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Swedish (OMX) Market Analysis & Valuation

UpdatedJan 16, 2026
DataAggregated Company Financials
Companies795
  • 7D2.6%
  • 3M8.7%
  • 1Y9.2%
  • YTD4.3%

The market has climbed 2.6% in the last 7 days, lead by the Industrials sector with a gain of 3.6%. As for the past 12 months, the market is up 9.2%. As for the next few years, earnings are expected to grow by 13% per annum.

Trending IndustriesBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 16 Jan 2026SEK 12.3tSEK 5.8tSEK 547.1b22.7x22.5x2.1x
Sun, 14 Dec 2025SEK 11.6tSEK 5.8tSEK 546.9b22.1x21.2x2x
Tue, 11 Nov 2025SEK 11.4tSEK 5.8tSEK 544.8b22.1x21x2x
Thu, 09 Oct 2025SEK 11.4tSEK 5.8tSEK 484.0b23.1x23.5x2x
Sat, 06 Sep 2025SEK 11.0tSEK 5.8tSEK 480.2b23.2x22.9x1.9x
Mon, 04 Aug 2025SEK 10.8tSEK 5.7tSEK 471.3b22.9x22.9x1.9x
Wed, 02 Jul 2025SEK 10.9tSEK 5.8tSEK 496.7b23.2x21.9x1.9x
Fri, 30 May 2025SEK 10.9tSEK 5.8tSEK 495.4b22.3x21.9x1.9x
Sun, 27 Apr 2025SEK 10.5tSEK 5.8tSEK 468.7b21.2x22.5x1.8x
Tue, 25 Mar 2025SEK 11.3tSEK 5.9tSEK 547.9b22x20.6x1.9x
Thu, 20 Feb 2025SEK 11.9tSEK 5.9tSEK 519.8b24x22.9x2x
Sat, 18 Jan 2025SEK 11.2tSEK 6.0tSEK 588.5b23.1x19x1.9x
Mon, 16 Dec 2024SEK 11.0tSEK 6.0tSEK 588.0b23.2x18.7x1.8x
Wed, 13 Nov 2024SEK 10.8tSEK 6.0tSEK 587.8b22.3x18.4x1.8x
Fri, 11 Oct 2024SEK 11.2tSEK 5.9tSEK 495.0b23.6x22.6x1.9x
Sun, 08 Sep 2024SEK 11.3tSEK 6.1tSEK 553.7b23.4x20.3x1.8x
Tue, 06 Aug 2024SEK 10.9tSEK 6.1tSEK 543.8b22x20x1.8x
Thu, 04 Jul 2024SEK 11.5tSEK 6.1tSEK 513.5b22.5x22.3x1.9x
Sat, 01 Jun 2024SEK 11.6tSEK 6.0tSEK 512.2b23.3x22.6x1.9x
Mon, 29 Apr 2024SEK 11.1tSEK 6.1tSEK 559.8b21.7x19.9x1.8x
Wed, 27 Mar 2024SEK 11.4tSEK 6.0tSEK 515.6b21.6x22.1x1.9x
Fri, 23 Feb 2024SEK 10.8tSEK 6.0tSEK 479.1b21.3x22.6x1.8x
Sun, 21 Jan 2024SEK 10.1tSEK 6.1tSEK 452.7b21.4x22.2x1.7x
Tue, 19 Dec 2023SEK 10.5tSEK 6.0tSEK 441.2b21x23.8x1.7x
Thu, 16 Nov 2023SEK 9.6tSEK 6.0tSEK 446.9b20x21.5x1.6x
Sat, 14 Oct 2023SEK 9.3tSEK 6.0tSEK 493.1b17.5x18.9x1.6x
Mon, 11 Sep 2023SEK 9.4tSEK 6.0tSEK 489.3b18.4x19.1x1.6x
Wed, 09 Aug 2023SEK 9.6tSEK 5.9tSEK 489.0b19.4x19.6x1.6x
Fri, 07 Jul 2023SEK 9.6tSEK 5.7tSEK 415.6b18.8x23x1.7x
Sun, 04 Jun 2023SEK 10.1tSEK 5.6tSEK 411.1b19.3x24.5x1.8x
Tue, 02 May 2023SEK 10.2tSEK 5.6tSEK 425.4b20x23.9x1.8x
Thu, 30 Mar 2023SEK 8.7tSEK 5.3tSEK 402.6b19x21.6x1.6x
Sat, 25 Feb 2023SEK 9.0tSEK 5.3tSEK 410.4b18.9x22x1.7x
Mon, 23 Jan 2023SEK 9.6tSEK 5.1tSEK 498.3b17.1x19.3x1.9x
Price to Earnings Ratio

19.3x


Total Market Cap: SEK 9.6tTotal Earnings: SEK 498.3bTotal Revenue: SEK 5.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Market Price to Earnings3Y Average 21.4x202420252026
Current Market PE
  • Investors are relatively neutral on the Swedish market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 21.4x.
Past Earnings Growth
  • The earnings for Swedish listed companies have grown 3.2% per year over the last three years.
  • Revenues for these companies have grown 4.5% 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 Market2.61%
Energy11.81%
Materials4.23%
Industrials3.60%
Financials3.50%
Consumer Staples2.95%
Real Estate0.78%
Utilities0.26%
Tech0.09%
Consumer Discretionary0.011%
Telecom-0.053%
Healthcare-0.56%
Sector PE
  • Investors favour the Healthcare sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 26.6% which is higher than its past year's earnings decline of 3.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 27% over the next 5 years.
  • This is better than its past earnings decline of 3.9% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 3.3% 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 188.006.8%
+SEK 57.9b		3.2%PE33.2xIndustrials
INVE A InvestorSEK 346.403.3%
+SEK 33.7b		14.1%PE15.1xFinancials
SAAB B SaabSEK 695.608.5%
+SEK 29.1b		194.7%PE72xIndustrials
SWED A SwedbankSEK 345.706.2%
+SEK 22.6b		49.0%PB1.8xFinancials
SAND SandvikSEK 328.505.7%
+SEK 22.1b		58.7%PE27.9xIndustrials
See more

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Latest News

INVE A
SEK 346.40
Investor
7D
3.3%
1Y
14.1%

Improved Earnings Required Before Investor AB (publ) (STO:INVE A) Shares Find Their Feet

Jan 16
Improved Earnings Required Before Investor AB (publ) (STO:INVE A) Shares Find Their Feet
SWED A
SEK 345.70
Swedbank
7D
6.2%
1Y
49.0%
SAAB B
SEK 695.60
Saab
7D
8.5%
1Y
194.7%
BIOA B
SEK 323.00
BioArctic
7D
-2.9%
1Y
59.4%
ADDT B
SEK 317.20
Addtech AB (publ.)
7D
-3.1%
1Y
3.0%

ADDT B: Reorganisation Will Support Expansion As Shares Look Increasingly Attractive

Analysts have nudged their fair value estimate for Addtech AB (publ.) from SEK 370.60 to about SEK 372.17. This reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E levels.
SAND
SEK 328.50
Sandvik
7D
5.7%
1Y
58.7%

SAND: Higher P/E Assumptions Will Expose Execution Risk Going Forward

Analysts have lifted their price target on Sandvik from about SEK 177 to SEK 212, reflecting updated assumptions on growth, profitability and P/E that are in line with recent target increases from Citi, RBC and Rothschild & Co Redburn. Analyst Commentary Recent Street research around Sandvik has centered on refreshed price targets and rating changes, giving you a clearer sense of how the market is framing risk and reward.
EVO
SEK 605.40
Evolution
7D
-1.5%
1Y
-30.8%

EVO: U.S. Legal Dispute And Downgrades Will Shape A More Cautious Outlook

Analysts have reduced their price targets for Evolution to SEK 630 from SEK 1,350 and to SEK 720 from a prior Buy level, citing uncertainty around the U.S. legal dispute with Playtech and adjusting fair value, discount rate, revenue growth, profit margin and future P/E assumptions accordingly. Analyst Commentary Recent research on Evolution points to a more cautious stance, with price targets reset meaningfully lower and ratings pulled back to Hold.
SINCH
SEK 27.61
Sinch
7D
-10.4%
1Y
33.8%

SINCH: Share Buybacks Will Support Future Upside Despite Cautious Margin Outlook

Analysts have kept their fair value estimate for Sinch steady at SEK 46.00. The unchanged target reflects a balance between a slightly lower discount rate and more cautious assumptions on revenue growth, profit margins and future P/E multiples.
VOLV B
SEK 315.50
AB Volvo
7D
2.9%
1Y
11.8%

VOLV B: Future Earnings May Be Constrained By Truck Cycle Execution Risk

Analysts have lifted their AB Volvo price expectations into a higher SEK 290 to SEK 333 range, pointing to tariff advantages, new truck launches, and potential benefits to construction equipment from lower rates and German stimulus as key support for the updated targets. Analyst Commentary Recent Street research on AB Volvo reflects a mixed backdrop, with some firms lifting targets into the SEK 290 to SEK 333 range while others trim estimates and stay more cautious.
SECU B
SEK 144.70
Securitas
7D
-2.0%
1Y
6.6%

SECU B: Upcoming Investor Day Will Clarify Risk Profile Assumptions

Analysts have adjusted their price target on Securitas from €190 to €175, citing updated assumptions for revenue growth, profit margin and future P/E. They state that these assumptions better reflect the current risk profile of the business.
ATCO A
SEK 188.00
Atlas Copco
7D
6.8%
1Y
3.2%

ATCO A: Acquisition Firepower And Cycle Risks Will Shape Balanced Outlook

The analyst price target for Atlas Copco has been raised by about SEK 1.76 to SEK 177.35, as analysts factor in shifts in end market conditions, differing views on the pace of recovery and equipment risk, and updated assumptions for growth, margins, discount rate, and future P/E. Analyst Commentary Recent research views on Atlas Copco show a clear split, with some analysts lifting ratings and targets, while others are turning more cautious and trimming their expectations.
ASKER
SEK 80.10
Asker Healthcare Group
7D
-7.4%
1Y
n/a
SOBI
SEK 340.00
Swedish Orphan Biovitrum
7D
-1.8%
1Y
3.0%

SOBI: Pipeline Milestones And Buy Rating Are Expected To Shape Returns

Analysts have raised their price target on Swedish Orphan Biovitrum from SEK 367.09 to about SEK 371.18, reflecting updated assumptions around discount rate, profit margin and a slightly higher future P/E, along with recent research that included an upgrade to Buy with a SEK 370 target. Analyst Commentary Bullish Takeaways Bullish analysts point to the SEK 370 price target as support for the view that the revised assumptions on discount rate, profit margin and future P/E still leave room for upside versus the previous framework.
LIFCO B
SEK 335.60
Lifco
7D
-2.1%
1Y
-0.5%

LIFCO B: Low Leverage And Acquisitions Will Support Steady Long Term Outlook

Analysts have nudged their price target on Lifco higher to SEK384.40 from SEK380.50, citing updated assumptions that include slightly adjusted revenue growth expectations, a modestly higher projected profit margin, a small change in the discount rate and a marginally higher future P/E multiple. What's in the News Lifco AB highlights interest bearing net debt to EBITDA at 1.3x, which management describes as a low level that supports continued acquisition activity (Third Quarter Report 2025).
TELIA
SEK 39.27
Telia Company
7D
-0.9%
1Y
25.9%

TELIA: Capital Discipline And Cost Efficiency Will Support Stronger Future Returns

Narrative Update We are lifting our Telia Company fair value estimate to SEK 50 from SEK 48, in line with recent analyst price target moves to SEK 35 and SEK 40 that highlight disciplined capital allocation and cost efficiency as key supports for the updated view. Analyst Commentary Recent Street research supports a more constructive stance on Telia Company, with fresh price targets clustering above current levels used in our fair value work.
EQT
SEK 363.90
EQT
7D
3.5%
1Y
7.1%

EQT: Modest Price Objective Revisions Will Shape Future Return Profile

Analysts have nudged their price targets on EQT higher, with recent updates pointing to a modest uplift of around SEK 5 to SEK 10 per share. This is driven by slightly stronger long term revenue growth assumptions and a marginally lower discount rate, even as expectations for profit margins remain broadly stable.