Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Swedish (OMX) Market Analysis & Valuation

UpdatedApr 10, 2026
DataAggregated Company Financials
Companies781
  • 7D3.3%
  • 3M-1.2%
  • 1Y21.8%
  • YTD1.7%

The market is up 3.3% over the last week, with the Industrials sector leading the way, up 4.8%. In contrast, the Energy sector is lagging, dropping 4.0%. The market is up 22% over the last 12 months. Looking forward, earnings are forecast to grow by 9.7% annually.

Trending IndustriesBiotechSoftware

Market Valuation and Performance

Has the Swedish Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 11 Apr 2026SEK 12.0tSEK 5.8tSEK 646.0b20.7x18.6x2.1x
Mon, 09 Mar 2026SEK 11.9tSEK 5.8tSEK 648.1b21.3x18.4x2x
Wed, 04 Feb 2026SEK 12.2tSEK 5.8tSEK 632.3b22.6x19.3x2.1x
Fri, 02 Jan 2026SEK 11.8tSEK 5.8tSEK 547.3b22.2x21.6x2x
Sun, 30 Nov 2025SEK 11.5tSEK 5.8tSEK 547.0b22.4x21x2x
Tue, 28 Oct 2025SEK 11.8tSEK 5.8tSEK 532.6b23.8x22.1x2x
Thu, 25 Sep 2025SEK 11.0tSEK 5.8tSEK 480.6b22.7x22.9x1.9x
Sat, 23 Aug 2025SEK 11.3tSEK 5.7tSEK 476.7b23.4x23.7x2x
Mon, 21 Jul 2025SEK 11.0tSEK 5.7tSEK 476.3b23.3x23.2x1.9x
Wed, 18 Jun 2025SEK 10.7tSEK 5.8tSEK 496.1b22.6x21.5x1.8x
Fri, 16 May 2025SEK 11.1tSEK 5.8tSEK 467.4b22.5x23.7x1.9x
Sun, 13 Apr 2025SEK 9.9tSEK 5.9tSEK 536.9b20.3x18.4x1.7x
Tue, 11 Mar 2025SEK 11.4tSEK 5.9tSEK 548.7b22.2x20.9x1.9x
Thu, 06 Feb 2025SEK 11.4tSEK 5.9tSEK 512.2b23.2x22.3x1.9x
Sat, 04 Jan 2025SEK 10.9tSEK 6.0tSEK 587.9b23.3x18.5x1.8x
Mon, 02 Dec 2024SEK 10.8tSEK 6.0tSEK 589.4b22.4x18.3x1.8x
Wed, 30 Oct 2024SEK 11.2tSEK 5.9tSEK 572.3b23.3x19.5x1.9x
Fri, 27 Sep 2024SEK 12.0tSEK 6.1tSEK 552.3b23.9x21.6x2x
Sun, 25 Aug 2024SEK 11.6tSEK 6.1tSEK 548.9b23x21.1x1.9x
Tue, 23 Jul 2024SEK 11.7tSEK 6.1tSEK 546.9b23.5x21.5x1.9x
Thu, 20 Jun 2024SEK 11.3tSEK 6.0tSEK 511.3b22.9x22.1x1.9x
Sat, 18 May 2024SEK 11.6tSEK 6.1tSEK 531.9b22.8x21.8x1.9x
Mon, 15 Apr 2024SEK 11.1tSEK 6.0tSEK 523.1b21.9x21.3x1.8x
Wed, 13 Mar 2024SEK 11.2tSEK 6.0tSEK 513.4b20.8x21.8x1.9x
Fri, 09 Feb 2024SEK 10.6tSEK 6.1tSEK 512.6b21.5x20.7x1.7x
Sun, 07 Jan 2024SEK 10.3tSEK 6.0tSEK 440.8b22x23.3x1.7x
Tue, 05 Dec 2023SEK 9.8tSEK 6.0tSEK 442.2b20.3x22.2x1.6x
Thu, 02 Nov 2023SEK 8.9tSEK 6.0tSEK 451.3b17.7x19.8x1.5x
Sat, 30 Sep 2023SEK 9.3tSEK 6.0tSEK 489.2b17.8x18.9x1.6x
Mon, 28 Aug 2023SEK 9.2tSEK 6.0tSEK 489.4b18.5x18.9x1.6x
Wed, 26 Jul 2023SEK 9.9tSEK 5.9tSEK 483.2b19.5x20.4x1.7x
Fri, 23 Jun 2023SEK 9.8tSEK 5.7tSEK 411.8b18.9x23.7x1.7x
Sun, 21 May 2023SEK 10.1tSEK 5.6tSEK 399.2b19.6x25.3x1.8x
Tue, 18 Apr 2023SEK 9.5tSEK 5.3tSEK 409.4b19.9x23.1x1.8x
Price to Earnings Ratio

23.1x


Total Market Cap: SEK 9.5tTotal Earnings: SEK 409.4bTotal Revenue: SEK 5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Market Price to Earnings3Y Average 21.3x202420252026
Current Market PE
  • Investors are pessimistic on the Swedish market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 18.6x which is lower than its 3-year average PE of 21.3x.
Past Earnings Growth
  • The earnings for Swedish listed companies have grown 16% per year over the last three years.
  • Revenues for these companies have grown 2.9% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Swedish Market?

SE Market3.33%
Industrials4.75%
Tech3.97%
Materials3.58%
Financials2.68%
Real Estate2.66%
Consumer Staples1.20%
Telecom1.05%
Healthcare1.00%
Consumer Discretionary0.91%
Utilities0.43%
Energy-4.01%
Sector PE
  • Investors favour the Telecom sector the most for future growth, which is trading above its 3-year average PE ratio of 20.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 15.4% which is higher than its past year's earnings decline of 4.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 24% over the next 5 years.
  • This is better than its past earnings growth rate of 0.8% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 29% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
ATCO A Atlas CopcoSEK 179.507.9%
+SEK 64.0b		20.8%PE33.1xIndustrials
INVE A InvestorSEK 370.805.2%
+SEK 56.1b		37.6%PE7.2xFinancials
SAND SandvikSEK 402.509.9%
+SEK 45.3b		120.3%PE34.4xIndustrials
VOLV B AB VolvoSEK 326.305.7%
+SEK 36.0b		35.0%PE19.3xIndustrials
EPI A EpirocSEK 256.8010.5%
+SEK 29.6b		39.5%PE36.1xIndustrials
See more

Market Insights

Header cover image
Is it time to revisit Cybersecurity and Cloud?
Stella Ong avatar
Stella Ong
In 2021, cybersecurity and cloud stocks could do no wrong. Today, they’re operating in a very different environment where stock selection is more important than ever.
Continue reading
What’s happening with Renewables & EVs?

Latest News

EPI A
SEK 256.80
Epiroc
7D
10.5%
1Y
39.5%
ASSA B
SEK 365.90
ASSA ABLOY
7D
6.0%
1Y
33.9%
VSURE
€9.39
Verisure
7D
-3.1%
1Y
n/a

Rising Acquisition Costs And Attrition Risks Will Test Recurring Revenue Strength Yet Offer Upside

Catalysts About Verisure Verisure provides monitored security systems and subscription-based alarm services for homes and small businesses. What are the underlying business or industry changes driving this perspective?
SINCH
SEK 24.46
Sinch
7D
-3.4%
1Y
29.1%

SINCH: Future Upside Will Depend On Executing AI Agent Rollout

Sinch's updated analyst price target increases slightly to SEK 32.64 from SEK 32.21, as analysts balance mixed rating changes and price targets with adjusted assumptions for the discount rate, revenue growth, profit margins, and future P/E. Analyst Commentary Recent research shows a split in how analysts view Sinch, with some highlighting upside potential and others focusing on execution risks and rating downgrades.
SAND
SEK 402.50
Sandvik
7D
9.9%
1Y
120.3%

SAND: Fair Value View Balances Mining Upswing Orders With Restructuring And Dividend

Sandvik's analyst fair value estimate has been updated from SEK 380 to SEK 430 as analysts factor in higher forecast revenue growth, slightly stronger margins, and a modestly lower assumed discount rate, in line with a series of recent price target revisions across the Street. Analyst Commentary Recent Street research on Sandvik shows a mix of views, but with a clear cluster of bullish analysts lifting price targets over the past few months.
VOLV B
SEK 326.30
AB Volvo
7D
5.7%
1Y
35.0%
SCA B
SEK 108.40
Svenska Cellulosa Aktiebolaget
7D
-1.0%
1Y
-13.3%

SCA B: Neutral Coverage And Forestry Agreement Will Support Future Repricing

Narrative Update The updated analyst work on Svenska Cellulosa points to a modestly lower fair value estimate, moving from about SEK 162.00 to roughly SEK 156.83. Analysts are factoring in more cautious revenue growth assumptions and recent reductions in Street price targets around SEK 125.00, while keeping profit margin and P/E expectations broadly similar.
EVO
SEK 601.20
Evolution
7D
-0.5%
1Y
-23.9%

EVO: Recent Upgrade And Dividend Pause Will Support Future Repricing

Analysts have trimmed Evolution's blended price target by about SEK 5. Slightly higher discount rate assumptions and modestly lower margin expectations offset broadly supportive views on long term growth and valuation multiples reflected in recent target cuts and one upgrade.
ATCO A
SEK 179.50
Atlas Copco
7D
7.9%
1Y
20.8%

ATCO A: Special Dividend And Operating Leverage Will Support Future Upside

Narrative Update Analysts have made a small downward tweak to the Atlas Copco price target, trimming it by SEK 0.25, as they balance mixed recent broker actions with slightly adjusted assumptions for revenue, profit margins and future P/E. Analyst Commentary Recent research on Atlas Copco has been mixed, with several firms adjusting ratings and price targets in different directions over a short period.
INDU A
SEK 504.00
AB Industrivärden
7D
7.5%
1Y
62.1%
BETS B
SEK 91.90
Betsson
7D
-9.6%
1Y
-39.8%

BETS B: Trimmed Stance Will Still Rely On Margins And Payout Discipline

Analysts have cut their price target on Betsson to SEK 110.0 from SEK 152.5 as they factor in updated assumptions for revenue growth, profit margins, discount rate and a higher future P/E, along with a more cautious stance reflected in recent downgrades. Analyst Commentary Recent research points to a more cautious stance on Betsson, with the lower target price reflecting updated assumptions on growth, margins and required returns.
MILDEF
SEK 128.00
MilDef Group
7D
-7.0%
1Y
-39.5%

MILDEF: Future Dividend Policy Will Support Long Term Upside Potential

MilDef Group's analyst price target has been adjusted slightly from SEK 208 to SEK 206 as analysts refresh their models around discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News MilDef Group AB (publ) declared an annual dividend of SEK 0.7500 per share, scheduled for payment on May 28, 2026 (Key Developments).
SAAB B
SEK 610.00
Saab
7D
-5.0%
1Y
47.4%

SAAB B: Higher P/E And Mixed Ratings Will Frame Fairly Valued Outlook

Saab's analyst price targets have moved higher, with recent updates pointing toward SEK 516 to SEK 540 as analysts factor in revised fair value assumptions and updated expectations for growth, margins and future P/E levels. Analyst Commentary Recent price target updates for Saab cluster in the SEK 516 to SEK 540 range, with analysts adjusting their fair value views while still expressing caution through Underweight and Sell ratings.
HEXA B
SEK 94.52
Hexagon
7D
6.3%
1Y
11.6%

HEXA B: Refined Margin Framework Will Support Future Upside Potential

Analysts have slightly reduced their Hexagon target by SEK 5 as they incorporate updated views on fair value, discount rate, growth, margins, and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts view the SEK 5 trim to the target price as a fine tuning of fair value rather than a shift in the core long term thesis on Hexagon.
INVE A
SEK 370.80
Investor
7D
5.2%
1Y
37.6%
AXFO
SEK 317.60
Axfood
7D
-2.5%
1Y
33.6%

AXFO: Store Expansion And Dividend Policy Will Support Balanced Returns Outlook

Axfood's analyst price target has been adjusted from SEK 305.00 to SEK 313.75. This reflects updated assumptions on revenue growth, profit margins and future P/E, even as recent Street research has shifted to a more cautious stance on the shares.