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Swedish (OMX) Telecom Sector Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies57
  • 7D-1.2%
  • 3M9.5%
  • 1Y12.0%
  • YTD8.5%

Over the last 7 days, the Telecom industry has dropped 1.2%, driven by a pullback from Telia Company of 1.2%. Over the past 12 months, the industry was up 12%. Earnings are forecast to grow by 15% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026SEK 424.7bSEK 198.2bSEK 10.6b23.3x40.1x2.1x
Sat, 21 Feb 2026SEK 423.1bSEK 201.6bSEK 11.7b23.3x36.3x2.1x
Mon, 19 Jan 2026SEK 391.6bSEK 206.2bSEK 7.9b25.7x49.3x1.9x
Wed, 17 Dec 2025SEK 390.2bSEK 210.4bSEK 8.1b24.7x48.3x1.9x
Fri, 14 Nov 2025SEK 394.1bSEK 210.9bSEK 7.7b25.2x50.9x1.9x
Sun, 12 Oct 2025SEK 405.9bSEK 211.2bSEK 7.0b26.5x58.2x1.9x
Tue, 09 Sep 2025SEK 409.7bSEK 211.3bSEK 7.0b27.8x58.8x1.9x
Thu, 07 Aug 2025SEK 407.6bSEK 213.2bSEK 5.2b26.4x77.9x1.9x
Sat, 05 Jul 2025SEK 398.8bSEK 212.3bSEK 4.3b27.4x91.9x1.9x
Mon, 02 Jun 2025SEK 390.1bSEK 211.0bSEK 3.4b29.4x116x1.8x
Wed, 30 Apr 2025SEK 377.8bSEK 227.9b-SEK 17,296,023,040.9225x-21.8x1.7x
Fri, 28 Mar 2025SEK 371.6bSEK 226.3b-SEK 17,838,656,899.1724x-20.8x1.6x
Sun, 23 Feb 2025SEK 378.3bSEK 226.8b-SEK 17,741,232,206.9028.9x-21.3x1.7x
Tue, 21 Jan 2025SEK 363.1bSEK 225.9b-SEK 21,588,765,010.2021.8x-16.8x1.6x
Thu, 19 Dec 2024SEK 354.2bSEK 225.9b-SEK 21,635,751,732.2923.6x-16.4x1.6x
Sat, 16 Nov 2024SEK 351.3bSEK 226.6b-SEK 21,208,884,372.0322.6x-16.6x1.6x
Mon, 14 Oct 2024SEK 364.4bSEK 228.8b-SEK 22,333,452,870.7728.8x-16.3x1.6x
Wed, 11 Sep 2024SEK 365.3bSEK 228.8b-SEK 22,337,593,739.2129.3x-16.4x1.6x
Fri, 09 Aug 2024SEK 348.2bSEK 231.1b-SEK 17,837,081,776.0928.2x-19.5x1.5x
Sun, 07 Jul 2024SEK 334.1bSEK 230.7b-SEK 24,149,329,257.9427.2x-13.8x1.4x
Tue, 04 Jun 2024SEK 330.0bSEK 230.7b-SEK 24,037,231,811.5226.9x-13.7x1.4x
Thu, 02 May 2024SEK 324.7bSEK 231.5b-SEK 5,125,113,249.0033.3x-63.3x1.4x
Sat, 30 Mar 2024SEK 318.0bSEK 212.9bSEK 3.7b22.3x85.2x1.5x
Mon, 26 Feb 2024SEK 291.5bSEK 212.6bSEK 3.7b25.7x77.9x1.4x
Wed, 24 Jan 2024SEK 296.2bSEK 234.7b-SEK 14,327,872,579.0023.5x-20.7x1.3x
Fri, 22 Dec 2023SEK 303.4bSEK 234.5b-SEK 14,358,732,062.0030.1x-21.1x1.3x
Sun, 19 Nov 2023SEK 289.1bSEK 236.3b-SEK 13,516,848,200.0023x-21.4x1.2x
Tue, 17 Oct 2023SEK 282.4bSEK 230.5b-SEK 10,431,298,398.0026.1x-27.1x1.2x
Thu, 14 Sep 2023SEK 287.0bSEK 230.7b-SEK 10,400,836,727.0025.2x-27.6x1.2x
Sat, 12 Aug 2023SEK 295.6bSEK 226.3b-SEK 13,005,376,353.0022.2x-22.7x1.3x
Mon, 10 Jul 2023SEK 301.1bSEK 223.5b-SEK 6,022,717,875.0018.9x-50x1.3x
Wed, 07 Jun 2023SEK 312.9bSEK 223.8b-SEK 6,076,293,958.0018.6x-51.5x1.4x
Fri, 05 May 2023SEK 376.3bSEK 221.8b-SEK 11,947,345,880.0021.1x-31.5x1.7x
Sun, 02 Apr 2023SEK 367.9bSEK 218.8b-SEK 9,414,356,207.0020.1x-39.1x1.7x
Price to Earnings Ratio

-39.1x


Total Market Cap: SEK 367.9bTotal Earnings: -SEK 9,414,356,207.00Total Revenue: SEK 218.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Telecom Sector Price to Earnings3Y Average 19x202420252026
Current Industry PE
  • Investors are optimistic on the Swedish Communication Services industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 40.1x which is higher than its 3-year average PE of 19.0x.
  • The 3-year average PS ratio of 1.6x is lower than the industry's current PS ratio of 2.1x.
Past Earnings Growth
  • Total earnings for the Communication Services industry have gone up over the last three years and the industry is now profitable.
  • Revenues have declined 3.2% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, profits have been increasing.

Industry Trends

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

SE Market-2.46%
Telecom-1.22%
Entertainment1.11%
Media0.13%
Wireless Telecom-1.17%
Telecom Services and Carriers-1.49%
Interactive Media and Services-5.88%
Industry PE
  • Investors are most optimistic about the Entertainment industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 30.4%, which is higher than its past year's earnings decline of 72.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Entertainment industry, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings decline of 73% per year.
  • In contrast, the Wireless Telecom industry is expected to see its earnings grow by 8.2% 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
TELIA Telia CompanySEK 47.410.9%
+SEK 1.7b		33.1%PE36.8x
EMBRAC B Embracer GroupSEK 47.176.1%
+SEK 604.9m		-54.8%PE2.6x
VPLAY B Viaplay GroupSEK 1.415.9%
+SEK 359.2m		86.8%PS0.4x
STORY B StorytelSEK 79.353.6%
+SEK 212.6m		-15.4%PE12.7x
EG7 Enad Global 7SEK 16.0011.6%
+SEK 147.1m		32.5%PS0.8x

Latest News

EG7
SEK 16.00
Enad Global 7
7D
11.6%
1Y
32.5%
PDX
SEK 119.80
Paradox Interactive
7D
0.8%
1Y
-34.6%

PDX: Higher Dividend Will Support Cautious Sentiment And Fair Value Conviction

Narrative Update Overview Analysts now see Paradox Interactive's fair value holding at SEK180.00 per share. This reflects slightly adjusted assumptions on discount rate, revenue growth, profit margin, and future P/E after a more cautious research update and a downgrade in sentiment on the shares.
OVZON
SEK 57.80
Ovzon
7D
-6.3%
1Y
110.2%
HEM
SEK 101.00
Hemnet Group
7D
-7.6%
1Y
-70.3%

HEM: Cooler Sentiment And Capital Returns Will Shape Future Earnings Profile

Analysts have modestly reduced their average price targets on Hemnet Group, with cuts from firms such as Deutsche Bank, Morgan Stanley and others, partly balanced by an upgrade to Neutral at UBS with a SEK 122 target, as they factor in updated expectations for growth, profitability and valuation multiples. Analyst Commentary Recent research points to a more cautious tone around Hemnet Group, with several price target reductions and rating changes that highlight concerns about execution, growth visibility and valuation risk.
STORY B
SEK 79.35
Storytel
7D
3.6%
1Y
-15.4%

STORY B: Stable Dividend Outlook Will Support Future Upside Potential

Analysts have kept their Storytel price target steady at SEK 102, reflecting only fine tuning to revenue growth, profit margin and future P/E assumptions rather than a change in overall valuation view. What's in the News Storytel AB (publ) declared an annual dividend of SEK 1.50 per share, with an ex-date on May 6, 2026, a record date on May 7, 2026, and payment scheduled for May 12, 2026 (Key Developments).
TELIA
SEK 47.41
Telia Company
7D
0.9%
1Y
33.1%

TELIA: Future Norwegian Network Merger Will Test Fully Priced Shares

Analysts have raised Telia Company's price target, with recent SEK-based increases such as Morgan Stanley's move to SEK 41 and UBS's to SEK 41.60. These changes reflect updated views on revenue growth, profit margins and valuation, even as some firms shift to Neutral on expectations that much of the visible upside is already priced in.
TEL2 B
SEK 190.25
Tele2
7D
-0.6%
1Y
44.1%

TEL2 B: Mixed Ratings And Rich Dividend Policy Will Shape Returns

Analysts now place Tele2's fair value at about SEK 210, up from SEK 200, as they weigh slightly higher long term revenue growth, profit margins and future P/E expectations against a mixed set of recent price target revisions and rating changes across the Street. Analyst Commentary Recent Street research provides a mixed but generally constructive view on Tele2, with some firms trimming price targets or shifting ratings, while others see enough support to justify higher valuation levels.
ENRO
SEK 0.53
Eniro Group
7D
-16.8%
1Y
8.1%
EMBRAC B
SEK 47.17
Embracer Group
7D
6.1%
1Y
-54.8%

EMBRAC B: Share Buybacks And Reset Expectations Will Shape Balanced Outlook

Analysts have reduced their price target for Embracer Group to SEK 52 from SEK 80, reflecting lower assumptions for revenue growth and profit margins, as well as a higher expected P/E multiple, as they reassess the company’s earnings outlook. What's in the News Embracer Group completed a share buyback program announced on September 30, 2025, repurchasing a total of 4,830,742 shares for SEK 500 million, equal to 2.28% of its shares.
HACK
SEK 58.13
Hacksaw
7D
-0.09%
1Y
n/a
KAR
SEK 69.40
Karnov Group
7D
-1.6%
1Y
-19.7%

KAR: Share Repurchases And Capital Structure Will Support Future AI Legal Upside

Analysts have kept their SEK fair value estimate for Karnov Group broadly unchanged, with only marginal tweaks to assumptions such as the discount rate and future P/E. Together, these adjustments leave their overall price target effectively stable.
MTG B
SEK 88.20
Modern Times Group MTG
7D
0.9%
1Y
-24.7%

MTG B: Stable Assumptions And Higher Future P/E Will Support Upside

Analysts have kept their SEK 152.67 price target for Modern Times Group MTG unchanged, citing only small tweaks to assumptions, such as a slightly higher discount rate and a marginally higher future P/E multiple. Valuation Changes Fair Value: SEK 152.67 is unchanged, with no adjustment to the central valuation estimate.
VPLAY B
SEK 1.41
Viaplay Group
7D
5.9%
1Y
86.8%
ALPCOT B
SEK 0.96
Alpcot Holding
7D
-7.2%
1Y
7.2%
ENVAR
SEK 35.50
Envar Holding
7D
-6.6%
1Y
105.8%
SF
SEK 3.81
Stillfront Group
7D
3.9%
1Y
-24.3%