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Swedish (OMX) Tech Sector Analysis

UpdatedMar 14, 2026
DataAggregated Company Financials
Companies136
  • 7D2.9%
  • 3M1.7%
  • 1Y-3.0%
  • YTD3.4%

Over the last 7 days, the Tech industry has risen 2.9%, driven by gains from Telefonaktiebolaget LM Ericsson of 5.4%. During this same period, the NCAB Group underperformed, falling 10.0%. However, the industry is down 3.0% over the past year. Looking forward, earnings are forecast to grow by 7.8% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 14 Mar 2026SEK 871.7bSEK 441.9bSEK 35.0b23.3x24.9x2x
Mon, 09 Feb 2026SEK 838.2bSEK 445.1bSEK 38.0b23.4x22.1x1.9x
Wed, 07 Jan 2026SEK 847.9bSEK 448.3bSEK 35.6b26.5x23.8x1.9x
Fri, 05 Dec 2025SEK 875.5bSEK 450.8bSEK 35.8b28.1x24.5x1.9x
Sun, 02 Nov 2025SEK 932.1bSEK 452.2bSEK 29.7b29.2x31.4x2.1x
Tue, 30 Sep 2025SEK 840.0bSEK 458.0bSEK 25.2b28.9x33.4x1.8x
Thu, 28 Aug 2025SEK 840.0bSEK 458.0bSEK 25.5b31.1x33x1.8x
Sat, 26 Jul 2025SEK 905.9bSEK 460.4bSEK 26.8b28.8x33.8x2x
Mon, 23 Jun 2025SEK 854.0bSEK 465.4bSEK 10.9b25.5x78.6x1.8x
Wed, 21 May 2025SEK 893.1bSEK 462.5bSEK 10.3b26.9x87.1x1.9x
Fri, 18 Apr 2025SEK 829.5bSEK 462.6bSEK 10.5b24x78.7x1.8x
Sun, 16 Mar 2025SEK 933.6bSEK 461.8bSEK 11.2b25.5x83.2x2x
Tue, 11 Feb 2025SEK 991.0bSEK 464.0bSEK 4.7b27.4x209.4x2.1x
Thu, 09 Jan 2025SEK 930.2bSEK 465.3bSEK 3.3b24.7x281.2x2x
Sat, 07 Dec 2024SEK 936.6bSEK 465.0bSEK 3.2b25x289.2x2x
Mon, 04 Nov 2024SEK 910.7bSEK 463.7bSEK 10.0b25.3x90.7x2x
Wed, 02 Oct 2024SEK 872.2bSEK 464.4b-SEK 27,371,189,103.6226.8x-31.9x1.9x
Fri, 30 Aug 2024SEK 871.7bSEK 464.2b-SEK 27,432,035,614.5026.9x-31.8x1.9x
Sun, 28 Jul 2024SEK 863.9bSEK 466.3b-SEK 27,392,946,155.1925.6x-31.5x1.9x
Tue, 25 Jun 2024SEK 868.3bSEK 467.0b-SEK 18,000,059,489.0627.8x-48.2x1.9x
Thu, 23 May 2024SEK 889.0bSEK 472.5b-SEK 17,393,903,549.7730x-51.1x1.9x
Sat, 20 Apr 2024SEK 835.4bSEK 474.0b-SEK 17,327,937,845.4326.5x-48.2x1.8x
Mon, 18 Mar 2024SEK 861.4bSEK 481.6b-SEK 18,799,987,187.7226.6x-45.8x1.8x
Wed, 14 Feb 2024SEK 811.5bSEK 481.8b-SEK 18,858,527,952.8831.5x-43x1.7x
Fri, 12 Jan 2024SEK 828.6bSEK 494.4b-SEK 16,317,136,910.0030.7x-50.8x1.7x
Sun, 10 Dec 2023SEK 803.2bSEK 495.3b-SEK 16,242,327,408.0029.4x-49.5x1.6x
Tue, 07 Nov 2023SEK 676.0bSEK 498.1b-SEK 20,927,416,158.0024.2x-32.3x1.4x
Thu, 05 Oct 2023SEK 688.5bSEK 500.1bSEK 17.3b22x39.7x1.4x
Sat, 02 Sep 2023SEK 718.0bSEK 501.7bSEK 17.6b22.9x40.8x1.4x
Mon, 31 Jul 2023SEK 745.7bSEK 499.2bSEK 17.3b25x43.2x1.5x
Wed, 28 Jun 2023SEK 820.4bSEK 495.1bSEK 23.5b22.1x34.8x1.7x
Fri, 26 May 2023SEK 804.9bSEK 493.4bSEK 23.4b24.7x34.3x1.6x
Sun, 23 Apr 2023SEK 795.5bSEK 487.2bSEK 22.8b27.2x34.8x1.6x
Tue, 21 Mar 2023SEK 780.9bSEK 477.1bSEK 24.2b26.7x32.3x1.6x
Price to Earnings Ratio

32.3x


Total Market Cap: SEK 780.9bTotal Earnings: SEK 24.2bTotal Revenue: SEK 477.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Tech Sector Price to Earnings3Y Average 38.3x202420252026
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 38.3x.
  • 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 Market-1.14%
Tech2.87%
Semiconductors5.28%
Communications5.07%
Tech Hardware2.73%
Electronic Equipment and Components1.59%
IT-0.63%
Software-1.18%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio of 37.1x.
    • 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 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 108.605.4%
+SEK 18.7b		30.3%PE12.7x
HEXA B HexagonSEK 101.002.6%
+SEK 6.8b		-13.2%PE40.6x
MYCR MycronicSEK 212.505.5%
+SEK 2.2b		-3.4%PE26.6x
DYVOX Dynavox GroupSEK 86.002.8%
+SEK 251.2m		39.6%PE55.4x
STATE Safestate GroupSEK 32.0023.1%
+SEK 241.2m		95.6%PS30.5x

Latest News

NOTE
SEK 185.40
NOTE
7D
-3.6%
1Y
9.1%
UNIBAP
SEK 5.68
Unibap Space Solutions
7D
21.9%
1Y
-6.9%
DYVOX
SEK 86.00
Dynavox Group
7D
2.8%
1Y
39.6%

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 23.11
Sinch
7D
-1.9%
1Y
3.8%

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 212.50
Mycronic
7D
5.5%
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.
SIVE
SEK 4.24
Sivers Semiconductors
7D
17.7%
1Y
5.4%
VIT B
SEK 240.60
Vitec Software Group
7D
-3.3%
1Y
-57.5%

VIT B: Firmer Margin Outlook Will Support Constructive Long Term Thesis

The analyst price target for Vitec Software Group has shifted from SEK 650 to about SEK 570. Analysts point to more moderate revenue growth assumptions and a higher discount rate, partly offset by slightly firmer profit margin expectations and a broadly similar future P/E outlook, as reflected in recent research updates including the upgrade at SEB Equities.
ERIC B
SEK 108.60
Telefonaktiebolaget LM Ericsson
7D
5.4%
1Y
30.3%

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
2.6%
1Y
-13.2%

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.
HANZA
SEK 155.20
Hanza
7D
-6.1%
1Y
79.5%

HANZA: New Arjang Facility And Dividend Policy Will Support Balanced Outlook

Analysts have lifted their price target on Hanza from SEK120.25 to SEK149.00, reflecting updated assumptions on fair value that come alongside adjusted views on discount rate, revenue growth, profit margin and future P/E. What's in the News Hanza AB (publ) has announced an annual dividend of SEK 1.5000 per share, with an ex-date on May 13, 2026, record date on May 15, 2026, and payment on May 20, 2026 (Key Developments).
VERT B
SEK 58.20
Vertiseit
7D
5.4%
1Y
-7.6%
LAGR B
SEK 205.20
Lagercrantz Group
7D
-1.7%
1Y
-5.8%
ANOD B
SEK 68.30
Addnode Group
7D
-1.3%
1Y
-35.4%
NCAB
SEK 48.20
NCAB Group
7D
-10.0%
1Y
-4.4%
EPEN
SEK 95.00
Ependion
7D
-4.8%
1Y
-25.3%

Ependion (STO:EPEN) Will Pay A Larger Dividend Than Last Year At SEK1.50

Feb 03
Ependion (STO:EPEN) Will Pay A Larger Dividend Than Last Year At SEK1.50
STATE
SEK 32.00
Safestate Group
7D
23.1%
1Y
95.6%