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Swedish (OMX) Tech Sector Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies137
  • 7D-5.3%
  • 3M-1.6%
  • 1Y-6.6%
  • YTD-0.6%

Over the last 7 days, the Tech industry has dropped 3.9%, driven by Telefonaktiebolaget LM Ericsson declining 5.8%. On the other hand Sivers Semiconductors is actually up 55%. However, the industry is down 6.4% over the past year. 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, 24 Mar 2026SEK 838.9bSEK 442.1bSEK 35.0b21.5x23.9x1.9x
Thu, 19 Feb 2026SEK 834.1bSEK 442.8bSEK 38.3b21.9x21.8x1.9x
Sat, 17 Jan 2026SEK 835.6bSEK 448.8bSEK 35.6b26.3x23.5x1.9x
Mon, 15 Dec 2025SEK 859.1bSEK 450.1bSEK 35.8b26.2x24x1.9x
Wed, 12 Nov 2025SEK 909.1bSEK 451.2bSEK 35.8b26.8x25.4x2x
Fri, 10 Oct 2025SEK 868.7bSEK 458.0bSEK 25.3b28.6x34.4x1.9x
Sun, 07 Sep 2025SEK 844.6bSEK 457.7bSEK 25.2b29.6x33.6x1.8x
Tue, 05 Aug 2025SEK 828.2bSEK 458.7bSEK 25.7b29.1x32.2x1.8x
Thu, 03 Jul 2025SEK 887.9bSEK 464.8bSEK 11.0b24.8x80.6x1.9x
Sat, 31 May 2025SEK 876.0bSEK 463.8bSEK 10.3b25.4x84.8x1.9x
Mon, 28 Apr 2025SEK 852.1bSEK 463.0bSEK 10.8b25.5x79.2x1.8x
Wed, 26 Mar 2025SEK 936.5bSEK 460.7bSEK 11.0b25.8x84.9x2x
Fri, 21 Feb 2025SEK 999.6bSEK 461.2bSEK 9.2b27.2x108.4x2.2x
Sun, 19 Jan 2025SEK 958.3bSEK 464.3bSEK 3.2b25.2x299.7x2.1x
Tue, 17 Dec 2024SEK 925.9bSEK 464.8bSEK 3.2b24.6x290x2x
Thu, 14 Nov 2024SEK 876.0bSEK 464.3bSEK 3.3b23.9x264.5x1.9x
Sat, 12 Oct 2024SEK 866.4bSEK 464.4b-SEK 27,442,004,535.7927.1x-31.6x1.9x
Mon, 09 Sep 2024SEK 835.8bSEK 464.9b-SEK 27,419,466,609.7927.6x-30.5x1.8x
Wed, 07 Aug 2024SEK 811.5bSEK 464.9b-SEK 27,427,349,266.7424.2x-29.6x1.7x
Fri, 05 Jul 2024SEK 877.5bSEK 467.6b-SEK 17,944,154,733.9329.5x-48.9x1.9x
Sun, 02 Jun 2024SEK 864.8bSEK 468.0b-SEK 17,563,338,813.3727.9x-49.2x1.8x
Tue, 30 Apr 2024SEK 843.3bSEK 473.0b-SEK 17,219,807,618.3328x-49x1.8x
Thu, 28 Mar 2024SEK 868.7bSEK 482.8b-SEK 18,702,759,685.7828.7x-46.4x1.8x
Sat, 24 Feb 2024SEK 851.0bSEK 482.5b-SEK 19,645,866,578.3932.5x-43.3x1.8x
Mon, 22 Jan 2024SEK 814.2bSEK 495.3b-SEK 16,245,416,983.0031.1x-50.1x1.6x
Wed, 20 Dec 2023SEK 842.1bSEK 494.7b-SEK 16,328,458,825.0029.2x-51.6x1.7x
Fri, 17 Nov 2023SEK 717.8bSEK 497.0b-SEK 16,256,117,181.0025.8x-44.2x1.4x
Sun, 15 Oct 2023SEK 707.2bSEK 499.3bSEK 17.3b21.6x41x1.4x
Tue, 12 Sep 2023SEK 709.5bSEK 501.9bSEK 17.6b23.5x40.3x1.4x
Thu, 10 Aug 2023SEK 734.8bSEK 500.0bSEK 17.4b23.6x42.3x1.5x
Sat, 08 Jul 2023SEK 817.5bSEK 495.9bSEK 23.6b23.2x34.6x1.6x
Mon, 05 Jun 2023SEK 839.4bSEK 493.7bSEK 23.5b23.1x35.8x1.7x
Wed, 03 May 2023SEK 803.4bSEK 490.6bSEK 23.5b26x34.2x1.6x
Fri, 31 Mar 2023SEK 817.1bSEK 478.5bSEK 24.1b27.3x33.8x1.7x
Price to Earnings Ratio

33.8x


Total Market Cap: SEK 817.1bTotal Earnings: SEK 24.1bTotal Revenue: SEK 478.5bTotal 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 24.0x 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-4.52%
Tech-5.27%
Semiconductors38.83%
Software-4.29%
IT-4.30%
Communications-5.36%
Electronic Equipment and Components-5.68%
Tech Hardware-6.89%
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 11.3954.7%
+SEK 1.3b		177.7%PS9.8x
HMS HMS NetworksSEK 409.001.2%
+SEK 250.9m		-13.7%PE47.2x
SOLIDX SolidxSEK 3.0057.9%
+SEK 39.5m		-2.9%PS0.7x
WAYS Waystream HoldingSEK 44.008.9%
+SEK 29.9m		68.9%PE35.5x
ONEF OneflowSEK 18.055.9%
+SEK 28.4m		-27.5%PS2.4x

Latest News

HEXA B
SEK 94.60
Hexagon
7D
-6.3%
1Y
-16.8%
HMS
SEK 409.00
HMS Networks
7D
1.2%
1Y
-13.7%

HMS: Recent Upgrades And Proposed Dividend Are Expected To Drive Future Upside

Analysts have raised their fair value estimate for HMS Networks to SEK 570 from SEK 550, reflecting updated assumptions for slightly higher revenue growth, profit margins and future P/E, supported by recent upgrades from Nordea and Pareto. Analyst Commentary Recent research updates point to a more constructive view on HMS Networks, with bullish analysts revisiting their assumptions on growth, profitability and valuation.
VIT B
SEK 224.60
Vitec Software Group
7D
-6.0%
1Y
-60.9%

VIT B: SEB Upgrade And Stronger Earnings Profile Will Support Future Upside

Analysts have reduced their 12-month price target for Vitec Software Group from SEK 468 to SEK 456, citing updated assumptions for the discount rate, revenue growth, profit margins and future P/E following recent research, including the SEB Equities upgrade. Analyst Commentary Bullish Takeaways Bullish analysts highlight that the recent upgrade reflects confidence that current assumptions for discount rate, growth and margins still support a solid long term earnings profile, even with the slightly lower SEK 456 target.
ERIC B
SEK 105.15
Telefonaktiebolaget LM Ericsson
7D
-5.8%
1Y
25.5%

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.
BPCINS
SEK 36.00
BPC Instruments
7D
6.5%
1Y
-7.5%
ONEF
SEK 18.05
Oneflow
7D
5.9%
1Y
-27.5%
DYVOX
SEK 80.20
Dynavox Group
7D
-6.9%
1Y
23.2%

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 22.44
Sinch
7D
-2.6%
1Y
-1.4%

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 212.40
Mycronic
7D
-1.6%
1Y
-6.0%

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 11.39
Sivers Semiconductors
7D
54.7%
1Y
177.7%
LAGR B
SEK 195.20
Lagercrantz Group
7D
-6.0%
1Y
-13.1%
FIRE
SEK 192.40
Firefly
7D
2.3%
1Y
5.1%
WAYS
SEK 44.00
Waystream Holding
7D
8.9%
1Y
68.9%
SOLIDX
SEK 3.00
Solidx
7D
57.9%
1Y
-2.9%
NCAB
SEK 47.14
NCAB Group
7D
-6.0%
1Y
-13.7%
MAVEN
SEK 5.20
Maven Wireless Sweden
7D
8.3%
1Y
-47.6%