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Swedish (OMX) Tech Sector Analysis

UpdatedMar 18, 2026
DataAggregated Company Financials
Companies137
  • 7D4.7%
  • 3M5.0%
  • 1Y-1.3%
  • YTD5.0%

The Tech industry is up 4.7% in the last week, with Telefonaktiebolaget LM Ericsson up 7.0%. Meanwhile, NCAB Group actually underperformed within the industry, shrinking 5.4% in the last week. The industry has been flat over the past 12 months despite the gain this week. As for the next few years, earnings are expected to grow by 7.7% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 19 Mar 2026SEK 888.1bSEK 441.4bSEK 35.0b22.9x25.4x2x
Sat, 14 Feb 2026SEK 828.9bSEK 444.6bSEK 37.8b22x21.9x1.9x
Mon, 12 Jan 2026SEK 853.9bSEK 448.1bSEK 35.5b26.9x24x1.9x
Wed, 10 Dec 2025SEK 865.6bSEK 450.1bSEK 35.7b26.8x24.2x1.9x
Fri, 07 Nov 2025SEK 899.7bSEK 451.8bSEK 35.8b27.3x25.1x2x
Sun, 05 Oct 2025SEK 863.3bSEK 457.7bSEK 25.1b29.4x34.3x1.9x
Tue, 02 Sep 2025SEK 833.4bSEK 457.6bSEK 25.2b31.1x33.1x1.8x
Thu, 31 Jul 2025SEK 835.3bSEK 458.6bSEK 25.7b29.8x32.5x1.8x
Sat, 28 Jun 2025SEK 886.4bSEK 465.5bSEK 10.9b25.6x81.7x1.9x
Mon, 26 May 2025SEK 873.2bSEK 463.3bSEK 10.2b25.4x85.5x1.9x
Wed, 23 Apr 2025SEK 831.1bSEK 462.6bSEK 10.5b24.6x78.9x1.8x
Fri, 21 Mar 2025SEK 942.2bSEK 461.6bSEK 11.2b26.3x84.3x2x
Sun, 16 Feb 2025SEK 1.0tSEK 462.3bSEK 4.8b27.8x210.6x2.2x
Tue, 14 Jan 2025SEK 905.0bSEK 464.4bSEK 3.2b24.6x281.7x1.9x
Thu, 12 Dec 2024SEK 938.5bSEK 465.2bSEK 3.2b24.8x289.6x2x
Sat, 09 Nov 2024SEK 899.7bSEK 464.6bSEK 3.3b25x274.4x1.9x
Mon, 07 Oct 2024SEK 869.5bSEK 464.6b-SEK 27,417,068,663.0327.5x-31.7x1.9x
Wed, 04 Sep 2024SEK 859.9bSEK 464.7b-SEK 27,429,308,081.5127.2x-31.3x1.9x
Fri, 02 Aug 2024SEK 862.5bSEK 465.3b-SEK 27,455,338,085.7225.3x-31.4x1.9x
Sun, 30 Jun 2024SEK 875.3bSEK 467.6b-SEK 17,953,266,441.3729.2x-48.8x1.9x
Tue, 28 May 2024SEK 872.5bSEK 468.6b-SEK 17,533,805,120.1327.9x-49.8x1.9x
Thu, 25 Apr 2024SEK 849.5bSEK 473.4b-SEK 17,342,929,530.4127.1x-49x1.8x
Sat, 23 Mar 2024SEK 865.0bSEK 482.4b-SEK 18,732,106,173.7226.5x-46.2x1.8x
Mon, 19 Feb 2024SEK 841.1bSEK 482.2b-SEK 18,286,714,183.1531.8x-46x1.7x
Wed, 17 Jan 2024SEK 829.0bSEK 495.0b-SEK 16,270,718,545.0031x-51x1.7x
Fri, 15 Dec 2023SEK 833.9bSEK 495.0b-SEK 16,297,286,683.0026.5x-51.2x1.7x
Sun, 12 Nov 2023SEK 682.9bSEK 498.2b-SEK 16,167,780,411.0026x-42.2x1.4x
Tue, 10 Oct 2023SEK 684.6bSEK 500.0bSEK 17.3b22x39.5x1.4x
Thu, 07 Sep 2023SEK 725.1bSEK 502.0bSEK 17.6b23.3x41.3x1.4x
Sat, 05 Aug 2023SEK 741.4bSEK 499.4bSEK 17.3b23.6x42.9x1.5x
Mon, 03 Jul 2023SEK 848.3bSEK 495.1bSEK 23.5b23.5x36.1x1.7x
Wed, 31 May 2023SEK 825.6bSEK 494.2bSEK 23.5b24.3x35.1x1.7x
Fri, 28 Apr 2023SEK 808.0bSEK 488.0bSEK 22.9b26.2x35.2x1.7x
Sun, 26 Mar 2023SEK 775.4bSEK 477.7bSEK 24.2b27.1x32.1x1.6x
Price to Earnings Ratio

32.1x


Total Market Cap: SEK 775.4bTotal Earnings: SEK 24.2bTotal Revenue: SEK 477.7bTotal 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 25.4x which is lower than its 3-year average PE of 38.2x.
  • The 3-year average PS ratio of 1.8x is lower than the industry's current PS ratio of 2.0x.
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 2.6% 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 Market-1.79%
Tech4.67%
Semiconductors47.73%
Tech Hardware8.22%
Communications7.15%
Electronic Equipment and Components2.79%
Software0.97%
IT0.016%
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 15.5%, 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 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 109.453.4%
+SEK 11.8b		31.8%PE12.8x
MYCR MycronicSEK 219.805.4%
+SEK 2.2b		-3.4%PE27.5x
HMS HMS NetworksSEK 439.009.7%
+SEK 1.9b		-7.7%PE50.6x
SIVE Sivers SemiconductorsSEK 8.92116.4%
+SEK 1.5b		119.2%PS7.7x
DYVOX Dynavox GroupSEK 86.608.7%
+SEK 737.5m		37.0%PE55.8x

Latest News

HANZA
SEK 164.00
Hanza
7D
6.2%
1Y
100.0%

HANZA: Expanded 2028 Ambitions And Capital Returns Will Likely Prove Stretching

Analysts have raised their price target on Hanza from SEK118.50 to SEK147.00, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News Hanza has started a share repurchase program running until April 4, 2026.
VIT B
SEK 233.00
Vitec Software Group
7D
-2.6%
1Y
-59.0%
LIME
SEK 196.80
Lime Technologies
7D
-7.2%
1Y
-51.6%

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.
NOTE
SEK 188.30
NOTE
7D
1.7%
1Y
4.1%
DYVOX
SEK 86.60
Dynavox Group
7D
8.7%
1Y
37.0%

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.
MYCR
SEK 219.80
Mycronic
7D
5.4%
1Y
-3.4%

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 439.00
HMS Networks
7D
9.7%
1Y
-7.7%

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 8.92
Sivers Semiconductors
7D
116.4%
1Y
119.2%
TRUE B
SEK 11.14
Truecaller
7D
-3.4%
1Y
-85.1%

TRUE B: Ad Expansion And Buyback Programme Will Support Future Rerating Potential

Our analyst price target for Truecaller now stands at SEK 15. This change reflects updated views on revenue growth, profitability and a more conservative future P/E multiple, in line with recent research where one firm lifted its target to SEK 15 and another shifted to a Hold stance.
ERIC B
SEK 109.45
Telefonaktiebolaget LM Ericsson
7D
3.4%
1Y
31.8%

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.
YUBICO
SEK 45.44
Yubico
7D
-6.2%
1Y
-78.0%

YUBICO: Global Security Expansion And Singapore Hub Will Drive Future Upside

Analysts have reduced their SEK price target for Yubico from about SEK 78 to roughly SEK 69, reflecting updated assumptions for slightly lower revenue growth, profit margins, and future P/E multiples. What's in the News Opened a third global headquarters in Singapore to serve as a center of excellence for supply chain, operations, sales, and administration across the Asia Pacific region, with a focus on hardware backed authentication and AI related security use cases (Key Developments).
HEXA B
SEK 98.26
Hexagon
7D
-0.7%
1Y
-14.5%

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.
LAGR B
SEK 205.60
Lagercrantz Group
7D
-1.3%
1Y
-8.5%
ANOD B
SEK 66.20
Addnode Group
7D
-1.9%
1Y
-37.6%
NCAB
SEK 49.82
NCAB Group
7D
-3.2%
1Y
-13.5%
STATE
SEK 31.35
Safestate Group
7D
12.0%
1Y
109.0%