (Key Developments).
HEXA B
SEK 96.22
Hexagon
7D
-4.2%
1Y
-17.9%

HEXA B: Margin Resilience And Cost Execution Will Drive Future Upside Potential

Analysts have trimmed their Hexagon price targets by SEK 5, reflecting slightly softer assumptions on revenue growth and valuation multiples, which are partly offset by a small uplift in expected profit margins. Analyst Commentary Analysts are treating the SEK 5 cut to the Hexagon price target as a fine tuning of expectations rather than a fundamental reset, with tweaks across growth, margins and valuation multiples.
NOTE
SEK 184.00
NOTE
7D
-5.4%
1Y
11.0%
NEO B
SEK 7.10
Neovici Holding
7D
39.2%
1Y
-11.1%
LAGR B
SEK 203.00
Lagercrantz Group
7D
-5.6%
1Y
-5.1%
HMS
SEK 391.40
HMS Networks
7D
-4.6%
1Y
-13.9%

HMS: Recent Rating Upgrades And Dividend Proposal Will Support Future Upside

Analysts have lifted their price target on HMS Networks to SEK 550, up from SEK 480, citing updated research that points to slightly stronger assumptions for long term growth and profitability, supported by recent rating upgrades. Analyst Commentary Recent research has pointed to a more constructive view on HMS Networks, with bullish analysts updating their models and signalling greater confidence in the company’s long term growth and profitability assumptions.
MYCR
SEK 197.92
Mycronic
7D
-2.8%
1Y
-5.8%

MYCR: Asian Orders And 2026 Guidance Will Shape Balanced Outlook

Analysts now keep their SEK 215.0 price target for Mycronic broadly unchanged, with slight adjustments in the discount rate, revenue growth expectations, profit margin assumptions, and future P/E multiples shaping the latest narrative update. What's in the News Mycronic issued earnings guidance for 2026, indicating expected net sales of SEK 8.25b for the period (company guidance).
CINT
SEK 3.82
Cint Group
7D
4.5%
1Y
-44.3%
SOLIDX
SEK 3.00
Solidx
7D
57.9%
1Y
-2.9%
BERNER B
SEK 99.00
Berner Industrier
7D
-10.4%
1Y
153.2%