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Swedish (OMX) Tech Sector Analysis

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies139
  • 7D1.1%
  • 3M0.7%
  • 1Y-3.5%
  • YTD1.1%

The Tech industry is up 1.1% in the last week, with Hexagon up 4.2%. In the past year, the industry is down 3.5%. As for the next few years, earnings are expected to grow by 10% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026SEK 853.6bSEK 448.1bSEK 35.5b26.9x24x1.9x
Tue, 09 Dec 2025SEK 867.2bSEK 450.4bSEK 35.8b26.8x24.2x1.9x
Thu, 06 Nov 2025SEK 904.5bSEK 451.8bSEK 29.6b27.4x30.5x2x
Sat, 04 Oct 2025SEK 863.2bSEK 457.7bSEK 25.1b29.4x34.3x1.9x
Mon, 01 Sep 2025SEK 837.2bSEK 458.1bSEK 25.3b31.6x33.1x1.8x
Wed, 30 Jul 2025SEK 852.5bSEK 458.4bSEK 25.7b29.6x33.2x1.9x
Fri, 27 Jun 2025SEK 866.5bSEK 465.5bSEK 10.9b25.4x79.8x1.9x
Sun, 25 May 2025SEK 873.2bSEK 463.3bSEK 10.2b25.4x85.5x1.9x
Tue, 22 Apr 2025SEK 829.6bSEK 462.8bSEK 10.6b24x78.6x1.8x
Thu, 20 Mar 2025SEK 936.7bSEK 461.8bSEK 11.2b26.1x83.5x2x
Sat, 15 Feb 2025SEK 1.0tSEK 462.4bSEK 4.7b27.8x213x2.2x
Mon, 13 Jan 2025SEK 920.0bSEK 464.2bSEK 3.2b24.7x288.4x2x
Wed, 11 Dec 2024SEK 936.7bSEK 465.0bSEK 3.2b25x289.2x2x
Fri, 08 Nov 2024SEK 907.7bSEK 464.2bSEK 3.1b25.3x293.8x2x
Sun, 06 Oct 2024SEK 869.5bSEK 464.6b-SEK 27,417,068,663.0327.5x-31.7x1.9x
Tue, 03 Sep 2024SEK 866.6bSEK 464.5b-SEK 27,437,115,905.6327.8x-31.6x1.9x
Thu, 01 Aug 2024SEK 877.6bSEK 465.4b-SEK 27,454,122,355.7025.5x-32x1.9x
Sat, 29 Jun 2024SEK 875.0bSEK 467.6b-SEK 17,953,266,441.3729.2x-48.7x1.9x
Mon, 27 May 2024SEK 865.4bSEK 468.9b-SEK 17,512,648,865.5227.4x-49.4x1.8x
Wed, 24 Apr 2024SEK 850.3bSEK 473.0b-SEK 17,360,610,030.7126.6x-49x1.8x
Fri, 22 Mar 2024SEK 866.5bSEK 482.1b-SEK 18,752,154,577.3226.5x-46.2x1.8x
Sun, 18 Feb 2024SEK 841.1bSEK 482.2b-SEK 18,286,714,183.1531.8x-46x1.7x
Tue, 16 Jan 2024SEK 828.6bSEK 494.6b-SEK 16,297,175,166.0031x-50.8x1.7x
Thu, 14 Dec 2023SEK 806.6bSEK 495.3b-SEK 16,248,616,210.0028.4x-49.6x1.6x
Sat, 11 Nov 2023SEK 683.0bSEK 498.2b-SEK 16,129,459,132.0025.8x-42.3x1.4x
Mon, 09 Oct 2023SEK 688.9bSEK 500.1bSEK 17.3b22.4x39.7x1.4x
Wed, 06 Sep 2023SEK 725.5bSEK 501.9bSEK 17.6b23.3x41.3x1.4x
Fri, 04 Aug 2023SEK 732.5bSEK 499.8bSEK 17.3b23.8x42.3x1.5x
Sun, 02 Jul 2023SEK 848.3bSEK 495.1bSEK 23.5b23.5x36.1x1.7x
Tue, 30 May 2023SEK 821.9bSEK 493.8bSEK 23.5b24.2x35x1.7x
Thu, 27 Apr 2023SEK 797.5bSEK 487.8bSEK 22.9b26.6x34.9x1.6x
Sat, 25 Mar 2023SEK 775.4bSEK 477.7bSEK 24.2b27.1x32.1x1.6x
Mon, 20 Feb 2023SEK 827.1bSEK 452.1bSEK 27.5b27.4x30x1.8x
Wed, 18 Jan 2023SEK 833.2bSEK 429.6bSEK 30.5b28.2x27.3x1.9x
Price to Earnings Ratio

27.3x


Total Market Cap: SEK 833.2bTotal Earnings: SEK 30.5bTotal Revenue: SEK 429.6bTotal 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 5.2% 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 Market2.90%
Tech1.12%
Electronic Equipment and Components3.14%
IT2.47%
Tech Hardware2.34%
Software0.29%
Communications-1.42%
Semiconductors-4.97%
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 37.2%, 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 111.504.2%
+SEK 12.1b		4.8%PE41.5x
LAGR B Lagercrantz GroupSEK 208.603.2%
+SEK 1.3b		2.7%PE39.2x
SINCH SinchSEK 31.432.4%
+SEK 601.8m		66.1%PS0.9x
DYVOX Dynavox GroupSEK 102.704.2%
+SEK 443.6m		65.1%PE76.3x
ANOD B Addnode GroupSEK 95.502.7%
+SEK 338.9m		-1.7%PE34.2x

Latest News

TRUE B
SEK 18.21
Truecaller
7D
-1.6%
1Y
-64.4%
SEYE
SEK 85.80
Smart Eye
7D
8.2%
1Y
45.4%
MYCR
SEK 212.00
Mycronic
7D
-2.1%
1Y
6.3%

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 86.92
Telefonaktiebolaget LM Ericsson
7D
-1.6%
1Y
-6.1%

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.
SIVE
SEK 4.03
Sivers Semiconductors
7D
-5.9%
1Y
16.7%
YUBICO
SEK 69.52
Yubico
7D
-4.8%
1Y
-67.4%

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.
HEXA B
SEK 111.50
Hexagon
7D
4.2%
1Y
4.8%

HEXA B: Higher Revenue And Margin Assumptions Will Support Stronger Share Performance

We are raising our Hexagon fair value estimate to SEK 148.28 from SEK 142.69, reflecting analysts' higher revenue growth and profit margin assumptions and the recent series of Street price target revisions in the SEK 115 to SEK 132 range. Analyst Commentary Recent Street research on Hexagon points to a mix of views, but the general tone among bullish analysts has shifted toward higher expectations for the shares, with several price targets now clustering in the SEK 115 to SEK 132 range.
LAGR B
SEK 208.60
Lagercrantz Group
7D
3.2%
1Y
2.7%

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

Jan 03
The Returns At Lagercrantz Group (STO:LAGR B) Aren't Growing
DYVOX
SEK 102.70
Dynavox Group
7D
4.2%
1Y
65.1%

DYVOX: Future Profit Margins And Cash Flows Will Support Fair Value

Analysts have modestly reiterated their SEK 107.00 price target on Dynavox Group, citing slightly stronger expected revenue growth and improved profit margins that together offset a marginally lower future P/E multiple and discount rate. Valuation Changes Fair Value: Unchanged at SEK 107.00 per share, indicating that modest fundamental improvements are balanced by slightly less favorable valuation multiples.
SINCH
SEK 31.43
Sinch
7D
2.4%
1Y
66.1%

SINCH: Share Buybacks And Margin Expansion Will Drive Stronger Future Upside

Analysts have modestly trimmed their price target on Sinch, reflecting a slight recalibration of discount rate assumptions and future earnings multiples. At the same time, long term revenue growth and profit margin forecasts have edged higher, leaving the updated fair value estimate essentially unchanged at SEK 46.00.
ANOD B
SEK 95.50
Addnode Group
7D
2.7%
1Y
-1.7%

ANOD B: Ongoing M&A Activity Will Drive Future Upside Despite Integration Focus

Analysts have slightly reduced their price target for Addnode Group from SEK 132.25 to SEK 131.00, reflecting marginally higher discount rate assumptions and slightly softer long term growth and margin expectations. What's in the News Addnode Group continues to pursue acquisitions, with management confirming it is actively looking for new targets despite recently completing a major deal (company statement).
BERNER B
SEK 102.00
Berner Industrier
7D
8.3%
1Y
205.4%
LIME
SEK 288.00
Lime Technologies
7D
5.5%
1Y
-20.4%
FRACTL
SEK 26.55
Fractal Gaming Group
7D
-10.6%
1Y
-23.7%

Does Fractal Gaming Group (STO:FRACTL) Deserve A Spot On Your Watchlist?

Dec 19
Does Fractal Gaming Group (STO:FRACTL) Deserve A Spot On Your Watchlist?
NOTE
SEK 175.90
NOTE
7D
-2.5%
1Y
20.2%

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.
EPEN
SEK 108.80
Ependion
7D
-2.9%
1Y
6.3%