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

Swedish (OMX) Market Analysis & Valuation

UpdatedJul 03, 2026
DataAggregated Company Financials
Companies783
  • 7D1.4%
  • 3M6.2%
  • 1Y11.5%
  • YTD4.4%

The Industrials and Financials sectors drove a 1.4% in the market over the last week. As for the past 12 months, the market is up 11%. As for the next few years, earnings are expected to grow by 8.6% per annum.

Trending IndustriesBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 03 Jul 2026SEK 12.4tSEK 5.8tSEK 693.8b20.1x17.9x2.1x
Sun, 31 May 2026SEK 12.2tSEK 5.8tSEK 690.7b20.6x17.7x2.1x
Tue, 28 Apr 2026SEK 12.0tSEK 5.8tSEK 704.5b20.3x17.1x2.1x
Thu, 26 Mar 2026SEK 11.5tSEK 5.8tSEK 647.1b19.4x17.7x2x
Sat, 21 Feb 2026SEK 12.4tSEK 5.8tSEK 649.9b21.4x19.1x2.1x
Mon, 19 Jan 2026SEK 12.3tSEK 5.8tSEK 547.0b22.5x22.5x2.1x
Wed, 17 Dec 2025SEK 11.5tSEK 5.8tSEK 547.1b21.6x21.1x2x
Fri, 14 Nov 2025SEK 11.5tSEK 5.8tSEK 544.4b22x21.2x2x
Sun, 12 Oct 2025SEK 11.2tSEK 5.8tSEK 484.6b22.7x23.2x1.9x
Tue, 09 Sep 2025SEK 11.1tSEK 5.8tSEK 480.2b23.5x23.1x1.9x
Thu, 07 Aug 2025SEK 10.9tSEK 5.7tSEK 471.4b23.5x23.1x1.9x
Sat, 05 Jul 2025SEK 11.0tSEK 5.8tSEK 497.0b23.3x22.2x1.9x
Mon, 02 Jun 2025SEK 10.8tSEK 5.8tSEK 495.5b22.5x21.8x1.9x
Wed, 30 Apr 2025SEK 10.5tSEK 5.8tSEK 463.5b21.2x22.6x1.8x
Fri, 28 Mar 2025SEK 11.0tSEK 5.9tSEK 547.0b21.7x20.2x1.9x
Sun, 23 Feb 2025SEK 11.7tSEK 5.9tSEK 537.8b23.1x21.8x2x
Tue, 21 Jan 2025SEK 11.2tSEK 6.0tSEK 588.5b23x19x1.9x
Thu, 19 Dec 2024SEK 11.0tSEK 6.0tSEK 587.9b23.2x18.6x1.8x
Sat, 16 Nov 2024SEK 10.8tSEK 6.0tSEK 587.3b22.1x18.5x1.8x
Mon, 14 Oct 2024SEK 11.2tSEK 5.9tSEK 496.0b23.7x22.6x1.9x
Wed, 11 Sep 2024SEK 11.4tSEK 6.1tSEK 553.8b24.1x20.5x1.9x
Fri, 09 Aug 2024SEK 11.1tSEK 6.1tSEK 543.5b22.5x20.4x1.8x
Sun, 07 Jul 2024SEK 11.5tSEK 6.1tSEK 514.8b23x22.3x1.9x
Tue, 04 Jun 2024SEK 11.6tSEK 6.0tSEK 511.9b23x22.6x1.9x
Thu, 02 May 2024SEK 11.2tSEK 6.1tSEK 560.4b22.2x20x1.8x
Sat, 30 Mar 2024SEK 11.3tSEK 6.0tSEK 516.3b21.6x21.9x1.9x
Mon, 26 Feb 2024SEK 10.9tSEK 6.0tSEK 485.2b21x22.4x1.8x
Wed, 24 Jan 2024SEK 10.2tSEK 6.0tSEK 450.3b21.2x22.7x1.7x
Fri, 22 Dec 2023SEK 10.5tSEK 6.0tSEK 440.7b21.7x23.8x1.7x
Sun, 19 Nov 2023SEK 9.6tSEK 6.0tSEK 445.9b19.4x21.6x1.6x
Tue, 17 Oct 2023SEK 9.3tSEK 6.0tSEK 492.2b17.4x18.9x1.6x
Thu, 14 Sep 2023SEK 9.3tSEK 6.0tSEK 489.7b17.9x19x1.6x
Sat, 12 Aug 2023SEK 9.6tSEK 5.9tSEK 489.3b19.6x19.6x1.6x
Mon, 10 Jul 2023SEK 9.6tSEK 5.7tSEK 410.5b19x23.5x1.7x
Price to Earnings Ratio

23.5x


Total Market Cap: SEK 9.6tTotal Earnings: SEK 410.5bTotal Revenue: SEK 5.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Market Price to Earnings3Y Average 20.8x202420252026
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 17.9x which is lower than its 3-year average PE of 20.8x.
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 Market1.42%
Healthcare4.21%
Energy3.38%
Real Estate3.27%
Financials2.21%
Consumer Discretionary1.54%
Utilities1.53%
Industrials1.52%
Consumer Staples0.83%
Tech-0.98%
Materials-2.19%
Telecom-2.93%
Sector PE
  • Investors favour the Telecom sector the most for future growth, which is trading above its 3-year average PE ratio of 27.9x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 15.8% 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 7.0% 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 564.2015.3%
+SEK 40.3b		14.9%PE46.8xIndustrials
EQT EQTSEK 284.007.0%
+SEK 21.7b		-12.6%PE41xFinancials
INVE A InvestorSEK 396.401.4%
+SEK 16.2b		39.4%PE6.4xFinancials
SEB A Skandinaviska Enskilda BankenSEK 195.552.8%
+SEK 10.3b		17.0%PB1.8xFinancials
SWED A SwedbankSEK 363.401.9%
+SEK 7.8b		43.1%PB2.1xFinancials
See more

Market Insights

Header cover image
Markets are supposed to reprice risk when it changes. This time they've repriced the promise, but left the threat largely untouched. Whether that's an oversight or a fair call is worth thinking through.
Continue reading
Finding dividends that actually last

Latest News

TELIA
SEK 45.56
Telia Company
7D
-5.9%
1Y
31.8%
ERIC B
SEK 105.80
Telefonaktiebolaget LM Ericsson
7D
-2.4%
1Y
28.9%
SAAB B
SEK 564.20
Saab
7D
15.3%
1Y
14.9%
SIVE
SEK 49.00
Sivers Semiconductors
7D
-26.9%
1Y
1,128.7%
New Narrative • Jul 02

AI Data Center And SATCOM Tailwinds Will Eventually Challenge Today’s Optimism

Catalysts About Sivers Semiconductors Sivers Semiconductors supplies photonics and wireless semiconductor solutions used in AI data centers, SATCOM, LiDAR, fixed wireless access and defense applications. What are the underlying business or industry changes driving this perspective?
EQT
SEK 284.00
EQT
7D
7.0%
1Y
-12.6%
Narrative Update • Jul 02

EQT: Future Intertek Take Private And Space Entry Will Drive Upside

The updated analyst price target for EQT shifts modestly lower to about SEK 370 from around SEK 380, reflecting a blend of more measured revenue growth assumptions, slightly adjusted discount rates and a wider range of Street views that now span SEK 315 to SEK 360, alongside an upgraded SEK 355 target from Oddo BHF. Analyst Commentary Recent Street views on EQT highlight a mixed but relatively tight range of opinions, with price targets clustered between SEK 315 and SEK 360 and ratings spread across Equal Weight, Neutral and Outperform.
SSAB A
SEK 90.02
SSAB
7D
-4.0%
1Y
55.9%
Narrative Update • Jul 01

SSAB A: Cleaner Steel Projects And Higher P/E Assumptions Will Support Medium Term Upside

The analyst price target for SSAB has been revised higher from SEK 106.00 to about SEK 131.06. Analysts point to updated assumptions for revenue growth, profit margins and future P/E as key drivers of the change.
ALFA
SEK 578.80
Alfa Laval
7D
2.6%
1Y
41.0%
Narrative Update • Jul 01

ALFA: Elevated P E Multiples Will Test Renewable Contract Execution Risks

The updated analyst price target for Alfa Laval now stands at SEK 420.61, compared with the prior SEK 430.00. This reflects a blend of recent target increases toward SEK 580 and reductions toward SEK 370 as analysts reassess assumptions on growth, margins and valuation multiples.
TEL2 B
SEK 164.15
Tele2
7D
-6.1%
1Y
17.1%
Narrative Update • Jun 30

TEL2 B: Mixed Rating Shifts And Stable Dividend Will Shape Future Returns

Analysts have nudged their fair value estimate for Tele2 higher to SEK 181.54 per share from SEK 169.91, reflecting updated assumptions on revenue growth, margins and future P/E multiples in the context of mixed recent price target and rating changes across the Street. Analyst Commentary Street research on Tele2 has been mixed, with some large banks adjusting price targets upward while others have shifted to more cautious stances.
VOLV B
SEK 332.30
AB Volvo
7D
1.0%
1Y
24.5%
Narrative Update • Jun 24

VOLV B: Autonomous And Hydrogen Truck Progress Will Support Stronger Long Term Earnings

The analyst price target for AB Volvo has been raised to SEK 395 from SEK 385. Analysts point to the company's perceived structural strength, highlighted at recent events, as a key support for the updated valuation assumptions.
ATCO A
SEK 192.80
Atlas Copco
7D
-1.0%
1Y
22.1%
Narrative Update • Jun 24

ATCO A: Dividend Payouts And Split Ratings Will Shape Future Returns

The analyst price target for Atlas Copco has been lifted by analysts to SEK 199.33 from SEK 194.43, reflecting updated assumptions around revenue growth, profit margins, a slightly higher future P/E multiple, and recent mixed but generally supportive Street research on the stock. Analyst Commentary Recent Street research on Atlas Copco presents a mix of upbeat and cautious views, with several analysts adjusting price targets in both directions and a couple of rating upgrades.
SWED A
SEK 363.40
Swedbank
7D
1.9%
1Y
43.1%
Narrative Update • Jun 24

SWED A: Future Returns Will Balance Defence Financing Role With Governance Overhang

Swedbank's updated analyst price target edges higher to SEK 344.81 from SEK 340.44, reflecting incremental adjustments to revenue growth, profit margin and future P/E assumptions cited across recent Street research. Analyst Commentary Recent Street research on Swedbank points to a mixed but engaged analyst view around the stock, with multiple firms fine tuning price targets in a relatively tight SEK 300 to SEK 330 range.
BOL
SEK 525.20
Boliden
7D
-3.0%
1Y
70.9%
Narrative Update • Jun 23

BOL: Future Returns Will Likely Lag As Garpenberg Ramp Risks Persist

The analyst fair value estimate for Boliden has been raised from SEK 445 to SEK 468 as analysts factor in a mix of higher Street price targets, more balanced risk/reward commentary after the recent selloff, and ongoing concerns around operational complexity following the Garpenberg seismic event. Analyst Commentary Recent Street research on Boliden shows a split view, with some firms flagging valuation and execution risks even as others lift price targets.
INVE A
SEK 396.40
Investor
7D
1.4%
1Y
39.4%
SEB A
SEK 195.55
Skandinaviska Enskilda Banken
7D
2.8%
1Y
17.0%
Narrative Update • Jun 19

SEB A: Future Returns Will Hinge On Execution And Planned Share Repurchases

The analyst price target for Skandinaviska Enskilda Banken has been adjusted slightly higher to SEK 193.06 from SEK 190.63. Analysts cited updated assumptions on discount rates, revenue growth, profit margins and future P/E in light of recent mixed target changes from Citi, Morgan Stanley, Deutsche Bank, Jefferies and Barclays.
NIBE B
SEK 35.74
NIBE Industrier
7D
-3.3%
1Y
-16.5%
Narrative Update • Jun 18

NIBE B: Future Upside Will Stem From Outperform Rating And Resilient Margins

Analysts have trimmed their fair value estimate for NIBE Industrier stock from about SEK44.25 to roughly SEK43.46, citing updated assumptions for revenue growth, profit margins and future P/E levels, as reflected in recent Street research such as the resumed Outperform coverage at BNP Paribas. What’s in the News for NIBE Industrier Recent Street research incorporates revised assumptions for NIBE Industrier’s revenue growth, profit margins and future P/E levels, which feed into the updated fair value estimate.
INDT
SEK 207.80
Indutrade
7D
8.6%
1Y
-21.9%
Narrative Update • Jun 18

INDT: Fair Outlook Will Balance Lower P/E Assumptions And Createc Acquisition

Indutrade's analyst price target has been revised from SEK 230 to SEK 211, as analysts factor in updated assumptions on discount rates, revenue growth, profit margins and future P/E multiples, in line with recent Street research. What’s in the News for Indutrade Indutrade has signed an agreement to acquire all shares in Createc GmbH & Co. KG, a German specialist in high-performance composite components serving medical instruments, sealing solutions, pump bearing applications, medical technology, energy and process industry customers.