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Swedish (OMX) Tech Sector Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies139
  • 7D0.01%
  • 3M0.1%
  • 1Y-3.2%
  • YTD2.6%

In the last week, Tech has been flat. As for the longer term, the industry has declined 3.2% in the last year. 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
Thu, 08 Jan 2026SEK 865.5bSEK 448.2bSEK 35.6b26.7x24.3x1.9x
Sat, 06 Dec 2025SEK 870.2bSEK 450.7bSEK 35.8b27.1x24.3x1.9x
Mon, 03 Nov 2025SEK 932.2bSEK 452.2bSEK 29.7b29.2x31.4x2.1x
Wed, 01 Oct 2025SEK 848.3bSEK 458.0bSEK 25.2b28.9x33.7x1.9x
Fri, 29 Aug 2025SEK 844.3bSEK 458.0bSEK 25.5b30.7x33.1x1.8x
Sun, 27 Jul 2025SEK 905.9bSEK 460.7bSEK 26.4b29.1x34.3x2x
Tue, 24 Jun 2025SEK 853.1bSEK 465.2bSEK 10.8b25.3x78.7x1.8x
Thu, 22 May 2025SEK 895.9bSEK 462.3bSEK 10.2b26.1x87.7x1.9x
Sat, 19 Apr 2025SEK 829.6bSEK 462.8bSEK 10.6b24x78.5x1.8x
Mon, 17 Mar 2025SEK 933.6bSEK 461.8bSEK 11.2b25.5x83.2x2x
Wed, 12 Feb 2025SEK 996.8bSEK 463.9bSEK 4.7b26.9x210.7x2.1x
Fri, 10 Jan 2025SEK 931.6bSEK 464.2bSEK 3.2b24.6x292.4x2x
Sun, 08 Dec 2024SEK 936.4bSEK 465.0bSEK 3.2b25x289.2x2x
Tue, 05 Nov 2024SEK 913.4bSEK 464.4bSEK 9.3b25.8x98.2x2x
Thu, 03 Oct 2024SEK 872.2bSEK 464.4b-SEK 27,371,189,103.6226.8x-31.9x1.9x
Sat, 31 Aug 2024SEK 872.9bSEK 464.3b-SEK 27,429,875,155.2627.8x-31.8x1.9x
Mon, 29 Jul 2024SEK 863.9bSEK 466.3b-SEK 27,392,944,155.1925.6x-31.5x1.9x
Wed, 26 Jun 2024SEK 860.1bSEK 467.1b-SEK 17,987,976,072.4527.8x-47.8x1.8x
Fri, 24 May 2024SEK 884.0bSEK 471.9b-SEK 17,376,596,743.5429.5x-50.9x1.9x
Sun, 21 Apr 2024SEK 833.2bSEK 473.8b-SEK 17,334,711,150.8026x-48.1x1.8x
Tue, 19 Mar 2024SEK 843.4bSEK 482.0b-SEK 18,776,164,246.3226.3x-44.9x1.8x
Thu, 15 Feb 2024SEK 815.8bSEK 481.4b-SEK 18,884,488,829.9531.9x-43.2x1.7x
Sat, 13 Jan 2024SEK 841.3bSEK 494.5b-SEK 16,311,368,313.0031.5x-51.6x1.7x
Mon, 11 Dec 2023SEK 803.2bSEK 495.3b-SEK 16,242,327,408.0029.4x-49.5x1.6x
Wed, 08 Nov 2023SEK 683.8bSEK 498.1b-SEK 20,932,616,928.0024.3x-32.7x1.4x
Fri, 06 Oct 2023SEK 683.9bSEK 500.1bSEK 17.4b22.1x39.4x1.4x
Sun, 03 Sep 2023SEK 718.0bSEK 501.9bSEK 17.6b22.9x40.9x1.4x
Tue, 01 Aug 2023SEK 739.6bSEK 499.0bSEK 17.2b24.3x42.9x1.5x
Thu, 29 Jun 2023SEK 818.1bSEK 495.5bSEK 23.6b22.6x34.7x1.7x
Sat, 27 May 2023SEK 826.6bSEK 493.7bSEK 23.5b25.1x35.2x1.7x
Mon, 24 Apr 2023SEK 795.5bSEK 487.2bSEK 22.8b27.2x34.8x1.6x
Wed, 22 Mar 2023SEK 783.9bSEK 477.2bSEK 24.2b27x32.4x1.6x
Fri, 17 Feb 2023SEK 837.6bSEK 449.7bSEK 28.2b27.8x29.7x1.9x
Sun, 15 Jan 2023SEK 839.6bSEK 429.7bSEK 30.5b27.8x27.5x2x
Price to Earnings Ratio

27.5x


Total Market Cap: SEK 839.6bTotal Earnings: SEK 30.5bTotal Revenue: SEK 429.7bTotal 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 24.3x 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 Market2.26%
Tech0.013%
IT1.02%
Semiconductors0.62%
Tech Hardware0.53%
Communications0.53%
Electronic Equipment and Components-0.033%
Software-2.56%
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 36.4%, 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
ERIC B Telefonaktiebolaget LM EricssonSEK 91.240.7%
+SEK 2.1b		-0.8%PE12.3x
MYCR MycronicSEK 228.602.4%
+SEK 1.0b		9.9%PE25.6x
SEYE Smart EyeSEK 84.657.5%
+SEK 223.9m		33.3%PS8.4x
ENEA EneaSEK 80.0013.8%
+SEK 185.8m		-21.7%PE15.1x
DYVOX Dynavox GroupSEK 103.701.7%
+SEK 181.7m		67.5%PE77.1x

Latest News

ENEA
SEK 80.00
Enea
7D
13.8%
1Y
-21.7%
YUBICO
SEK 71.22
Yubico
7D
-6.8%
1Y
-69.0%

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 109.30
Hexagon
7D
-0.2%
1Y
1.5%

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.
NCAB
SEK 47.00
NCAB Group
7D
-1.7%
1Y
-26.6%
SEYE
SEK 84.65
Smart Eye
7D
7.5%
1Y
33.3%
CFISH
SEK 3.26
Crunchfish
7D
49.9%
1Y
180.6%

Is Crunchfish (STO:CFISH) In A Good Position To Invest In Growth?

Jan 04
Is Crunchfish (STO:CFISH) In A Good Position To Invest In Growth?
LAGR B
SEK 209.20
Lagercrantz Group
7D
-1.7%
1Y
0.7%

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

Jan 03
The Returns At Lagercrantz Group (STO:LAGR B) Aren't Growing
VIT B
SEK 295.00
Vitec Software Group
7D
-4.7%
1Y
-44.3%
MYCR
SEK 228.60
Mycronic
7D
2.4%
1Y
9.9%

Estimating The Fair Value Of Mycronic AB (publ) (STO:MYCR)

Dec 31
Estimating The Fair Value Of Mycronic AB (publ) (STO:MYCR)
DYVOX
SEK 103.70
Dynavox Group
7D
1.7%
1Y
67.5%

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.
HMS
SEK 407.80
HMS Networks
7D
-2.7%
1Y
-2.1%

HMS: Acquisition-Led Expansion Will Drive Stronger Long-Term Earnings Power

Analysts have modestly reduced their price target on HMS Networks, trimming fair value from SEK 575 to SEK 545. Slightly higher discount rates and a lower projected future P E multiple offset marginally stronger expectations for revenue growth, while profit margins are expected to remain broadly unchanged.
TRUE B
SEK 17.86
Truecaller
7D
-7.5%
1Y
-64.8%

TRUE B: Expanding Trust And Safety Features Will Drive Future Re-Rating Potential

Analysts have trimmed their price target for Truecaller by about $11.67, reflecting slightly higher discount rate assumptions along with more conservative forecasts for revenue growth, profit margins, and future valuation multiples following recent sector deal activity and choppy market conditions. Analyst Commentary Street research on adjacent online auto platforms offers a mixed read-through for Truecaller, highlighting both supportive sector dynamics and signals of late-cycle consolidation that could cap upside for valuation multiples.
ERIC B
SEK 91.24
Telefonaktiebolaget LM Ericsson
7D
0.7%
1Y
-0.8%

ERIC B Will Benefit From Emerging European Shift Away From Chinese 5G Vendors

The analyst fair value estimate for Telefonaktiebolaget LM Ericsson has been raised from SEK 99.00 to SEK 106.00, as analysts factor in higher sector price targets and modestly improved long term earnings visibility, despite tempered expectations for revenue growth and profit margins. Analyst Commentary Recent Street research on Telefonaktiebolaget LM Ericsson has turned incrementally more constructive, with several bullish analysts lifting their price targets in response to improving fundamentals and clearer earnings visibility.
LIME
SEK 275.00
Lime Technologies
7D
-4.2%
1Y
-23.2%
KNOW
SEK 121.00
Knowit
7D
2.5%
1Y
-12.2%

KNOW: New Public Contracts Will Drive Future Digital Mobility Expansion

Analysts have nudged their price target on Knowit slightly higher to approximately $148.67 per share, reflecting modest improvements in discount rate assumptions, long term revenue growth expectations, and projected profitability and valuation multiples. What's in the News Signed a new three year agreement with Equinor to further develop and operate its Distributed Fiber Optic Sensing platform, expanding the use of DFOS technology across Equinor's energy and infrastructure portfolio (Key Developments).
DUST
SEK 1.89
Dustin Group
7D
4.9%
1Y
-56.1%