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Swedish (OMX) Tech Sector Analysis

UpdatedDec 30, 2025
DataAggregated Company Financials
Companies139
  • 7D0.4%
  • 3M1.8%
  • 1Y-2.6%
  • YTD-3.7%

Over the last 7 days, the Tech industry has remained flat. Furthermore, the industry has been flat for the past year as well. As for the next few years, earnings are expected to grow by 11% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 30 Dec 2025SEK 859.7bSEK 448.7bSEK 35.6b27.2x24.1x1.9x
Thu, 27 Nov 2025SEK 875.8bSEK 451.8bSEK 35.9b26.8x24.4x1.9x
Sat, 25 Oct 2025SEK 923.2bSEK 452.1bSEK 32.3b27.7x28.6x2x
Mon, 22 Sep 2025SEK 867.7bSEK 458.1bSEK 25.2b30.4x34.5x1.9x
Wed, 20 Aug 2025SEK 842.1bSEK 458.6bSEK 25.5b30.9x33x1.8x
Fri, 18 Jul 2025SEK 881.8bSEK 461.2bSEK 26.9b25.3x32.7x1.9x
Sun, 15 Jun 2025SEK 857.5bSEK 464.2bSEK 10.6b25.8x80.6x1.8x
Tue, 13 May 2025SEK 892.9bSEK 462.1bSEK 10.1b26.8x88.2x1.9x
Thu, 10 Apr 2025SEK 774.8bSEK 461.1bSEK 8.9b22.8x86.8x1.7x
Sat, 08 Mar 2025SEK 953.6bSEK 461.2bSEK 11.4b26.6x83.8x2.1x
Mon, 03 Feb 2025SEK 996.3bSEK 465.2bSEK 4.9b24.2x204.3x2.1x
Wed, 01 Jan 2025SEK 919.6bSEK 465.1bSEK 3.3b25x279.9x2x
Fri, 29 Nov 2024SEK 867.6bSEK 464.0bSEK 3.4b24.8x257.5x1.9x
Sun, 27 Oct 2024SEK 924.4bSEK 463.2bSEK 9.4b26.1x98.2x2x
Tue, 24 Sep 2024SEK 863.6bSEK 464.5b-SEK 27,423,330,476.1327.9x-31.5x1.9x
Thu, 22 Aug 2024SEK 853.5bSEK 464.0b-SEK 27,633,248,781.0426.4x-30.9x1.8x
Sat, 20 Jul 2024SEK 879.1bSEK 466.0b-SEK 27,381,828,767.4625.9x-32.1x1.9x
Mon, 17 Jun 2024SEK 856.1bSEK 467.2b-SEK 18,025,514,445.5427.7x-47.5x1.8x
Wed, 15 May 2024SEK 878.9bSEK 472.8b-SEK 17,179,394,016.6928.3x-51.2x1.9x
Fri, 12 Apr 2024SEK 843.6bSEK 481.9b-SEK 18,705,070,513.9428.3x-45.1x1.8x
Sun, 10 Mar 2024SEK 857.5bSEK 482.0b-SEK 19,154,767,728.4726.8x-44.8x1.8x
Tue, 06 Feb 2024SEK 812.7bSEK 481.2b-SEK 19,170,891,432.5131.1x-42.4x1.7x
Thu, 04 Jan 2024SEK 831.8bSEK 495.1b-SEK 16,290,200,775.0030.7x-51.1x1.7x
Sat, 02 Dec 2023SEK 737.1bSEK 495.4b-SEK 16,386,869,338.0029.9x-45x1.5x
Mon, 30 Oct 2023SEK 640.5bSEK 498.7b-SEK 20,798,883,984.0023.3x-30.8x1.3x
Wed, 27 Sep 2023SEK 686.0bSEK 500.5bSEK 17.4b21.6x39.5x1.4x
Fri, 25 Aug 2023SEK 700.8bSEK 501.5bSEK 17.5b24.2x40x1.4x
Sun, 23 Jul 2023SEK 766.5bSEK 497.8bSEK 17.4b24.5x44.1x1.5x
Tue, 20 Jun 2023SEK 851.2bSEK 495.1bSEK 23.5b22.9x36.2x1.7x
Thu, 18 May 2023SEK 804.8bSEK 492.0bSEK 23.5b25.7x34.2x1.6x
Sat, 15 Apr 2023SEK 827.2bSEK 479.2bSEK 24.2b27.9x34.2x1.7x
Mon, 13 Mar 2023SEK 801.6bSEK 454.3bSEK 23.9b27.2x33.5x1.8x
Wed, 08 Feb 2023SEK 846.9bSEK 448.9bSEK 28.1b28x30.2x1.9x
Fri, 06 Jan 2023SEK 804.0bSEK 429.7bSEK 30.6b27.2x26.3x1.9x
Price to Earnings Ratio

26.3x


Total Market Cap: SEK 804.0bTotal Earnings: SEK 30.6bTotal Revenue: SEK 429.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Tech Sector Price to Earnings3Y Average 38.7x20242025
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 24.1x which is lower than its 3-year average PE of 38.7x.
  • 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 5.3% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

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

SE Market0.88%
Tech0.45%
Software1.31%
IT1.14%
Electronic Equipment and Components0.94%
Semiconductors0.82%
Tech Hardware0.054%
Communications-0.41%
Industry PE
  • Investors are most optimistic about the Tech Hardware industry even though it's trading below its 3-year average PE ratio of 2kx.
    • Analysts are expecting annual earnings growth of 36.3%, which is lower than the prior year's growth of 44.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 68% over the next 5 years.
  • In contrast, the Communications industry is expected to see its earnings decline by 8.5% 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
HEXA B HexagonSEK 108.300.8%
+SEK 2.4b		2.6%PE40x
MYCR MycronicSEK 222.451.3%
+SEK 576.0m		11.4%PE24.9x
SINCH SinchSEK 31.302.3%
+SEK 569.7m		51.0%PS0.9x
HANZA HanzaSEK 125.803.6%
+SEK 202.2m		64.0%PE28.8x
ANOD B Addnode GroupSEK 97.401.1%
+SEK 149.1m		-6.2%PE34.9x

Latest News

LAGR B
SEK 212.60
Lagercrantz Group
7D
0.3%
1Y
2.4%
HMS
SEK 420.60
HMS Networks
7D
0.7%
1Y
-3.0%

HMS: Acquisition-Led Expansion Will Drive Stronger Long-Term Earnings Power

Analysts have modestly reduced their price target on HMS Networks, trimming fair value from SEK 575 to SEK 545. Slightly higher discount rates and a lower projected future P E multiple offset marginally stronger expectations for revenue growth, while profit margins are expected to remain broadly unchanged.
SINCH
SEK 31.30
Sinch
7D
2.3%
1Y
51.0%

SINCH: Share Buybacks And Margin Expansion Will Drive Stronger Future Upside

Analysts have modestly trimmed their price target on Sinch, reflecting a slight recalibration of discount rate assumptions and future earnings multiples. At the same time, long term revenue growth and profit margin forecasts have edged higher, leaving the updated fair value estimate essentially unchanged at SEK 46.00.
TRUE B
SEK 19.08
Truecaller
7D
-0.4%
1Y
-62.7%

TRUE B: Expanding Trust And Safety Features Will Drive Future Re-Rating Potential

Analysts have trimmed their price target for Truecaller by about $11.67, reflecting slightly higher discount rate assumptions along with more conservative forecasts for revenue growth, profit margins, and future valuation multiples following recent sector deal activity and choppy market conditions. Analyst Commentary Street research on adjacent online auto platforms offers a mixed read-through for Truecaller, highlighting both supportive sector dynamics and signals of late-cycle consolidation that could cap upside for valuation multiples.
4C
SEK 12.20
4C Group
7D
-7.9%
1Y
23.5%
ANOD B
SEK 97.40
Addnode Group
7D
1.1%
1Y
-6.2%

ANOD B: Ongoing M&A Activity Will Drive Future Upside Despite Integration Focus

Analysts have slightly reduced their price target for Addnode Group from SEK 132.25 to SEK 131.00, reflecting marginally higher discount rate assumptions and slightly softer long term growth and margin expectations. What's in the News Addnode Group continues to pursue acquisitions, with management confirming it is actively looking for new targets despite recently completing a major deal (company statement).
ERIC B
SEK 90.02
Telefonaktiebolaget LM Ericsson
7D
-0.5%
1Y
0.2%

ERIC B Will Benefit From Emerging European Shift Away From Chinese 5G Vendors

The analyst fair value estimate for Telefonaktiebolaget LM Ericsson has been raised from SEK 99.00 to SEK 106.00, as analysts factor in higher sector price targets and modestly improved long term earnings visibility, despite tempered expectations for revenue growth and profit margins. Analyst Commentary Recent Street research on Telefonaktiebolaget LM Ericsson has turned incrementally more constructive, with several bullish analysts lifting their price targets in response to improving fundamentals and clearer earnings visibility.
HEXA B
SEK 108.30
Hexagon
7D
0.8%
1Y
2.6%

HEXA B: Rating Upgrade And Margin Delivery Will Drive Upside Potential

Hexagon's analyst price target has edged slightly lower to approximately SEK 120 from about SEK 121, as analysts factor in a marginally higher discount rate and slightly softer long term margin expectations despite a series of recent target hikes and one notable rating upgrade. Analyst Commentary Analysts remain divided on Hexagon, with recent target changes and rating moves reflecting a balance between confidence in the companys structural growth prospects and caution around valuation and execution risk.
MSAB B
SEK 60.00
Micro Systemation
7D
-2.9%
1Y
28.8%
TOBII
SEK 2.14
Tobii
7D
-5.2%
1Y
0.2%

A Piece Of The Puzzle Missing From Tobii AB (publ)'s (STO:TOBII) 30% Share Price Climb

Dec 16
A Piece Of The Puzzle Missing From Tobii AB (publ)'s (STO:TOBII) 30% Share Price Climb
HANZA
SEK 125.80
Hanza
7D
3.6%
1Y
64.0%

HANZA: Defense Manufacturing Expansion And Property Acquisition Will Shape Balanced Outlook

Analysts have raised their price target for Hanza to SEK 120.25 from SEK 120.00, reflecting slightly improved long term assumptions regarding the discount rate, revenue growth, profit margin, and forward P/E. What's in the News Extraordinary General Meeting on November 21, 2025 to decide on share issue authorization for the BMK acquisition and amendments to the articles of association, including confirmation of updated capital and share limits (company EGM notice and resolutions).
MYCR
SEK 222.45
Mycronic
7D
1.3%
1Y
11.4%

MYCR: Expanding Asian Orders Will Support Steady Earnings And Balanced Prospects

Analysts have nudged their price target for Mycronic slightly higher to approximately SEK 219 per share, reflecting modestly increased discount rate and future P E assumptions, while maintaining a generally stable view on long term revenue growth and profitability. What's in the News Mycronic secured a new Asian customer for its SLX semiconductor mask writer, an energy efficient system with an order value between USD 5 million and 7 million, with revenue recognized in the current quarter (company announcement).
CYB1
€0.0016
Cyber Security 1
7D
-52.9%
1Y
-83.0%

Cyber Security 1 AB (publ)'s (STO:CYB1) Shares Bounce 43% But Its Business Still Trails The Industry

Nov 28
Cyber Security 1 AB (publ)'s (STO:CYB1) Shares Bounce 43% But Its Business Still Trails The Industry
NTEK B
SEK 80.60
Novotek
7D
-5.6%
1Y
9.8%
PRIC B
SEK 4.11
Pricer
7D
-5.1%
1Y
-65.0%
BRIX
SEK 20.80
Briox
7D
8.6%
1Y
268.1%

Will Briox (NGM:BRIX) Spend Its Cash Wisely?

Sep 10
Will Briox (NGM:BRIX) Spend Its Cash Wisely?