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Swedish (OMX) Market Analysis & Valuation

UpdatedFeb 11, 2026
DataAggregated Company Financials
Companies794
  • 7D1.6%
  • 3M6.0%
  • 1Y5.8%
  • YTD5.2%

The market is up 1.6% over the last week, with the Industrials sector leading the way, up 1.8%. In the last year, the market has climbed 5.8%. Looking forward, earnings are forecast to grow by 9.6% annually.

Trending IndustriesBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Feb 2026SEK 12.4tSEK 5.8tSEK 651.7b21.7x19x2.1x
Fri, 09 Jan 2026SEK 12.0tSEK 5.8tSEK 547.0b22.7x21.9x2.1x
Sun, 07 Dec 2025SEK 11.6tSEK 5.8tSEK 546.9b22.3x21.3x2x
Tue, 04 Nov 2025SEK 11.5tSEK 5.8tSEK 536.4b22.5x21.5x2x
Thu, 02 Oct 2025SEK 11.1tSEK 5.8tSEK 484.6b22.9x23x1.9x
Sat, 30 Aug 2025SEK 11.1tSEK 5.8tSEK 478.2b23.3x23.1x1.9x
Mon, 28 Jul 2025SEK 11.2tSEK 5.7tSEK 471.6b23.9x23.8x2x
Wed, 25 Jun 2025SEK 10.7tSEK 5.8tSEK 496.5b22.5x21.5x1.8x
Fri, 23 May 2025SEK 10.8tSEK 5.8tSEK 469.9b22x23x1.8x
Sun, 20 Apr 2025SEK 10.2tSEK 5.9tSEK 541.5b20.4x18.8x1.7x
Tue, 18 Mar 2025SEK 11.4tSEK 5.9tSEK 547.7b22.3x20.9x1.9x
Thu, 13 Feb 2025SEK 11.6tSEK 5.9tSEK 506.8b23.3x22.9x2x
Sat, 11 Jan 2025SEK 10.8tSEK 6.0tSEK 588.1b22.7x18.3x1.8x
Mon, 09 Dec 2024SEK 11.2tSEK 6.0tSEK 589.0b23.2x19.1x1.9x
Wed, 06 Nov 2024SEK 11.0tSEK 6.0tSEK 586.2b22.8x18.8x1.9x
Fri, 04 Oct 2024SEK 11.7tSEK 6.1tSEK 552.8b23.6x21.3x1.9x
Sun, 01 Sep 2024SEK 11.7tSEK 6.1tSEK 553.0b23.6x21.2x1.9x
Tue, 30 Jul 2024SEK 11.6tSEK 6.1tSEK 543.8b23.4x21.4x1.9x
Thu, 27 Jun 2024SEK 11.4tSEK 6.0tSEK 511.8b22.3x22.2x1.9x
Sat, 25 May 2024SEK 11.7tSEK 6.1tSEK 513.1b23.2x22.8x1.9x
Mon, 22 Apr 2024SEK 11.0tSEK 6.0tSEK 562.0b21.5x19.5x1.8x
Wed, 20 Mar 2024SEK 11.2tSEK 6.0tSEK 514.5b21.1x21.8x1.9x
Fri, 16 Feb 2024SEK 10.7tSEK 6.0tSEK 483.6b22x22.1x1.8x
Sun, 14 Jan 2024SEK 10.4tSEK 6.0tSEK 441.0b22.3x23.6x1.7x
Tue, 12 Dec 2023SEK 10.2tSEK 6.0tSEK 442.3b20.8x23x1.7x
Thu, 09 Nov 2023SEK 9.2tSEK 6.0tSEK 449.0b18.9x20.4x1.5x
Sat, 07 Oct 2023SEK 9.2tSEK 6.0tSEK 493.7b17.5x18.7x1.5x
Mon, 04 Sep 2023SEK 9.5tSEK 6.0tSEK 489.5b18.6x19.3x1.6x
Wed, 02 Aug 2023SEK 9.8tSEK 5.9tSEK 484.6b19.5x20.2x1.6x
Fri, 30 Jun 2023SEK 9.7tSEK 5.7tSEK 412.0b19.2x23.6x1.7x
Sun, 28 May 2023SEK 9.9tSEK 5.6tSEK 406.6b19.4x24.4x1.8x
Tue, 25 Apr 2023SEK 10.1tSEK 5.5tSEK 438.8b20x22.9x1.8x
Thu, 23 Mar 2023SEK 8.7tSEK 5.3tSEK 402.6b18.9x21.6x1.6x
Sat, 18 Feb 2023SEK 9.3tSEK 5.3tSEK 439.8b19.2x21.1x1.7x
Price to Earnings Ratio

21.1x


Total Market Cap: SEK 9.3tTotal Earnings: SEK 439.8bTotal Revenue: SEK 5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Market Price to Earnings3Y Average 21.5x202420252026
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 19.0x which is lower than its 3-year average PE of 21.5x.
Past Earnings Growth
  • The earnings for Swedish listed companies have grown 14% per year over the last three years.
  • Revenues for these companies have grown 3.1% 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 Market1.59%
Consumer Staples4.10%
Healthcare3.05%
Telecom3.03%
Utilities2.13%
Real Estate2.02%
Materials1.78%
Industrials1.77%
Consumer Discretionary1.52%
Financials0.99%
Tech-0.20%
Energy-5.71%
Sector PE
  • Investors favour the Telecom sector the most for future growth, which is trading above its 3-year average PE ratio of 16.1x.
    • Analysts are expecting annual earnings growth of 18.2%, which is lower than the prior year's growth of 24.4% 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 1.0% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 17% 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
INVE A InvestorSEK 361.403.1%
+SEK 33.7b		15.2%PE7xFinancials
ASSA B ASSA ABLOYSEK 389.505.3%
+SEK 21.7b		17.3%PE29.4xIndustrials
SAND SandvikSEK 381.404.3%
+SEK 19.6b		66.6%PE32.6xIndustrials
SOBI Swedish Orphan BiovitrumSEK 399.8012.1%
+SEK 15.2b		24.9%PE289.1xHealthcare
ATCO A Atlas CopcoSEK 190.001.6%
+SEK 14.9b		2.9%PE35xIndustrials
See more

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SOBI
SEK 399.80
Swedish Orphan Biovitrum
7D
12.1%
1Y
24.9%
SAND
SEK 381.40
Sandvik
7D
4.3%
1Y
66.6%

SAND: Medium Term Cash Generation And Orders Will Support Future Earnings Power

Narrative update Our analyst price target for Sandvik moves slightly higher from SEK 375 to SEK 380. This reflects updated assumptions on discount rate, revenue growth, profit margin and future P/E that are broadly in line with recent price target increases from several analysts, including those at Barclays, JPMorgan and Citi, alongside a more cautious stance from others.
SAAB B
SEK 647.70
Saab
7D
-4.8%
1Y
196.7%
VOLCAR B
SEK 24.13
Volvo Car AB (publ.)
7D
-17.0%
1Y
13.4%

VOLCAR B: One Off Driven Rally Will Face Tougher Earnings Sustainability Test

Analysts have reduced their fair value estimate for Volvo Car AB (publ.) from SEK 19.00 to SEK 17.00. This change reflects recent cuts to Street price targets and more cautious assumptions on revenue growth, profit margins and the appropriate P/E multiple.
BOL
SEK 643.60
Boliden
7D
-2.6%
1Y
71.9%

Broker Revenue Forecasts For Boliden AB (publ) (STO:BOL) Are Surging Higher

Feb 09
Broker Revenue Forecasts For Boliden AB (publ) (STO:BOL) Are Surging Higher
ASSA B
SEK 389.50
ASSA ABLOY
7D
5.3%
1Y
17.3%

ASSA B: Higher Fair Value Will Reflect Stronger Earnings Execution Confidence

Narrative Update The analyst fair value estimate for ASSA ABLOY moves from SEK 410.00 to SEK 440.00. This reflects updated views from analysts who have recently adjusted their price targets and growth assumptions while keeping a relatively similar future P/E framework.
HM B
SEK 185.35
H & M Hennes & Mauritz
7D
4.9%
1Y
23.4%

HM B: Elevated Margin Hopes Will Sustain Downside Risk To Future P/E

Analysts have lifted their SEK 113.78 fair value estimate for H & M Hennes & Mauritz to SEK 123.00, reflecting updated assumptions on the discount rate, revenue trends, profit margin, and future P/E, following recent price target moves from several banks. Analyst Commentary Street research on H & M Hennes & Mauritz has been mixed, with some banks lifting price targets while others are trimming them or maintaining cautious ratings.
SKA B
SEK 264.20
Skanska
7D
-4.8%
1Y
2.5%

SKA B: Cautious Order Book Execution Will Likely Pressure An Optimistic P/E

Analysts have lifted their price target on Skanska by SEK 1, citing updated assumptions around revenue growth, profit margins, the discount rate, and future P/E expectations. Analyst Commentary While the latest SEK 1 price target adjustment is modest, it reflects a wider set of cautious signals that some bearish analysts are flagging around Skanska's valuation, execution, and growth assumptions.
ESSITY B
SEK 277.70
Essity
7D
5.1%
1Y
-0.1%

ESSITY B: Cautious Rating Shifts Will Keep Multiples Compressed

Analysts have nudged their fair value estimate for Essity up from SEK 230 to SEK 235. This reflects updated views on its model and mixed recent research that includes both price target increases and downgrades to more cautious ratings.
INDU A
SEK 487.60
AB Industrivärden
7D
5.4%
1Y
24.2%
ATCO A
SEK 190.00
Atlas Copco
7D
1.6%
1Y
2.9%

ATCO A: Acquisition Push And Mixed Cycle Views Will Shape Balanced Outlook

Analysts have lifted their fair value estimate for Atlas Copco from SEK 191.80 to SEK 193.25, reflecting updated revenue growth and P/E assumptions after a mix of recent target raises, trims and rating changes across the Street. Analyst Commentary Recent research on Atlas Copco has been mixed, with both valuation upgrades and downgrades coming through in quick succession.
SWED A
SEK 353.30
Swedbank
7D
-0.9%
1Y
41.5%

Long Term Digital And Sustainability Trends Will Support A Stronger Banking Franchise

Catalysts About Swedbank Swedbank is a universal bank focused on retail and corporate customers across Sweden and the Baltic countries, offering lending, deposits, cards, savings, pensions and investment services. What are the underlying business or industry changes driving this perspective?
NOBA
SEK 106.10
NOBA Bank Group
7D
-10.7%
1Y
n/a
SEB A
SEK 194.45
Skandinaviska Enskilda Banken
7D
-1.4%
1Y
19.8%

SEB A: Fair SEK 193.75 View Will Guide Balanced Execution Risks

Narrative Update The analyst price target for Skandinaviska Enskilda Banken has shifted to SEK 193.75 from SEK 192, as analysts update their views on revenue growth, margins, discount rate and forward P/E in light of recent Street research. Analyst Commentary Recent Street research on Skandinaviska Enskilda Banken shows a series of price target adjustments clustered around the SEK 190 to SEK 195 range, with no change to an Equal Weight stance where ratings are disclosed.
HEXA B
SEK 97.14
Hexagon
7D
-2.4%
1Y
-23.5%

HEXA B: More Conservative Assumptions Will Still Support Future Share Outperformance

Analysts have slightly reduced their fair value estimate for Hexagon to SEK 139.82 from SEK 148.28, reflecting updated assumptions on discount rate, revenue growth, profit margin and a lower future P/E multiple, alongside recent Street research that includes a SEK 5 price target trim and an upgrade to Outperform with a SEK 130 target. Analyst Commentary Recent Street research around Hexagon points to a generally constructive tone, even as fair value estimates and price targets are being fine tuned.
INVE A
SEK 361.40
Investor
7D
3.1%
1Y
15.2%

Investor's (STO:INVE A) Upcoming Dividend Will Be Larger Than Last Year's

Jan 25
Investor's (STO:INVE A) Upcoming Dividend Will Be Larger Than Last Year's