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Swedish (OMX) Tech Sector Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies139
  • 7D4.7%
  • 3M-9.0%
  • 1Y-7.7%
  • YTD0.3%

The Tech industry is up 4.7% in the last week, with Telefonaktiebolaget LM Ericsson up 12%. However, the industry is down 7.7% over the past year. Earnings are forecast to grow by 11% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 29 Jan 2026SEK 849.1bSEK 444.6bSEK 39.3b25.6x21.6x1.9x
Sat, 27 Dec 2025SEK 852.5bSEK 448.7bSEK 35.6b27.3x23.9x1.9x
Mon, 24 Nov 2025SEK 859.1bSEK 451.7bSEK 35.9b26.3x23.9x1.9x
Wed, 22 Oct 2025SEK 890.4bSEK 451.9bSEK 32.5b28.8x27.4x2x
Fri, 19 Sep 2025SEK 861.1bSEK 457.9bSEK 25.1b30.8x34.3x1.9x
Sun, 17 Aug 2025SEK 834.7bSEK 458.6bSEK 25.6b30.2x32.6x1.8x
Tue, 15 Jul 2025SEK 885.2bSEK 464.5bSEK 11.3b25.5x78.6x1.9x
Thu, 12 Jun 2025SEK 886.0bSEK 464.4bSEK 10.7b26.2x83x1.9x
Sat, 10 May 2025SEK 860.8bSEK 462.3bSEK 10.2b26.6x84.7x1.9x
Mon, 07 Apr 2025SEK 826.1bSEK 461.4bSEK 9.0b24.3x92x1.8x
Wed, 05 Mar 2025SEK 944.9bSEK 462.3bSEK 11.3b26.7x83.3x2x
Fri, 31 Jan 2025SEK 958.4bSEK 465.2bSEK 4.5b25.9x211.2x2.1x
Sun, 29 Dec 2024SEK 923.2bSEK 465.2bSEK 3.2b25x288.9x2x
Tue, 26 Nov 2024SEK 873.5bSEK 464.0bSEK 3.4b24x259.8x1.9x
Thu, 24 Oct 2024SEK 895.5bSEK 462.9bSEK 7.0b26.5x127.7x1.9x
Sat, 21 Sep 2024SEK 863.6bSEK 464.5b-SEK 27,423,330,476.1327.9x-31.5x1.9x
Mon, 19 Aug 2024SEK 852.4bSEK 464.8b-SEK 27,531,312,324.7326.1x-31x1.8x
Wed, 17 Jul 2024SEK 896.6bSEK 465.2b-SEK 28,184,855,772.0828.7x-31.8x1.9x
Fri, 14 Jun 2024SEK 885.1bSEK 467.2b-SEK 18,027,618,581.3427.4x-49.1x1.9x
Sun, 12 May 2024SEK 858.2bSEK 472.7b-SEK 17,171,712,925.3827.6x-50x1.8x
Tue, 09 Apr 2024SEK 849.8bSEK 482.7b-SEK 18,713,315,338.0228.9x-45.4x1.8x
Thu, 07 Mar 2024SEK 852.2bSEK 482.2b-SEK 19,306,790,828.4726.7x-44.1x1.8x
Sat, 03 Feb 2024SEK 817.7bSEK 481.6b-SEK 19,219,255,830.0031.5x-42.5x1.7x
Mon, 01 Jan 2024SEK 857.4bSEK 494.5b-SEK 16,342,005,402.0030.3x-52.5x1.7x
Wed, 29 Nov 2023SEK 728.9bSEK 496.5b-SEK 16,365,202,016.0028.1x-44.5x1.5x
Fri, 27 Oct 2023SEK 662.7bSEK 497.7b-SEK 18,587,325,795.0023.1x-35.7x1.3x
Sun, 24 Sep 2023SEK 697.8bSEK 501.7bSEK 17.5b21.2x39.9x1.4x
Tue, 22 Aug 2023SEK 712.2bSEK 501.6bSEK 17.5b23.6x40.7x1.4x
Thu, 20 Jul 2023SEK 764.6bSEK 497.2bSEK 17.7b24.2x43.2x1.5x
Sat, 17 Jun 2023SEK 858.2bSEK 494.5bSEK 23.4b22.7x36.6x1.7x
Mon, 15 May 2023SEK 802.5bSEK 491.2bSEK 23.4b25.1x34.4x1.6x
Wed, 12 Apr 2023SEK 826.7bSEK 479.8bSEK 24.2b27.6x34.1x1.7x
Fri, 10 Mar 2023SEK 819.0bSEK 453.8bSEK 23.9b27.9x34.2x1.8x
Sun, 05 Feb 2023SEK 859.3bSEK 448.4bSEK 28.0b28.2x30.6x1.9x
Price to Earnings Ratio

30.6x


Total Market Cap: SEK 859.3bTotal Earnings: SEK 28.0bTotal Revenue: SEK 448.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Tech Sector Price to Earnings3Y Average 38.6x202420252026
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 21.6x which is lower than its 3-year average PE of 38.6x.
  • 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 12% 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 Market1.03%
Tech4.74%
Communications11.66%
Semiconductors8.47%
Software2.81%
IT0.46%
Electronic Equipment and Components0.10%
Tech Hardware-3.34%
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 36.6%, 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 4.6% 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 96.2012.1%
+SEK 34.7b		12.7%PE11.3x
HMS HMS NetworksSEK 401.802.2%
+SEK 431.6m		-23.7%PE46.4x
DONE Done.ai GroupSEK 12.5431.0%
+SEK 247.3m		-37.3%PE0.6x
HANZA HanzaSEK 139.601.6%
+SEK 138.5m		75.3%PE43.7x
MSAB B Micro SystemationSEK 67.8011.9%
+SEK 133.0m		22.8%PE25.5x

Latest News

NETI B
SEK 2.17
Net Insight
7D
-36.5%
1Y
-69.1%

Bearish: This Analyst Is Revising Their Net Insight AB (publ) (STO:NETI B) Revenue and EPS Prognostications

Jan 29
Bearish: This Analyst Is Revising Their Net Insight AB (publ) (STO:NETI B) Revenue and EPS Prognostications
MSAB B
SEK 67.80
Micro Systemation
7D
11.9%
1Y
22.8%
HMS
SEK 401.80
HMS Networks
7D
2.2%
1Y
-23.7%
ERIC B
SEK 96.20
Telefonaktiebolaget LM Ericsson
7D
12.1%
1Y
12.7%
YUBICO
SEK 66.10
Yubico
7D
-7.3%
1Y
-74.2%
DYVOX
SEK 90.15
Dynavox Group
7D
-6.5%
1Y
23.5%

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

Analysts now see the Dynavox Group share price as fairly valued at about $107.00, with their unchanged target broadly supported by updated assumptions for slightly higher revenue, profit margins and a modestly lower future P/E multiple. Valuation Changes Fair Value: Estimated fair value is unchanged at about $107.00 per share.
MYCR
SEK 207.15
Mycronic
7D
-0.7%
1Y
-5.1%

MYCR: Asian Orders And Cautious Margins Will Support Stable Outlook

Analysts have kept their overall price target for Mycronic unchanged at SEK 218.67, with adjustments in the discount rate, profit margin and future P/E assumptions reflecting a more cautious margin outlook, offset by support from valuation multiples. What's in the News Mycronic received an order for an MMX metrology system from a new customer in Asia, valued in the range of US$2 million to US$4 million, with delivery planned for the current quarter (company announcement).
VIT B
SEK 255.00
Vitec Software Group
7D
-5.3%
1Y
-55.8%

VIT B: Recent Upgrade And Refreshed Assumptions Will Support Future Upside Potential

Analysts have reduced their fair value estimate for Vitec Software Group from SEK 543.50 to about SEK 474.60, reflecting updated assumptions on growth, margins, discount rate and future P/E following recent research, including the upgrade at SEB Equities. Analyst Commentary Bullish Takeaways Bullish analysts view the recent fair value adjustment to about SEK 474.60 as better aligned with their updated assumptions on growth, margins and discount rate.
NCAB
SEK 46.16
NCAB Group
7D
-4.0%
1Y
-31.3%
MIDS
SEK 1.25
Midsummer
7D
11.2%
1Y
12.0%
HEXA B
SEK 99.50
Hexagon
7D
-2.8%
1Y
-16.4%

HEXA B: Fair Value View Will Balance Mixed Ratings And Profit Margin Expectations

Analysts have raised their fair value estimate for Hexagon to SEK 94.63 from SEK 87.59, citing recent target price increases toward SEK 115 and SEK 130, along with updated views on margins and earnings multiples. Analyst Commentary Recent Street research on Hexagon shows a mix of optimism and caution, with price targets now clustered in the SEK 115 to SEK 132 range and ratings spread across Outperform, Neutral, and Hold.
ANOD B
SEK 85.90
Addnode Group
7D
-4.0%
1Y
-16.6%

Addnode Group (STO:ANOD B) Has Some Way To Go To Become A Multi-Bagger

Jan 20
Addnode Group (STO:ANOD B) Has Some Way To Go To Become A Multi-Bagger
HANZA
SEK 139.60
Hanza
7D
1.6%
1Y
75.3%

HANZA: Finnish Capacity Expansion And Article Changes Will Support Stronger Outlook

Analysts have raised their price target on Hanza to SEK149.00, citing slightly higher projected revenue growth of 37.73%, a modestly improved profit margin of 6.97%, a lower discount rate of 6.92% and an updated future P/E assumption of 8.16x. What's in the News Hanza AB plans to hold an extraordinary shareholders meeting on November 21, 2025, in Kista, Sweden, with an agenda focused on authorizing a share issue in kind linked to the acquisition of BMK and approving amendments to the articles of association (Key Developments).
DUST
SEK 1.71
Dustin Group
7D
5.7%
1Y
-54.6%
DONE
SEK 12.54
Done.ai Group
7D
31.0%
1Y
-37.3%
LUMEN
SEK 66.00
LumenRadio
7D
4.8%
1Y
-33.8%