Stock Analysis

High Growth Tech Stocks In Sweden For September 2024

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As the European Central Bank cuts rates again amid signs of weakening economic growth and slowing inflation in the eurozone, investors are keenly watching how these macroeconomic shifts impact high-growth sectors like technology. In this context, identifying promising tech stocks involves looking for companies with strong fundamentals, innovative products, and resilience to broader market fluctuations.

Top 10 High Growth Tech Companies In Sweden

NameRevenue GrowthEarnings GrowthGrowth Rating
Truecaller20.32%21.61%★★★★★★
Fortnox20.18%22.60%★★★★★★
Xbrane Biopharma53.90%118.02%★★★★★★
Yubico20.52%42.35%★★★★★★
Bonesupport Holding33.76%31.20%★★★★★★
Scandion Oncology40.71%75.34%★★★★★★
Hemnet Group20.13%25.41%★★★★★★
Skolon31.76%121.72%★★★★★★
BioArctic42.38%98.40%★★★★★★
KebNi34.75%86.11%★★★★★★

Click here to see the full list of 80 stocks from our Swedish High Growth Tech and AI Stocks screener.

Below we spotlight a couple of our favorites from our exclusive screener.

Fortnox (OM:FNOX)

Simply Wall St Growth Rating: ★★★★★★

Overview: Fortnox AB (publ) offers a range of products, packages, and integrations for financial and administrative applications targeting small and medium-sized businesses, accounting firms, and organizations with a market cap of SEK38.49 billion.

Operations: The company generates revenue primarily through its Core Products (SEK734 million), followed by Businesses (SEK378 million) and Accounting Firms (SEK352 million). Additional revenue streams include Marketplaces (SEK160 million) and Financial Services (SEK249 million).

Fortnox's revenue growth, projected at 20.2% annually, significantly outpaces the Swedish market's 1%. In the past year, earnings surged by 48.1%, far exceeding the software industry's 14.5%. R&D expenses have been a focal point, reflecting SEK 82 million in recent reports, underscoring its commitment to innovation. The company's net income for Q2 was SEK 164 million compared to SEK 127 million last year, highlighting robust financial health and promising future prospects in Sweden’s high-growth tech landscape.

OM:FNOX Revenue and Expenses Breakdown as at Sep 2024
OM:FNOX Revenue and Expenses Breakdown as at Sep 2024

Sectra (OM:SECT B)

Simply Wall St Growth Rating: ★★★★☆☆

Overview: Sectra AB (publ) offers solutions for medical IT and cybersecurity sectors across Sweden, the United Kingdom, the Netherlands, and other parts of Europe, with a market cap of SEK51.63 billion.

Operations: Sectra AB (publ) generates revenue primarily through its Imaging IT Solutions segment, which accounts for SEK2.67 billion, and its Secure Communications segment, contributing SEK388.55 million. The company also engages in Business Innovation with revenues of SEK90.77 million.

Sectra's recent earnings report highlights a 22.47% increase in sales to SEK 736.75 million, with net income rising by 30.6% to SEK 80.4 million, showcasing robust financial health. The company's R&D expenses reflect its commitment to innovation, particularly in the healthcare sector; these efforts are evident as two Belgian hospitals have successfully transitioned to Sectra One Cloud, enhancing operational efficiency and collaboration through Microsoft Azure-based services. With revenue expected to grow at an annual rate of 14.2%, Sectra demonstrates promising prospects within Sweden’s high-growth tech landscape.

OM:SECT B Revenue and Expenses Breakdown as at Sep 2024
OM:SECT B Revenue and Expenses Breakdown as at Sep 2024

Swedish Orphan Biovitrum (OM:SOBI)

Simply Wall St Growth Rating: ★★★★☆☆

Overview: Swedish Orphan Biovitrum AB (publ) is an integrated biotechnology company focused on researching, developing, manufacturing, and selling pharmaceuticals in haematology, immunology, and specialty care across Europe, North America, the Middle East, Asia, and Australia with a market cap of SEK113.72 billion.

Operations: Swedish Orphan Biovitrum AB (publ) generates revenue primarily from its Hematology segment (SEK15.07 billion), followed by Immunology (SEK7.49 billion) and Specialty Care (SEK1.15 billion). The company operates across Europe, North America, the Middle East, Asia, and Australia.

Swedish Orphan Biovitrum (Sobi) is poised for significant growth with its earnings forecasted to increase by 25.8% annually, outpacing the Swedish market's 15.3%. Despite a recent dip in profit margins from 15.5% to 9%, Sobi's revenue is expected to grow at a steady rate of 9.4% per year, well above the market average of 1%. Their commitment to innovation is evident with R&D expenses reflecting substantial investment in new therapies, such as pegcetacoplan for rare kidney diseases and ALTUVOCT for haemophilia A, both showing promising clinical results and potential market impact.

OM:SOBI Revenue and Expenses Breakdown as at Sep 2024
OM:SOBI Revenue and Expenses Breakdown as at Sep 2024

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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