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Swedish (OMX) Tech Sector Analysis

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies136
  • 7D4.4%
  • 3M2.4%
  • 1Y-3.3%
  • YTD3.4%

In the last week, the Tech industry is up 4.4%, with Telefonaktiebolaget LM Ericsson up 9.0%. In contrast, the industry has lost 3.3% in the last 12 months. Looking forward, earnings are forecast to grow by 7.7% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 17 Mar 2026SEK 872.1bSEK 441.9bSEK 35.0b23.3x24.9x2x
Thu, 12 Feb 2026SEK 824.6bSEK 444.4bSEK 37.9b23.1x21.8x1.9x
Sat, 10 Jan 2026SEK 853.6bSEK 448.1bSEK 35.5b26.9x24x1.9x
Mon, 08 Dec 2025SEK 870.6bSEK 450.5bSEK 35.8b27.1x24.3x1.9x
Wed, 05 Nov 2025SEK 918.9bSEK 452.4bSEK 29.7b27.9x30.9x2x
Fri, 03 Oct 2025SEK 860.7bSEK 457.9bSEK 25.2b29.2x34.2x1.9x
Sun, 31 Aug 2025SEK 837.2bSEK 458.1bSEK 25.5b31.6x32.8x1.8x
Tue, 29 Jul 2025SEK 848.2bSEK 458.3bSEK 25.6b28.5x33.1x1.9x
Thu, 26 Jun 2025SEK 865.3bSEK 464.9bSEK 10.8b26.2x80.2x1.9x
Sat, 24 May 2025SEK 872.3bSEK 463.0bSEK 10.2b25.5x85.8x1.9x
Mon, 21 Apr 2025SEK 829.6bSEK 462.8bSEK 10.6b24x78.5x1.8x
Wed, 19 Mar 2025SEK 933.3bSEK 461.6bSEK 11.2b25.8x83.4x2x
Fri, 14 Feb 2025SEK 1.0tSEK 464.5bSEK 5.0b27.6x201.2x2.2x
Sun, 12 Jan 2025SEK 920.0bSEK 464.2bSEK 3.2b24.7x288.4x2x
Tue, 10 Dec 2024SEK 942.3bSEK 464.8bSEK 3.2b25.2x292x2x
Thu, 07 Nov 2024SEK 904.1bSEK 464.2bSEK 9.2b24.9x98x1.9x
Sat, 05 Oct 2024SEK 869.5bSEK 464.6b-SEK 27,417,068,663.0327.5x-31.7x1.9x
Mon, 02 Sep 2024SEK 873.0bSEK 464.5b-SEK 27,437,677,110.9527.8x-31.8x1.9x
Wed, 31 Jul 2024SEK 873.0bSEK 465.7b-SEK 27,430,834,610.2125.8x-31.8x1.9x
Fri, 28 Jun 2024SEK 869.7bSEK 467.8b-SEK 17,944,112,969.1529.8x-48.5x1.9x
Sun, 26 May 2024SEK 865.4bSEK 468.9b-SEK 17,512,648,865.5227.4x-49.4x1.8x
Tue, 23 Apr 2024SEK 833.2bSEK 473.8b-SEK 17,334,360,150.8026x-48.1x1.8x
Thu, 21 Mar 2024SEK 849.3bSEK 482.0b-SEK 18,761,357,829.7126.6x-45.3x1.8x
Sat, 17 Feb 2024SEK 841.1bSEK 481.6b-SEK 18,719,235,183.1530.5x-44.9x1.7x
Mon, 15 Jan 2024SEK 841.3bSEK 494.5b-SEK 16,311,368,313.0031.5x-51.6x1.7x
Wed, 13 Dec 2023SEK 809.4bSEK 495.3b-SEK 16,237,956,525.0028.4x-49.8x1.6x
Fri, 10 Nov 2023SEK 691.0bSEK 497.7b-SEK 16,211,193,667.0025.7x-42.6x1.4x
Sun, 08 Oct 2023SEK 688.9bSEK 500.1bSEK 17.3b22.4x39.7x1.4x
Tue, 05 Sep 2023SEK 722.5bSEK 501.8bSEK 17.6b23.4x41.2x1.4x
Thu, 03 Aug 2023SEK 740.9bSEK 499.9bSEK 17.4b24.2x42.7x1.5x
Sat, 01 Jul 2023SEK 848.2bSEK 495.1bSEK 23.5b23.5x36.1x1.7x
Mon, 29 May 2023SEK 826.7bSEK 493.9bSEK 23.5b25.1x35.2x1.7x
Wed, 26 Apr 2023SEK 792.8bSEK 487.2bSEK 22.8b27.1x34.7x1.6x
Fri, 24 Mar 2023SEK 782.6bSEK 477.5bSEK 24.2b27.3x32.3x1.6x
Price to Earnings Ratio

32.3x


Total Market Cap: SEK 782.6bTotal Earnings: SEK 24.2bTotal Revenue: SEK 477.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Tech Sector Price to Earnings3Y Average 38.2x202420252026
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 24.9x which is lower than its 3-year average PE of 38.2x.
  • 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 13% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.5% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

Which industries have driven the changes within the Swedish Tech sector?

SE Market0.51%
Tech4.38%
Semiconductors7.84%
Tech Hardware7.30%
Communications5.20%
Electronic Equipment and Components4.00%
Software2.32%
IT1.07%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio of 37.2x.
    • Analysts are expecting annual earnings growth of 15.4%, which is higher than its past year's earnings decline of 7.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 92% over the next 5 years.
  • In contrast, the Communications industry is expected to see its earnings decline by 5.0% 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 111.609.0%
+SEK 30.8b		34.1%PE13.1x
HEXA B HexagonSEK 101.005.0%
+SEK 12.8b		-13.4%PE40.8x
MYCR MycronicSEK 215.909.1%
+SEK 3.5b		-2.1%PE27x
SIVE Sivers SemiconductorsSEK 7.37113.5%
+SEK 1.2b		78.9%PS6.4x
LAGR B Lagercrantz GroupSEK 207.602.3%
+SEK 948.3m		-5.1%PE37.4x

Latest News

VIT B
SEK 239.00
Vitec Software Group
7D
-0.6%
1Y
-58.2%
EPEN
SEK 93.60
Ependion
7D
-4.4%
1Y
-27.3%
LIME
SEK 201.00
Lime Technologies
7D
-2.7%
1Y
-50.6%

LIME: AI And International Expansion Will Drive Upside As Buyback Plans Advance

Analysts have maintained their SEK 332.0 price target for Lime Technologies with only minor adjustments to the discount rate, growth and margin assumptions. These changes result in a slightly revised future P/E of 29.87x.
DYVOX
SEK 86.10
Dynavox Group
7D
7.9%
1Y
39.1%

DYVOX: Higher Discount Rate And Margins Will Still Support Future Upside

Analysts have kept their SEK 103.00 price target on Dynavox Group unchanged, citing broadly consistent assumptions for the discount rate, revenue growth, profit margin, and future P/E in their latest update. Valuation Changes Fair Value: SEK 103.0 remains unchanged.
GAPW B
SEK 11.18
Gapwaves
7D
-7.3%
1Y
-15.3%

GAPW B: New ADAS Radar Contracts Will Support Future Upside Potential

Analysts have kept their SEK22.50 price target for Gapwaves unchanged, pointing to only very small tweaks in assumptions such as the discount rate and long term P/E as the reason for maintaining their view. What's in the News Gapwaves received an order of about SEK 1,000,000 from Desay SV to design, develop, and deliver waveguide antenna prototypes for next generation automotive front radar sensors aimed at ADAS, with deliveries planned across the first quarter and second quarter of 2026 (Key Developments).
SINCH
SEK 23.03
Sinch
7D
2.5%
1Y
0.3%

SINCH: Future Repricing Will Depend On Execution Of AI Agent Rollout

Sinch's updated fair value estimate has moved lower to SEK 32.21 from SEK 35.94. This reflects a reduced blended analyst price target as several firms trimmed or moderated their views on the stock, while one raised its target to SEK 29.
MYCR
SEK 215.90
Mycronic
7D
9.1%
1Y
-2.1%

MYCR: Asian Orders And 2026 Guidance Will Support Steady Dividend Outlook

Analysts have maintained their SEK 215.00 price target for Mycronic. This reflects minor adjustments to assumptions regarding the discount rate, long-term growth and P/E, which did not meaningfully change their overall view of the shares.
HMS
SEK 404.00
HMS Networks
7D
3.2%
1Y
-14.4%

HMS: I Expect Constructive Rating Upgrades To Support Future Share Performance

Analysts have lifted their HMS Networks fair value estimate from SEK 440 to SEK 483, reflecting updated assumptions on the discount rate, growth, margins and P/E following recent upgrades and more constructive research on the shares. Analyst Commentary Recent research on HMS Networks has turned more constructive, with several firms expressing greater confidence in the shares and aligning price targets closer to the updated SEK 483 fair value estimate.
SIVE
SEK 7.37
Sivers Semiconductors
7D
113.5%
1Y
78.9%
ERIC B
SEK 111.60
Telefonaktiebolaget LM Ericsson
7D
9.0%
1Y
34.1%

ERIC B: Alliance Partnerships And Modest Re Rating Will Support Balanced Outlook

Analysts have nudged their price targets on Telefonaktiebolaget LM Ericsson slightly higher, with recent increases of SEK 1 to SEK 3 supported by updated assumptions around the discount rate, modest revenue growth expectations, and a future P/E of about 16.8x. Analyst Commentary Recent Street research on Telefonaktiebolaget LM Ericsson has centered on gradual adjustments to price targets, with bullish analysts fine tuning their models rather than making sweeping changes.
HEXA B
SEK 101.00
Hexagon
7D
5.0%
1Y
-13.4%

HEXA B: Margin Resilience And Cost Execution Will Drive Future Upside Potential

Analysts have trimmed their Hexagon price targets by SEK 5, reflecting slightly softer assumptions on revenue growth and valuation multiples, which are partly offset by a small uplift in expected profit margins. Analyst Commentary Analysts are treating the SEK 5 cut to the Hexagon price target as a fine tuning of expectations rather than a fundamental reset, with tweaks across growth, margins and valuation multiples.
NEO B
SEK 4.82
Neovici Holding
7D
-32.1%
1Y
-36.0%
LAGR B
SEK 207.60
Lagercrantz Group
7D
2.3%
1Y
-5.1%
DUST
SEK 1.41
Dustin Group
7D
-2.1%
1Y
-64.3%
NCAB
SEK 50.15
NCAB Group
7D
-4.7%
1Y
-5.6%
NORDIG
SEK 0.65
Nord Insuretech Group
7D
-18.8%
1Y
85.7%

Here's Why Nord Insuretech Group (NGM:NORDIG) Can Afford Some Debt

Jun 25
Here's Why Nord Insuretech Group (NGM:NORDIG) Can Afford Some Debt