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Swedish (OMX) Market Analysis & Valuation

UpdatedAug 18, 2026
DataAggregated Company Financials
Companies776
  • 7D-1.0%
  • 3M5.3%
  • 1Y12.5%
  • YTD6.0%

In the last week, the market has been flat, with a notable exception in the Consumer Staples sector dropping 3.0%. As for the longer term, the market has risen 12% in the past 12 months. Earnings are forecast to grow by 7.3% annually.

Trending IndustriesBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 18 Aug 2026SEK 12.6tSEK 6.0tSEK 816.9b19.2x15.5x2.1x
Thu, 16 Jul 2026SEK 12.3tSEK 5.8tSEK 720.2b20.5x17.1x2.1x
Sat, 13 Jun 2026SEK 12.1tSEK 5.8tSEK 692.4b20.2x17.5x2.1x
Mon, 11 May 2026SEK 12.0tSEK 5.8tSEK 701.1b20.8x17.2x2.1x
Wed, 08 Apr 2026SEK 11.6tSEK 5.8tSEK 646.7b20.4x17.9x2x
Fri, 06 Mar 2026SEK 12.0tSEK 5.8tSEK 648.4b21.3x18.5x2.1x
Sun, 01 Feb 2026SEK 12.1tSEK 5.8tSEK 632.5b22.6x19.1x2.1x
Tue, 30 Dec 2025SEK 11.7tSEK 5.8tSEK 547.2b21.9x21.5x2x
Thu, 27 Nov 2025SEK 11.5tSEK 5.8tSEK 546.8b22.1x21x2x
Sat, 25 Oct 2025SEK 11.7tSEK 5.8tSEK 535.7b23.4x21.8x2x
Mon, 22 Sep 2025SEK 11.1tSEK 5.8tSEK 480.6b23.1x23.1x1.9x
Wed, 20 Aug 2025SEK 11.2tSEK 5.7tSEK 473.1b23.4x23.6x2x
Fri, 18 Jul 2025SEK 11.1tSEK 5.8tSEK 516.9b23.1x21.5x1.9x
Sun, 15 Jun 2025SEK 10.6tSEK 5.8tSEK 496.1b22.5x21.5x1.8x
Tue, 13 May 2025SEK 11.0tSEK 5.8tSEK 469.3b22.1x23.5x1.9x
Thu, 10 Apr 2025SEK 9.4tSEK 5.9tSEK 536.5b19.6x17.5x1.6x
Sat, 08 Mar 2025SEK 11.5tSEK 5.9tSEK 554.6b22.2x20.8x2x
Mon, 03 Feb 2025SEK 11.6tSEK 5.9tSEK 512.3b23.6x22.6x2x
Wed, 01 Jan 2025SEK 10.8tSEK 6.0tSEK 588.0b23.2x18.3x1.8x
Fri, 29 Nov 2024SEK 10.7tSEK 5.9tSEK 585.8b22.5x18.3x1.8x
Sun, 27 Oct 2024SEK 11.2tSEK 6.0tSEK 572.9b23.3x19.5x1.9x
Tue, 24 Sep 2024SEK 11.7tSEK 6.1tSEK 554.2b23.7x21.2x1.9x
Thu, 22 Aug 2024SEK 11.4tSEK 6.1tSEK 548.0b22.9x20.8x1.9x
Sat, 20 Jul 2024SEK 11.6tSEK 6.1tSEK 542.5b23.1x21.4x1.9x
Mon, 17 Jun 2024SEK 11.4tSEK 6.0tSEK 511.3b22.9x22.2x1.9x
Wed, 15 May 2024SEK 11.8tSEK 6.1tSEK 552.1b22.8x21.3x1.9x
Fri, 12 Apr 2024SEK 11.1tSEK 6.0tSEK 521.8b22x21.3x1.9x
Sun, 10 Mar 2024SEK 11.1tSEK 6.0tSEK 513.1b20.6x21.6x1.8x
Tue, 06 Feb 2024SEK 10.4tSEK 6.0tSEK 509.8b21.4x20.5x1.7x
Thu, 04 Jan 2024SEK 10.4tSEK 6.0tSEK 441.8b21.9x23.4x1.7x
Sat, 02 Dec 2023SEK 9.8tSEK 6.0tSEK 442.6b20.4x22.2x1.6x
Mon, 30 Oct 2023SEK 8.8tSEK 6.0tSEK 450.9b17.5x19.5x1.5x
Wed, 27 Sep 2023SEK 9.1tSEK 6.0tSEK 487.3b17.7x18.8x1.5x
Fri, 25 Aug 2023SEK 9.4tSEK 6.0tSEK 490.2b18.8x19.2x1.6x
Price to Earnings Ratio

19.2x


Total Market Cap: SEK 9.4tTotal Earnings: SEK 490.2bTotal Revenue: SEK 6.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Market Price to Earnings3Y Average 20.6x202420252026
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 15.5x which is lower than its 3-year average PE of 20.6x.
Past Earnings Growth
  • The earnings for Swedish listed companies have grown 19% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Swedish Market?

SE Market-0.98%
Telecom2.84%
Healthcare0.62%
Materials0.44%
Tech0.12%
Utilities-0.43%
Energy-0.78%
Real Estate-0.94%
Industrials-1.30%
Consumer Discretionary-1.42%
Financials-1.44%
Consumer Staples-3.03%
Sector PE
  • Investors favour the Telecom sector the most for future growth, which is trading above its 3-year average PE ratio of 32.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 14.0% which is higher than its past year's earnings decline of 15.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 104% over the next 5 years.
  • This is better than its past earnings decline of 46% per year.
  • In contrast, the Financials sector is expected to see its earnings decline by 11% 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
SAAB B SaabSEK 691.808.2%
+SEK 28.3b		29.8%PE52.5xIndustrials
EVO EvolutionSEK 787.606.2%
+SEK 8.7b		-7.1%PE12.8xConsumer Discretionary
SSAB A SSABSEK 107.705.3%
+SEK 5.4b		91.5%PE19.1xMaterials
ERIC B Telefonaktiebolaget LM EricssonSEK 97.141.6%
+SEK 5.0b		32.2%PE12.9xTech
SHB A Svenska HandelsbankenSEK 148.401.1%
+SEK 3.1b		20.1%PB1.6xFinancials
See more

Market Insights

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Investing in a theme primarily based on demand could come unstuck. As the European heatwave has shown, adoption can be far more complicated than whether a product is needed, which is exactly the part investors tend to skip.
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Latest News

EQT
SEK 336.40
EQT
7D
-2.7%
1Y
-0.8%
VOLV B
SEK 342.70
AB Volvo
7D
-3.4%
1Y
18.7%
EVO
SEK 787.60
Evolution
7D
6.2%
1Y
-7.1%
SAVE
SEK 368.40
Nordnet
7D
3.3%
1Y
33.5%
ESSITY B
SEK 268.40
Essity
7D
-4.5%
1Y
7.3%
Narrative Update • Aug 12

ESSITY B: Business Review And Capital Returns Will Support Future Upside Potential

Essity's updated analyst price target has shifted to SEK 310 from SEK 300 as analysts factor in a slightly higher discount rate, a different balance of revenue growth and profit margin expectations, and recent Street research highlighting potential downside risk to consensus estimates due to pricing lagging input cost inflation. What’s in the News for Essity Essity has opened a new recycled fiber facility in the UK that expands capacity and strengthens domestic fiber supply for hygiene paper products, supporting more circular production.
SSAB A
SEK 107.70
SSAB
7D
5.3%
1Y
91.5%
Narrative Update • Aug 12

SSAB A: Rising Street Optimism Will Clash With Execution And Margin Risks

The updated analyst price target for SSAB shifts from a fair value of SEK 70.63 to SEK 88.00. This change reflects recent price target raises across the Street that emphasize higher modeled revenue growth, a modestly higher discount rate, slightly lower profit margin assumptions, and a higher future P/E multiple.
SAAB B
SEK 691.80
Saab
7D
8.2%
1Y
29.8%
Narrative Update • Aug 11

SAAB B: Order Backlog And Execution Risks May Limit Upside

Saab's analyst fair value estimate has moved from SEK 396.19 to SEK 408.20, with analysts pointing to a series of upgrades, higher price targets up to SEK 740, and increased confidence in order momentum, aeronautics margins, and cash flow as key drivers of the change. Analyst Commentary Recent research on Saab points to a mix of optimism around orders and cash flow and a more cautious tone on valuation and execution risk.
ERIC B
SEK 97.14
Telefonaktiebolaget LM Ericsson
7D
1.6%
1Y
32.2%
ATCO A
SEK 207.80
Atlas Copco
7D
-1.4%
1Y
40.5%
Narrative Update • Aug 05

ATCO A: Rich P E Will Be Tested By Semiconductor Capex Cyclicality

Atlas Copco's analyst price target has been raised, with fair value moving from SEK 150.76 to SEK 163.49. Analysts point to the company as a key beneficiary of the current capex upcycle in semiconductors and general industrial spending, and have adjusted assumptions on revenue growth, profit margins and future P/E accordingly.
ASSA B
SEK 351.90
ASSA ABLOY
7D
-3.2%
1Y
6.0%
MYCR
SEK 330.80
Mycronic
7D
4.7%
1Y
56.6%
Narrative Update • Aug 03

MYCR: Higher Guidance And Orders Will Face Lower Margin Pressure

Analysts have lifted their price target for Mycronic from SEK 161 to SEK 211, citing updated assumptions on growth, margins and P/E multiples, along with recent supportive Street research that includes a SEK 385 target. What’s in the News for Mycronic Mycronic received an SLX mask writer order from an existing customer in Asia, valued between US$5 million and US$7 million, with delivery planned for the second quarter of 2027.
TEL2 B
SEK 164.70
Tele2
7D
2.6%
1Y
1.9%
Narrative Update • Jul 31

TEL2 B: Mixed Rating Revisions And Stable Dividend Will Guide Future Returns

Tele2's updated analyst price target has adjusted from about SEK 181.54 to roughly SEK 176.41. Analysts point to slightly higher modeled revenue growth, a modestly lower profit margin and a small change in future P/E assumptions to support the new level.
SHB A
SEK 148.40
Svenska Handelsbanken
7D
1.1%
1Y
20.1%
INVE A
SEK 406.30
Investor
7D
-1.9%
1Y
38.2%
INDU A
SEK 521.50
AB Industrivärden
7D
-5.5%
1Y
40.6%
HM B
SEK 172.70
H & M Hennes & Mauritz
7D
-3.8%
1Y
19.9%