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Swedish (OMX) Market Analysis & Valuation

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies795
  • 7D2.4%
  • 3M6.0%
  • 1Y10.8%
  • YTD2.8%

The market is up 2.5% over the last week, with the Industrials sector leading the way, up 4.3%. As for the past 12 months, the market is up 11%. Looking forward, earnings are forecast to grow by 13% annually.

Trending IndustriesBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 14 Jan 2026SEK 12.1tSEK 5.8tSEK 547.1b22.2x22.1x2.1x
Fri, 12 Dec 2025SEK 11.6tSEK 5.8tSEK 546.7b22.1x21.2x2x
Sun, 09 Nov 2025SEK 11.3tSEK 5.8tSEK 544.7b21.9x20.8x2x
Tue, 07 Oct 2025SEK 11.4tSEK 5.8tSEK 483.9b23.3x23.6x2x
Thu, 04 Sep 2025SEK 10.9tSEK 5.8tSEK 480.1b22.9x22.7x1.9x
Sat, 02 Aug 2025SEK 10.8tSEK 5.7tSEK 471.2b22.9x22.9x1.9x
Mon, 30 Jun 2025SEK 11.0tSEK 5.8tSEK 496.7b23.1x22.1x1.9x
Wed, 28 May 2025SEK 10.9tSEK 5.8tSEK 497.3b22.3x21.9x1.9x
Fri, 25 Apr 2025SEK 10.5tSEK 5.8tSEK 466.7b20.7x22.4x1.8x
Sun, 23 Mar 2025SEK 11.3tSEK 5.9tSEK 548.0b21.9x20.5x1.9x
Tue, 18 Feb 2025SEK 11.9tSEK 5.9tSEK 520.0b23.9x22.9x2x
Thu, 16 Jan 2025SEK 11.0tSEK 6.0tSEK 588.4b23x18.7x1.8x
Sat, 14 Dec 2024SEK 11.0tSEK 6.0tSEK 588.4b23.2x18.7x1.8x
Mon, 11 Nov 2024SEK 11.0tSEK 6.0tSEK 588.0b23x18.7x1.8x
Wed, 09 Oct 2024SEK 11.3tSEK 6.1tSEK 552.2b23.4x20.4x1.9x
Fri, 06 Sep 2024SEK 11.4tSEK 6.1tSEK 553.5b23.1x20.5x1.9x
Sun, 04 Aug 2024SEK 11.1tSEK 6.1tSEK 543.4b22.7x20.5x1.8x
Tue, 02 Jul 2024SEK 11.5tSEK 6.1tSEK 514.1b22.7x22.3x1.9x
Thu, 30 May 2024SEK 11.5tSEK 6.1tSEK 513.0b22.8x22.3x1.9x
Sat, 27 Apr 2024SEK 11.1tSEK 6.1tSEK 557.8b22.2x20x1.8x
Mon, 25 Mar 2024SEK 11.4tSEK 6.0tSEK 515.2b21.5x22x1.9x
Wed, 21 Feb 2024SEK 10.8tSEK 6.0tSEK 478.1b21.7x22.5x1.8x
Fri, 19 Jan 2024SEK 10.1tSEK 6.0tSEK 444.2b21.7x22.8x1.7x
Sun, 17 Dec 2023SEK 10.5tSEK 6.0tSEK 441.4b20.8x23.8x1.7x
Tue, 14 Nov 2023SEK 9.2tSEK 6.0tSEK 446.9b19.2x20.6x1.5x
Thu, 12 Oct 2023SEK 9.4tSEK 6.0tSEK 493.5b17.6x19x1.6x
Sat, 09 Sep 2023SEK 9.4tSEK 6.0tSEK 489.3b18.4x19.1x1.6x
Mon, 07 Aug 2023SEK 9.7tSEK 5.9tSEK 488.2b19.6x19.8x1.6x
Wed, 05 Jul 2023SEK 9.8tSEK 5.7tSEK 411.3b19x23.9x1.7x
Fri, 02 Jun 2023SEK 9.9tSEK 5.6tSEK 411.6b19.1x24x1.7x
Sun, 30 Apr 2023SEK 10.2tSEK 5.6tSEK 420.7b19.8x24.2x1.8x
Tue, 28 Mar 2023SEK 8.6tSEK 5.3tSEK 402.1b18.6x21.3x1.6x
Thu, 23 Feb 2023SEK 9.1tSEK 5.3tSEK 432.5b19.1x21.1x1.7x
Sat, 21 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 Market2.43%
Energy13.77%
Industrials3.78%
Materials3.67%
Real Estate3.11%
Utilities2.90%
Healthcare2.32%
Financials2.20%
Consumer Staples1.26%
Consumer Discretionary-0.0015%
Tech-0.43%
Telecom-1.96%
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 26.7% 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
SAAB B SaabSEK 704.1018.0%
+SEK 57.6b		203.6%PE72.9xIndustrials
ATCO A Atlas CopcoSEK 181.405.2%
+SEK 43.3b		3.0%PE32xIndustrials
INVE A InvestorSEK 339.603.3%
+SEK 33.1b		14.6%PE14.8xFinancials
BIOA B BioArcticSEK 335.008.2%
+SEK 22.3b		67.0%PE49.8xHealthcare
SAND SandvikSEK 321.105.3%
+SEK 20.3b		59.4%PE27.2xIndustrials
See more

Market Insights

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BIOA B
SEK 335.00
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7D
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1Y
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SEK 373.90
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SAND
SEK 321.10
Sandvik
7D
5.3%
1Y
59.4%

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.
HM B
SEK 181.10
H & M Hennes & Mauritz
7D
-0.8%
1Y
25.5%

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

Analysts have raised their fair value estimate for H & M Hennes & Mauritz from SEK 102.71 to about SEK 113.78, reflecting updated assumptions on discount rate, revenue trends, profit margin and future P/E. Recent Street research has ranged from a lower SEK 107 target to a higher SEK 123 target.
BOL
SEK 581.80
Boliden
7D
8.2%
1Y
73.1%
VOLV B
SEK 307.40
AB Volvo
7D
2.9%
1Y
10.8%

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.
SAAB B
SEK 704.10
Saab
7D
18.0%
1Y
203.6%

SAAB B: French And Colombian Contracts Will Support A Balanced Outlook

Analysts have lifted their fair value estimate for Saab to SEK 660 from SEK 600, citing updated views on revenue growth, profit margins and future P/E, alongside recent Street research that includes a price target increase to SEK 460. Analyst Commentary Morgan Stanley has raised its price target for Saab to SEK 460 from SEK 430 while maintaining an Underweight rating.
ATCO A
SEK 181.40
Atlas Copco
7D
5.2%
1Y
3.0%

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.
MYCR
SEK 208.40
Mycronic
7D
-6.3%
1Y
2.0%

MYCR: Asian Equipment Orders And Higher Margins Will Support Steady Outlook

Analysts have left their fair value estimate for Mycronic unchanged at SEK 218.67. The latest price target is shaped mainly by slightly revised assumptions on discount rate, revenue growth, profit margin and future P/E, which together reflect a more balanced view of the company’s earnings profile and valuation risk.
ERIC B
SEK 87.00
Telefonaktiebolaget LM Ericsson
7D
-2.9%
1Y
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Analysts have lifted their fair value estimate for Telefonaktiebolaget LM Ericsson from SEK 56.0 to SEK 62.0, reflecting updated views on margins, discount rates and P/E assumptions, alongside recent price target increases from SEK 85 to SEK 95, SEK 93 to SEK 100.90 and SEK 55 to SEK 70 across several firms. Analyst Commentary Recent Street research around Telefonaktiebolaget LM Ericsson shows a mix of higher price targets with generally cautious ratings.
TEL2 B
SEK 149.85
Tele2
7D
-2.8%
1Y
41.4%

TEL2 B: Lower Revenue Assumptions Will Likely Cap Upside At Current Levels

Analysts have revised their price target on Tele2 to SEK 122.0. This reflects updated assumptions for slightly lower revenue growth, a modestly higher profit margin, and a small adjustment to the future P/E multiple. Valuation Changes Fair Value: Unchanged at SEK 122.0 per share.
LIFCO B
SEK 330.80
Lifco
7D
-1.7%
1Y
4.9%

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 38.49
Telia Company
7D
-2.4%
1Y
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TELIA: Capital Discipline And Cost Efficiency Will Support Stronger Future Returns

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BEIJ B
SEK 142.85
Beijer Ref
7D
-3.1%
1Y
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INVE A
SEK 339.60
Investor
7D
3.3%
1Y
14.6%
VSURE
€14.75
Verisure
7D
6.7%
1Y
n/a