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Swedish (OMX) Tech Sector Analysis

UpdatedMar 21, 2026
DataAggregated Company Financials
Companies137
  • 7D-3.8%
  • 3M-1.7%
  • 1Y-6.2%
  • YTD-0.6%

Over the last 7 days, the Tech industry has dropped 3.8%, driven by a pullback from Hexagon of 6.6%. Meanwhile, Sivers Semiconductors actually outperformed within the industry, gaining 99% in the last week. However, the industry is down 6.2% over the past year. 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
Sun, 22 Mar 2026SEK 841.1bSEK 442.0bSEK 35.0b21.8x24x1.9x
Tue, 17 Feb 2026SEK 819.6bSEK 443.5bSEK 37.6b21.4x21.8x1.8x
Thu, 15 Jan 2026SEK 833.1bSEK 448.8bSEK 35.6b26.6x23.4x1.9x
Sat, 13 Dec 2025SEK 886.0bSEK 450.2bSEK 35.8b27.1x24.8x2x
Mon, 10 Nov 2025SEK 891.2bSEK 451.4bSEK 35.8b26.7x24.9x2x
Wed, 08 Oct 2025SEK 864.3bSEK 457.5bSEK 25.1b29.1x34.4x1.9x
Fri, 05 Sep 2025SEK 820.4bSEK 457.8bSEK 25.2b29.4x32.5x1.8x
Sun, 03 Aug 2025SEK 820.4bSEK 458.8bSEK 25.7b29x31.9x1.8x
Tue, 01 Jul 2025SEK 884.0bSEK 464.7bSEK 11.0b25.7x80.5x1.9x
Thu, 29 May 2025SEK 886.4bSEK 463.8bSEK 10.3b25.5x85.7x1.9x
Sat, 26 Apr 2025SEK 849.9bSEK 463.3bSEK 10.7b25.5x79.7x1.8x
Mon, 24 Mar 2025SEK 931.9bSEK 461.4bSEK 11.2b26.1x83.5x2x
Wed, 19 Feb 2025SEK 1.0tSEK 461.6bSEK 4.7b27.4x214.5x2.2x
Fri, 17 Jan 2025SEK 949.3bSEK 464.1bSEK 3.2b25.6x298.1x2x
Sun, 15 Dec 2024SEK 930.4bSEK 465.2bSEK 3.2b24.9x287.8x2x
Tue, 12 Nov 2024SEK 894.1bSEK 464.4bSEK 3.3b24x273.1x1.9x
Thu, 10 Oct 2024SEK 872.0bSEK 464.6b-SEK 27,420,207,912.5127.5x-31.8x1.9x
Sat, 07 Sep 2024SEK 835.8bSEK 464.9b-SEK 27,419,703,896.2427.6x-30.5x1.8x
Mon, 05 Aug 2024SEK 831.3bSEK 465.0b-SEK 27,443,680,212.4925.1x-30.3x1.8x
Wed, 03 Jul 2024SEK 881.8bSEK 467.8b-SEK 17,946,098,177.6629.2x-49.1x1.9x
Fri, 31 May 2024SEK 868.3bSEK 468.4b-SEK 17,538,474,819.7527.7x-49.5x1.9x
Sun, 28 Apr 2024SEK 844.2bSEK 474.1b-SEK 17,247,992,000.6327x-48.9x1.8x
Tue, 26 Mar 2024SEK 861.2bSEK 482.7b-SEK 18,714,797,924.9526.7x-46x1.8x
Thu, 22 Feb 2024SEK 828.2bSEK 483.7b-SEK 18,093,559,758.2130x-45.8x1.7x
Sat, 20 Jan 2024SEK 814.2bSEK 495.3b-SEK 16,245,048,870.0031.1x-50.1x1.6x
Mon, 18 Dec 2023SEK 844.5bSEK 494.9b-SEK 16,311,413,824.0026.9x-51.8x1.7x
Wed, 15 Nov 2023SEK 710.1bSEK 497.4b-SEK 16,238,708,872.0026x-43.7x1.4x
Fri, 13 Oct 2023SEK 717.5bSEK 499.3bSEK 17.2b21.8x41.6x1.4x
Sun, 10 Sep 2023SEK 708.3bSEK 502.0bSEK 17.6b23.5x40.3x1.4x
Tue, 08 Aug 2023SEK 737.6bSEK 499.5bSEK 17.3b23.7x42.6x1.5x
Thu, 06 Jul 2023SEK 830.4bSEK 496.0bSEK 23.6b23x35.2x1.7x
Sat, 03 Jun 2023SEK 839.4bSEK 493.8bSEK 23.5b23.1x35.8x1.7x
Mon, 01 May 2023SEK 810.9bSEK 490.1bSEK 23.5b26.4x34.6x1.7x
Wed, 29 Mar 2023SEK 780.6bSEK 478.0bSEK 24.1b26.8x32.3x1.6x
Price to Earnings Ratio

32.3x


Total Market Cap: SEK 780.6bTotal Earnings: SEK 24.1bTotal Revenue: SEK 478.0bTotal 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 24.0x 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 2.6% 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-4.91%
Tech-3.80%
Semiconductors57.85%
Communications-2.07%
IT-4.72%
Electronic Equipment and Components-5.38%
Software-5.91%
Tech Hardware-6.95%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio of 37.3x.
    • 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
SIVE Sivers SemiconductorsSEK 8.4499.0%
+SEK 1.3b		105.2%PS7.3x
HMS HMS NetworksSEK 407.001.9%
+SEK 371.4m		-13.5%PE47x
HANZA HanzaSEK 159.002.4%
+SEK 238.6m		99.4%PE40.6x
ALCA Alcadon GroupSEK 32.706.2%
+SEK 46.6m		37.4%PE16.7x
WAYS Waystream HoldingSEK 44.2012.5%
+SEK 40.7m		59.6%PE35.6x

Latest News

ERIC B
SEK 106.10
Telefonaktiebolaget LM Ericsson
7D
-2.3%
1Y
27.0%

ERIC B: Cost Cuts And 6G Hype Will Likely Fail To Justify Valuation

Ericsson's analyst price target has moved from SEK 62 to SEK 65, as analysts factor in expected earnings benefits from cost cuts and identified growth opportunities highlighted in recent research updates. Analyst Commentary Recent Street research on Telefonaktiebolaget LM Ericsson has included a mix of price target adjustments and a rating upgrade, reflecting differing views on how effectively the company can convert cost savings and identified opportunities into sustained earnings.
HEXA B
SEK 94.30
Hexagon
7D
-6.6%
1Y
-16.9%

HEXA B: Higher Margin Outlook Will Support Future Upside Potential

Analysts have trimmed their 12 month price target for Hexagon by SEK 5, reflecting a view that slightly lower revenue growth expectations and a modestly reduced discount rate are now balanced by a stronger projected profit margin and similar forward P/E levels. Analyst Commentary Recent research activity around Hexagon highlights a mix of optimism about profit quality and caution around the pace of revenue expansion and valuation support, which together have fed into the SEK 5 trim in the 12 month price target.
HANZA
SEK 159.00
Hanza
7D
2.4%
1Y
99.4%

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 222.40
Vitec Software Group
7D
-7.6%
1Y
-60.5%
DYVOX
SEK 79.70
Dynavox Group
7D
-7.3%
1Y
25.3%

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.
SINCH
SEK 22.00
Sinch
7D
-4.8%
1Y
-4.1%

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.
HMS
SEK 407.00
HMS Networks
7D
1.9%
1Y
-13.5%

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 8.44
Sivers Semiconductors
7D
99.0%
1Y
105.2%
TRUE B
SEK 10.68
Truecaller
7D
-9.9%
1Y
-85.5%

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.
LAGR B
SEK 194.30
Lagercrantz Group
7D
-5.3%
1Y
-13.3%
WAYS
SEK 44.20
Waystream Holding
7D
12.5%
1Y
59.6%
ANOD B
SEK 63.60
Addnode Group
7D
-6.9%
1Y
-39.9%
SDS
SEK 8.20
Seamless Distribution Systems
7D
20.6%
1Y
18.0%
SOLIDX
SEK 3.00
Solidx
7D
57.9%
1Y
-2.9%
MAVEN
SEK 5.18
Maven Wireless Sweden
7D
15.1%
1Y
-47.5%
ALCA
SEK 32.70
Alcadon Group
7D
6.2%
1Y
37.4%