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Swedish (OMX) Tech Sector Analysis

UpdatedFeb 22, 2026
DataAggregated Company Financials
Companies137
  • 7D2.3%
  • 3M-1.5%
  • 1Y-11.3%
  • YTD0.2%

The Tech industry is up 2.3% in the last week, with Telefonaktiebolaget LM Ericsson up 3.7%. During this same period, the Sinch underperformed, falling 6.8%. In the past year, the industry is down 11%. Looking forward, earnings are forecast to grow by 8.6% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 22 Feb 2026SEK 845.5bSEK 441.0bSEK 36.6b22.4x23.1x1.9x
Tue, 20 Jan 2026SEK 813.8bSEK 448.9bSEK 35.6b25.7x22.9x1.8x
Thu, 18 Dec 2025SEK 845.5bSEK 450.4bSEK 35.8b26x23.6x1.9x
Sat, 15 Nov 2025SEK 885.5bSEK 451.3bSEK 35.6b26.8x24.9x2x
Mon, 13 Oct 2025SEK 851.4bSEK 458.1bSEK 25.3b28.9x33.7x1.9x
Wed, 10 Sep 2025SEK 849.1bSEK 457.6bSEK 25.1b29.8x33.8x1.9x
Fri, 08 Aug 2025SEK 838.8bSEK 458.5bSEK 25.7b29.4x32.7x1.8x
Sun, 06 Jul 2025SEK 895.9bSEK 465.1bSEK 11.1b25.3x81.1x1.9x
Tue, 03 Jun 2025SEK 874.6bSEK 463.9bSEK 10.3b24.7x84.7x1.9x
Thu, 01 May 2025SEK 863.5bSEK 462.6bSEK 10.6b26.2x81.5x1.9x
Sat, 29 Mar 2025SEK 891.7bSEK 460.1bSEK 11.0b25.9x80.8x1.9x
Mon, 24 Feb 2025SEK 990.9bSEK 461.0bSEK 9.3b27.2x106.2x2.1x
Wed, 22 Jan 2025SEK 974.4bSEK 464.0bSEK 3.2b25.2x307.5x2.1x
Fri, 20 Dec 2024SEK 914.9bSEK 464.7bSEK 3.2b24.8x286.8x2x
Sun, 17 Nov 2024SEK 865.9bSEK 463.7bSEK 3.4b24x256.7x1.9x
Tue, 15 Oct 2024SEK 866.4bSEK 464.4b-SEK 27,442,004,535.7927.1x-31.6x1.9x
Thu, 12 Sep 2024SEK 839.5bSEK 465.0b-SEK 27,418,756,546.2226.9x-30.6x1.8x
Sat, 10 Aug 2024SEK 827.1bSEK 464.7b-SEK 27,413,620,292.9625.9x-30.2x1.8x
Mon, 08 Jul 2024SEK 882.0bSEK 467.5b-SEK 17,947,484,896.1229.2x-49.1x1.9x
Wed, 05 Jun 2024SEK 861.7bSEK 467.8b-SEK 17,551,575,926.4127x-49.1x1.8x
Fri, 03 May 2024SEK 819.8bSEK 472.5b-SEK 17,206,951,383.3227.8x-47.6x1.7x
Sun, 31 Mar 2024SEK 867.0bSEK 483.0b-SEK 18,694,785,293.2628.5x-46.4x1.8x
Tue, 27 Feb 2024SEK 850.8bSEK 481.9b-SEK 19,536,062,613.3430.6x-43.6x1.8x
Thu, 25 Jan 2024SEK 825.2bSEK 480.9b-SEK 18,930,303,379.0031.2x-43.6x1.7x
Sat, 23 Dec 2023SEK 844.7bSEK 493.9b-SEK 16,391,831,475.0029.3x-51.5x1.7x
Mon, 20 Nov 2023SEK 718.0bSEK 497.3b-SEK 16,202,034,452.0027.1x-44.3x1.4x
Wed, 18 Oct 2023SEK 695.9bSEK 499.0bSEK 17.2b21.4x40.4x1.4x
Fri, 15 Sep 2023SEK 702.8bSEK 502.0bSEK 17.6b22.7x40x1.4x
Sun, 13 Aug 2023SEK 736.5bSEK 500.9bSEK 17.4b24.1x42.3x1.5x
Tue, 11 Jul 2023SEK 815.0bSEK 495.9bSEK 23.6b22.5x34.5x1.6x
Thu, 08 Jun 2023SEK 838.2bSEK 494.3bSEK 23.5b23.3x35.6x1.7x
Sat, 06 May 2023SEK 806.4bSEK 490.6bSEK 23.4b26.9x34.5x1.6x
Mon, 03 Apr 2023SEK 826.9bSEK 478.2bSEK 24.1b27.4x34.3x1.7x
Wed, 01 Mar 2023SEK 804.5bSEK 452.5bSEK 24.0b27.4x33.6x1.8x
Price to Earnings Ratio

33.6x


Total Market Cap: SEK 804.5bTotal Earnings: SEK 24.0bTotal Revenue: SEK 452.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Tech Sector Price to Earnings3Y Average 38.4x202420252026
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 23.1x which is lower than its 3-year average PE of 38.4x.
  • 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 15% 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 Market1.64%
Tech2.28%
Semiconductors5.34%
Tech Hardware4.59%
Communications3.44%
Electronic Equipment and Components2.36%
IT-2.88%
Software-3.40%
Industry PE
  • Investors are most optimistic about the Software industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 32.0%, which is higher than its past year's earnings growth of 13.8% 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 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
ERIC B Telefonaktiebolaget LM EricssonSEK 102.053.7%
+SEK 12.1b		19.6%PE12x
HEXA B HexagonSEK 99.642.0%
+SEK 5.3b		-21.5%PE40.6x
LAGR B Lagercrantz GroupSEK 214.404.3%
+SEK 1.8b		-8.6%PE38.7x
NCAB NCAB GroupSEK 53.0018.4%
+SEK 1.5b		0.5%PE48.1x
NOTE NOTESEK 184.3010.6%
+SEK 505.3m		16.6%PE18.7x

Latest News

CINT
SEK 3.43
Cint Group
7D
45.1%
1Y
-59.7%
ANOD B
SEK 69.70
Addnode Group
7D
-3.7%
1Y
-37.7%
TRUE B
SEK 10.97
Truecaller
7D
-24.8%
1Y
-85.8%
DUST
SEK 1.57
Dustin Group
7D
-5.0%
1Y
-62.4%
SEYE
SEK 60.60
Smart Eye
7D
-16.2%
1Y
0.2%
ERIC B
SEK 102.05
Telefonaktiebolaget LM Ericsson
7D
3.7%
1Y
19.6%

ERIC B: Trusted Tech Alliance And New Partnerships Will Shape Risk Balance

Analysts have nudged their average price target on Telefonaktiebolaget LM Ericsson higher by roughly SEK 4 per share, citing updated assumptions for modest revenue growth, improved profit margins, and a slightly lower future P/E, even with a small lift in the discount rate. Analyst Commentary Recent Street research on Telefonaktiebolaget LM Ericsson has focused largely on fine tuning price targets, with several firms adjusting their estimates by SEK 1 to SEK 3 per share.
YUBICO
SEK 52.56
Yubico
7D
-2.8%
1Y
-75.6%

YUBICO: Expanded Security Accreditation In Spain Will Support Future Upside

Analysts have revised their SEK 108.00 price target on Yubico to SEK 78.33. The change reflects updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions.
SINCH
SEK 22.26
Sinch
7D
-6.8%
1Y
-10.9%
HEXA B
SEK 99.64
Hexagon
7D
2.0%
1Y
-21.5%

HEXA B: Refined Assumptions Will Support Future Share Outperformance Despite SEK 5 Trim

Analysts have lowered their Hexagon price target by SEK 5, reflecting updated views on fair value, the discount rate, and long-term assumptions on revenue growth, profit margins, and future P/E multiples. Analyst Commentary Bullish analysts see the SEK 5 adjustment to the Hexagon price target as a fine tuning of assumptions rather than a shift in overall conviction.
HANZA
SEK 134.20
Hanza
7D
-1.2%
1Y
67.4%

HANZA: Higher Assumptions And HANZA 2028 Plan Will Likely Prove Overstretched

Analysts have raised their price target for Hanza from SEK 80.0 to SEK 118.5, citing updated assumptions on revenue growth, profit margins and a lower future P/E multiple as the key drivers of the change. What's in the News Hanza plans an Analyst and Investor Day focused on summarizing the implementation of HANZA 2025 and presenting the next phase, HANZA 2028, along with other company matters (Key Developments).
NCAB
SEK 53.00
NCAB Group
7D
18.4%
1Y
0.5%
KNOW
SEK 114.60
Knowit
7D
-6.7%
1Y
-18.7%

Knowit AB (publ) Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Feb 11
Knowit AB (publ) Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
NOTE
SEK 184.30
NOTE
7D
10.6%
1Y
16.6%

NOTE: Refined Assumptions And Steady Fair Value Will Support Future Upside

Analysts have slightly adjusted their price target on NOTE to reflect updated assumptions around discount rate, revenue growth, profit margin and future P/E, while keeping fair value broadly aligned with prior estimates. Valuation Changes Fair Value: Held steady at SEK 200.0, indicating no change in the central valuation output.
DYVOX
SEK 83.15
Dynavox Group
7D
4.9%
1Y
25.8%

DYVOX: Higher Discount Rate Will Still Support Future Fair Value

Analysts have reduced their fair value estimate for Dynavox Group from $107.00 to $103.00. They now apply a higher discount rate and more cautious assumptions for revenue growth, profit margins and future P/E.
LAGR B
SEK 214.40
Lagercrantz Group
7D
4.3%
1Y
-8.6%

Analysts Have Made A Financial Statement On Lagercrantz Group AB (publ)'s (STO:LAGR B) Third-Quarter Report

Feb 10
Analysts Have Made A Financial Statement On Lagercrantz Group AB (publ)'s (STO:LAGR B) Third-Quarter Report
MYCR
SEK 197.90
Mycronic
7D
0.9%
1Y
-17.6%

MYCR: Asian Orders And Higher Margins Will Support Bullish Outlook

Analysts have trimmed their price target on Mycronic to SEK215 from about SEK218.67, citing updated assumptions that include a slightly higher discount rate, adjusted revenue growth and profit margin expectations, and a lower future P/E multiple. What's in the News Mycronic announced an annual dividend of SEK 3.25 per share, with an ex dividend date set for May 7, 2026, a record date on May 8, 2026, and a payment date on May 13, 2026 (company announcement).