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Swedish (OMX) Tech Sector Analysis

UpdatedJan 13, 2026
DataAggregated Company Financials
Companies139
  • 7D-0.4%
  • 3M-4.9%
  • 1Y-3.1%
  • YTD0.002%

Last week, the Tech industry hasn't moved much but Hexagon is up 3.3% in that time. In line with that, the industry has also been flat over the past 12 months. Looking forward, earnings are forecast to grow by 10% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 13 Jan 2026SEK 844.5bSEK 448.2bSEK 35.5b26.9x23.8x1.9x
Thu, 11 Dec 2025SEK 860.6bSEK 449.9bSEK 35.7b27.3x24.1x1.9x
Sat, 08 Nov 2025SEK 892.0bSEK 451.7bSEK 35.8b27x24.9x2x
Mon, 06 Oct 2025SEK 863.3bSEK 457.7bSEK 25.1b29.4x34.4x1.9x
Wed, 03 Sep 2025SEK 811.4bSEK 457.7bSEK 25.2b30.7x32.2x1.8x
Fri, 01 Aug 2025SEK 833.9bSEK 458.6bSEK 25.7b29.8x32.4x1.8x
Sun, 29 Jun 2025SEK 886.4bSEK 465.5bSEK 10.9b25.6x81.7x1.9x
Tue, 27 May 2025SEK 882.4bSEK 463.4bSEK 10.2b25.8x86.3x1.9x
Thu, 24 Apr 2025SEK 848.1bSEK 463.3bSEK 10.6b24.7x80.2x1.8x
Sat, 22 Mar 2025SEK 931.9bSEK 461.5bSEK 11.2b26.1x83.5x2x
Mon, 17 Feb 2025SEK 1.0tSEK 462.8bSEK 4.8b27.8x208.1x2.2x
Wed, 15 Jan 2025SEK 916.9bSEK 464.4bSEK 3.2b24.9x285.9x2x
Fri, 13 Dec 2024SEK 938.6bSEK 465.2bSEK 3.2b25x289.5x2x
Sun, 10 Nov 2024SEK 899.7bSEK 464.7bSEK 3.3b24.9x273.2x1.9x
Tue, 08 Oct 2024SEK 867.9bSEK 464.5b-SEK 27,423,533,777.0127.1x-31.6x1.9x
Thu, 05 Sep 2024SEK 852.4bSEK 464.7b-SEK 27,426,875,865.8026.6x-31.1x1.8x
Sat, 03 Aug 2024SEK 831.5bSEK 465.1b-SEK 27,469,466,212.4925.1x-30.3x1.8x
Mon, 01 Jul 2024SEK 874.3bSEK 467.6b-SEK 17,953,266,441.3729.2x-48.7x1.9x
Wed, 29 May 2024SEK 870.6bSEK 468.4b-SEK 17,536,599,016.5028.2x-49.6x1.9x
Fri, 26 Apr 2024SEK 839.1bSEK 473.6b-SEK 17,323,592,850.5127.1x-48.4x1.8x
Sun, 24 Mar 2024SEK 865.0bSEK 482.5b-SEK 18,732,100,199.7226.5x-46.2x1.8x
Tue, 20 Feb 2024SEK 838.5bSEK 483.7b-SEK 18,167,277,140.2832x-46.2x1.7x
Thu, 18 Jan 2024SEK 819.2bSEK 495.0b-SEK 16,265,431,456.0031.1x-50.4x1.7x
Sat, 16 Dec 2023SEK 844.5bSEK 494.9b-SEK 16,311,413,824.0026.9x-51.8x1.7x
Mon, 13 Nov 2023SEK 682.9bSEK 498.1b-SEK 16,169,643,411.0026x-42.2x1.4x
Wed, 11 Oct 2023SEK 707.2bSEK 499.6bSEK 17.3b22.3x40.9x1.4x
Fri, 08 Sep 2023SEK 716.4bSEK 502.0bSEK 17.6b23.2x40.7x1.4x
Sun, 06 Aug 2023SEK 741.4bSEK 499.4bSEK 17.3b23.6x42.9x1.5x
Tue, 04 Jul 2023SEK 837.8bSEK 495.4bSEK 23.5b22.8x35.6x1.7x
Thu, 01 Jun 2023SEK 826.1bSEK 493.9bSEK 23.5b23.7x35.2x1.7x
Sat, 29 Apr 2023SEK 810.8bSEK 488.3bSEK 22.8b26.7x35.6x1.7x
Mon, 27 Mar 2023SEK 775.4bSEK 477.7bSEK 24.2b27.1x32.1x1.6x
Wed, 22 Feb 2023SEK 810.0bSEK 451.4bSEK 27.4b26.7x29.5x1.8x
Fri, 20 Jan 2023SEK 814.1bSEK 429.3bSEK 30.5b27.6x26.7x1.9x
Price to Earnings Ratio

26.7x


Total Market Cap: SEK 814.1bTotal Earnings: SEK 30.5bTotal Revenue: SEK 429.3bTotal 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 24.0x 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 Market2.50%
Tech-0.44%
Tech Hardware2.49%
Electronic Equipment and Components1.73%
IT1.47%
Semiconductors-1.69%
Software-2.27%
Communications-3.06%
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
HEXA B HexagonSEK 109.703.0%
+SEK 8.6b		2.0%PE40.9x
DYVOX Dynavox GroupSEK 102.004.0%
+SEK 422.2m		69.4%PE75.8x
NCAB NCAB GroupSEK 47.924.5%
+SEK 385.2m		-23.3%PE46x
YUBICO YubicoSEK 76.005.6%
+SEK 347.4m		-66.7%PE27.7x
SEYE Smart EyeSEK 88.7510.0%
+SEK 307.4m		56.8%PS8.8x

Latest News

HEXA B
SEK 109.70
Hexagon
7D
3.0%
1Y
2.0%
DYVOX
SEK 102.00
Dynavox Group
7D
4.0%
1Y
69.4%

DYVOX: Future Margins And P/E Assumptions Will Support Fair Value

Analysts have raised their price target on Dynavox Group to $107.00, citing updated assumptions that include revised revenue growth, profit margin, and future P/E inputs in their models. Valuation Changes Fair Value: Price target unchanged at SEK 107.00, indicating no shift in the analysts' overall valuation outcome.
TRUE B
SEK 17.61
Truecaller
7D
-2.0%
1Y
-65.5%

TRUE B: Family Protection Rollout And Business Calling Suite Will Drive Repricing

Analysts have trimmed their price target on Truecaller to $68 from $95, citing updated assumptions for revenue growth, profit margins and future P/E that they see as better aligned with the company’s current risk profile and earnings outlook. Analyst Commentary Recent Street research around online auto marketplaces has centered on corporate actions and competitive shifts, with TrueCar in focus due to its pending acquisition and the broader conversation around third party listing platforms that connect buyers and sellers.
HMS
SEK 393.80
HMS Networks
7D
-2.6%
1Y
-3.9%

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 28.28
Sinch
7D
-7.5%
1Y
46.8%

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.
SEYE
SEK 88.75
Smart Eye
7D
10.0%
1Y
56.8%
MYCR
SEK 208.40
Mycronic
7D
-6.3%
1Y
2.0%

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 87.00
Telefonaktiebolaget LM Ericsson
7D
-2.9%
1Y
-4.9%

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 76.00
Yubico
7D
5.6%
1Y
-66.7%

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.
NCAB
SEK 47.92
NCAB Group
7D
4.5%
1Y
-23.3%
LAGR B
SEK 202.20
Lagercrantz Group
7D
-0.9%
1Y
1.6%

The Returns At Lagercrantz Group (STO:LAGR B) Aren't Growing

Jan 03
The Returns At Lagercrantz Group (STO:LAGR B) Aren't Growing
ACCON
SEK 11.26
Acconeer
7D
-11.5%
1Y
125.2%

We Think Acconeer (STO:ACCON) Needs To Drive Business Growth Carefully

Dec 31
We Think Acconeer (STO:ACCON) Needs To Drive Business Growth Carefully
LIME
SEK 292.00
Lime Technologies
7D
7.7%
1Y
-17.4%
NOTE
SEK 175.20
NOTE
7D
-3.1%
1Y
20.0%

NOTE: Reset Multiple And Solid Quarter Will Drive Long-Term Upside

Narrative Update on Analyst Price Target Analysts have cut their price target on NOTE to $7 from $18, reflecting a reset valuation multiple. They also point to a solid recent quarterly report as support for the updated outlook.
DUST
SEK 1.95
Dustin Group
7D
5.0%
1Y
-44.5%
CLAV
SEK 3.33
Clavister Holding AB (publ.)
7D
14.4%
1Y
60.1%

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