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Swedish (OMX) Tech Sector Analysis

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies139
  • 7D-3.8%
  • 3M-6.3%
  • 1Y-8.3%
  • YTD-1.3%

Over the last 7 days, the Tech industry has dropped 3.8%, driven by Telefonaktiebolaget LM Ericsson declining 4.8%. However, the industry is down 8.3% over the past year. Looking forward, earnings are forecast to grow by 10.0% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 15 Jan 2026SEK 833.1bSEK 448.8bSEK 35.6b26.6x23.4x1.9x
Sat, 13 Dec 2025SEK 886.0bSEK 450.2bSEK 35.8b27.1x24.8x2x
Mon, 10 Nov 2025SEK 891.2bSEK 451.4bSEK 35.8b26.7x24.9x2x
Wed, 08 Oct 2025SEK 864.3bSEK 457.5bSEK 25.1b29.1x34.4x1.9x
Fri, 05 Sep 2025SEK 820.4bSEK 457.8bSEK 25.2b29.4x32.5x1.8x
Sun, 03 Aug 2025SEK 820.4bSEK 458.8bSEK 25.7b29x31.9x1.8x
Tue, 01 Jul 2025SEK 884.0bSEK 464.7bSEK 11.0b25.7x80.5x1.9x
Thu, 29 May 2025SEK 886.4bSEK 463.8bSEK 10.3b25.5x85.7x1.9x
Sat, 26 Apr 2025SEK 849.9bSEK 463.3bSEK 10.7b25.5x79.7x1.8x
Mon, 24 Mar 2025SEK 931.9bSEK 461.4bSEK 11.2b26.1x83.5x2x
Wed, 19 Feb 2025SEK 1.0tSEK 461.6bSEK 4.7b27.4x214.5x2.2x
Fri, 17 Jan 2025SEK 949.3bSEK 464.1bSEK 3.2b25.6x298.1x2x
Sun, 15 Dec 2024SEK 930.4bSEK 465.2bSEK 3.2b24.9x287.8x2x
Tue, 12 Nov 2024SEK 894.1bSEK 464.4bSEK 3.3b24x273.1x1.9x
Thu, 10 Oct 2024SEK 872.0bSEK 464.6b-SEK 27,420,207,912.5127.5x-31.8x1.9x
Sat, 07 Sep 2024SEK 835.8bSEK 464.9b-SEK 27,419,703,896.2427.6x-30.5x1.8x
Mon, 05 Aug 2024SEK 831.3bSEK 465.0b-SEK 27,443,680,212.4925.1x-30.3x1.8x
Wed, 03 Jul 2024SEK 881.8bSEK 467.8b-SEK 17,946,098,177.6629.2x-49.1x1.9x
Fri, 31 May 2024SEK 868.3bSEK 468.4b-SEK 17,538,474,819.7527.7x-49.5x1.9x
Sun, 28 Apr 2024SEK 844.2bSEK 474.1b-SEK 17,247,992,000.6327x-48.9x1.8x
Tue, 26 Mar 2024SEK 861.2bSEK 482.7b-SEK 18,714,797,924.9526.7x-46x1.8x
Thu, 22 Feb 2024SEK 828.2bSEK 483.7b-SEK 18,093,559,758.2130x-45.8x1.7x
Sat, 20 Jan 2024SEK 814.2bSEK 495.3b-SEK 16,245,048,870.0031.1x-50.1x1.6x
Mon, 18 Dec 2023SEK 844.5bSEK 494.9b-SEK 16,311,413,824.0026.9x-51.8x1.7x
Wed, 15 Nov 2023SEK 710.1bSEK 497.4b-SEK 16,238,708,872.0026x-43.7x1.4x
Fri, 13 Oct 2023SEK 717.5bSEK 499.3bSEK 17.2b21.8x41.6x1.4x
Sun, 10 Sep 2023SEK 708.3bSEK 502.0bSEK 17.6b23.5x40.3x1.4x
Tue, 08 Aug 2023SEK 737.6bSEK 499.5bSEK 17.3b23.7x42.6x1.5x
Thu, 06 Jul 2023SEK 830.4bSEK 496.0bSEK 23.6b23x35.2x1.7x
Sat, 03 Jun 2023SEK 839.4bSEK 493.8bSEK 23.5b23.1x35.8x1.7x
Mon, 01 May 2023SEK 810.9bSEK 490.1bSEK 23.5b26.4x34.6x1.7x
Wed, 29 Mar 2023SEK 780.6bSEK 478.0bSEK 24.1b26.8x32.3x1.6x
Fri, 24 Feb 2023SEK 803.5bSEK 452.1bSEK 23.9b26.2x33.6x1.8x
Sun, 22 Jan 2023SEK 808.1bSEK 429.2bSEK 30.4b27.7x26.5x1.9x
Price to Earnings Ratio

26.5x


Total Market Cap: SEK 808.1bTotal Earnings: SEK 30.4bTotal Revenue: SEK 429.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Tech Sector Price to Earnings3Y Average 38.7x202420252026
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 23.4x which is lower than its 3-year average PE of 38.7x.
  • 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 5.3% 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-0.011%
Tech-3.81%
Tech Hardware-1.45%
IT-2.47%
Electronic Equipment and Components-3.22%
Communications-4.56%
Software-4.64%
Semiconductors-10.44%
Industry PE
  • Investors are most optimistic about the Tech Hardware industry even though it's trading below its 3-year average PE ratio of 2kx.
    • Analysts are expecting annual earnings growth of 36.5%, which is lower than the prior year's growth of 44.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 68% over the next 5 years.
  • In contrast, the Communications industry is expected to see its earnings decline by 8.5% 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
YUBICO YubicoSEK 74.404.5%
+SEK 274.8m		-69.1%PE27.1x
DUST Dustin GroupSEK 1.963.8%
+SEK 97.7m		-46.6%PS0.1x
UNIBAP Unibap Space SolutionsSEK 7.6812.6%
+SEK 53.6m		89.6%PS4x
CLAV Clavister Holding AB (publ.)SEK 3.214.9%
+SEK 46.4m		51.4%PS4.6x
KEBNI B KebNiSEK 1.899.8%
+SEK 46.0m		68.6%PE88.9x

Latest News

LAGR B
SEK 195.50
Lagercrantz Group
7D
-6.5%
1Y
-5.5%

Lagercrantz Group AB (publ)'s (STO:LAGR B) Share Price Could Signal Some Risk

Jan 15
Lagercrantz Group AB (publ)'s (STO:LAGR B) Share Price Could Signal Some Risk
HEXA B
SEK 106.95
Hexagon
7D
-2.2%
1Y
-2.3%

Earnings Tell The Story For Hexagon AB (publ) (STO:HEXA B)

Jan 15
Earnings Tell The Story For Hexagon AB (publ) (STO:HEXA B)
DUST
SEK 1.96
Dustin Group
7D
3.8%
1Y
-46.6%
UNIBAP
SEK 7.68
Unibap Space Solutions
7D
12.6%
1Y
89.6%

We're Not Very Worried About Unibap Space Solutions' (STO:UNIBAP) Cash Burn Rate

Jan 13
We're Not Very Worried About Unibap Space Solutions' (STO:UNIBAP) Cash Burn Rate
NOTE
SEK 171.90
NOTE
7D
-5.7%
1Y
15.9%

NOTE: Reset Multiple And Solid Q3 Will Support Upside Potential

Narrative Update on NOTE Analysts have trimmed their price target on NOTE to US$7 from US$18, reflecting a lower valuation multiple after recent research, while still pointing to what they describe as a solid Q3 showing. Analyst Commentary Recent Street research on NOTE points to a reset valuation framework, with the price target cut to US$7 from US$18, while still highlighting what is described as a solid Q3 report.
WPTG B
SEK 16.70
White Pearl Technology Group
7D
10.2%
1Y
139.3%
ANOD B
SEK 91.70
Addnode Group
7D
-4.7%
1Y
-2.7%

ANOD B: Ongoing Acquisition Pipeline Will Drive Future Upside Potential

Analysts have nudged their price target on Addnode Group slightly higher to SEK131.0, a modest adjustment that reflects fine tuning of assumptions such as a marginally lower discount rate, stable revenue growth and profit margin expectations, and a similar forward P/E profile. What's in the News Addnode Group AB (publ) is actively looking for acquisitions, with management indicating that additional deals remain on the agenda even after a recently described large acquisition (Key Developments).
HMS
SEK 397.60
HMS Networks
7D
-2.5%
1Y
-4.7%

HMS: Acquisition-Focused Expansion Will Drive Future Earnings Upside Potential

Analysts have kept their price target for HMS Networks steady at SEK545.00, with the unchanged fair value reflecting slightly adjusted assumptions on discount rate, revenue growth, profit margin and future P/E that they see as offsetting each other overall. What's in the News HMS Networks AB (publ) plans to continue looking for acquisitions as part of its growth approach, alongside its existing internal growth efforts (Key Developments).
SINCH
SEK 27.96
Sinch
7D
-11.3%
1Y
37.3%

SINCH: Share Buybacks Will Support Future Upside Despite Cautious Margin Outlook

Analysts have kept their fair value estimate for Sinch steady at SEK 46.00. The unchanged target reflects a balance between a slightly lower discount rate and more cautious assumptions on revenue growth, profit margins and future P/E multiples.
MYCR
SEK 206.95
Mycronic
7D
-9.5%
1Y
-1.8%

MYCR: Asian Equipment Orders And Higher Margins Will Support Steady Outlook

Analysts have left their fair value estimate for Mycronic unchanged at SEK 218.67. The latest price target is shaped mainly by slightly revised assumptions on discount rate, revenue growth, profit margin and future P/E, which together reflect a more balanced view of the company’s earnings profile and valuation risk.
ERIC B
SEK 86.90
Telefonaktiebolaget LM Ericsson
7D
-4.8%
1Y
-8.5%

ERIC B: Future EU Huawei Ban Could Limit Upside Despite Profit Margin Outlook

Analysts have lifted their fair value estimate for Telefonaktiebolaget LM Ericsson from SEK 56.0 to SEK 62.0, reflecting updated views on margins, discount rates and P/E assumptions, alongside recent price target increases from SEK 85 to SEK 95, SEK 93 to SEK 100.90 and SEK 55 to SEK 70 across several firms. Analyst Commentary Recent Street research around Telefonaktiebolaget LM Ericsson shows a mix of higher price targets with generally cautious ratings.
YUBICO
SEK 74.40
Yubico
7D
4.5%
1Y
-69.1%

YUBICO: Wider Retail Distribution Will Support Future Upside Despite Hold Downgrade

Analysts have trimmed their price expectations for Yubico, cutting the fair value estimate from €124.67 to €108.00. They cite a shift toward more conservative assumptions on revenue growth, profit margins and future P/E multiples, alongside a recent downgrade to Hold in Street research.
KEBNI B
SEK 1.89
KebNi
7D
9.8%
1Y
68.6%
LIME
SEK 278.00
Lime Technologies
7D
1.1%
1Y
-20.3%
CLAV
SEK 3.21
Clavister Holding AB (publ.)
7D
4.9%
1Y
51.4%

Clavister Holding AB (publ.) (STO:CLAV) Stocks Pounded By 29% But Not Lagging Industry On Growth Or Pricing

Dec 02
Clavister Holding AB (publ.) (STO:CLAV) Stocks Pounded By 29% But Not Lagging Industry On Growth Or Pricing
SOLIDX
SEK 3.00
Solidx
7D
57.9%
1Y
-2.9%