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Swedish (OMX) Market Analysis & Valuation

UpdatedNov 14, 2025
DataAggregated Company Financials
Companies800
  • 7D-0.08%
  • 3M1.1%
  • 1Y4.6%
  • YTD3.3%

In the last week, the market has stayed flat, however the Utilities sector stood out, gaining 5.3%. Meanwhile, the market is actually up 4.6% over the past year. 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
Tue, 18 Nov 2025SEK 11.5tSEK 5.8tSEK 544.4b22x21.2x2x
Thu, 16 Oct 2025SEK 11.3tSEK 5.8tSEK 491.2b23.1x23.1x2x
Sat, 13 Sep 2025SEK 11.1tSEK 5.8tSEK 480.2b22.9x23x1.9x
Mon, 11 Aug 2025SEK 11.0tSEK 5.7tSEK 471.4b23.7x23.4x1.9x
Wed, 09 Jul 2025SEK 11.0tSEK 5.8tSEK 505.9b23.4x21.8x1.9x
Fri, 06 Jun 2025SEK 10.9tSEK 5.8tSEK 496.4b23x22.1x1.9x
Sun, 04 May 2025SEK 10.7tSEK 5.8tSEK 462.2b21.9x23.2x1.8x
Tue, 01 Apr 2025SEK 10.8tSEK 5.9tSEK 547.2b21.3x19.7x1.8x
Thu, 27 Feb 2025SEK 11.8tSEK 5.9tSEK 545.7b23.3x21.7x2x
Sat, 25 Jan 2025SEK 11.4tSEK 5.9tSEK 502.5b23.3x22.8x1.9x
Mon, 23 Dec 2024SEK 10.7tSEK 6.0tSEK 588.0b23x18.2x1.8x
Wed, 20 Nov 2024SEK 10.6tSEK 6.0tSEK 587.4b21.7x18.1x1.8x
Fri, 18 Oct 2024SEK 11.2tSEK 6.0tSEK 565.3b23.7x19.9x1.9x
Sun, 15 Sep 2024SEK 11.6tSEK 6.1tSEK 554.2b23.4x20.8x1.9x
Tue, 13 Aug 2024SEK 11.2tSEK 6.1tSEK 549.2b22.8x20.3x1.8x
Thu, 11 Jul 2024SEK 11.5tSEK 6.0tSEK 507.6b23.1x22.6x1.9x
Sat, 08 Jun 2024SEK 11.6tSEK 6.0tSEK 512.2b23.3x22.6x1.9x
Mon, 06 May 2024SEK 11.2tSEK 6.1tSEK 563.6b22.6x19.8x1.8x
Wed, 03 Apr 2024SEK 11.3tSEK 6.0tSEK 516.9b22x21.8x1.9x
Fri, 01 Mar 2024SEK 10.9tSEK 6.0tSEK 513.3b21.3x21.2x1.8x
Sun, 28 Jan 2024SEK 10.4tSEK 6.0tSEK 478.2b21.3x21.8x1.7x
Tue, 26 Dec 2023SEK 10.5tSEK 6.0tSEK 440.2b21.9x23.9x1.7x
Thu, 23 Nov 2023SEK 9.7tSEK 6.0tSEK 445.2b19.2x21.8x1.6x
Sat, 21 Oct 2023SEK 8.9tSEK 6.0tSEK 466.9b17x19x1.5x
Mon, 18 Sep 2023SEK 9.4tSEK 6.0tSEK 490.0b18.1x19.2x1.6x
Wed, 16 Aug 2023SEK 9.5tSEK 5.9tSEK 489.2b19.4x19.4x1.6x
Fri, 14 Jul 2023SEK 9.7tSEK 5.7tSEK 405.0b19.1x24x1.7x
Sun, 11 Jun 2023SEK 10.1tSEK 5.7tSEK 411.6b19.3x24.6x1.8x
Tue, 09 May 2023SEK 10.0tSEK 5.6tSEK 410.2b19.8x24.4x1.8x
Thu, 06 Apr 2023SEK 8.8tSEK 5.3tSEK 403.5b19.4x21.8x1.7x
Sat, 04 Mar 2023SEK 9.3tSEK 5.3tSEK 402.7b19.5x23x1.7x
Mon, 30 Jan 2023SEK 9.1tSEK 5.2tSEK 474.1b17.4x19.2x1.8x
Wed, 28 Dec 2022SEK 9.2tSEK 5.1tSEK 511.6b15.7x18x1.8x
Fri, 25 Nov 2022SEK 9.5tSEK 5.1tSEK 510.8b16.3x18.5x1.9x
Price to Earnings Ratio

18.5x


Total Market Cap: SEK 9.5tTotal Earnings: SEK 510.8bTotal Revenue: SEK 5.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Market Price to Earnings3Y Average 21.3x202320242025
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 21.3x.
Past Earnings Growth
  • The earnings for Swedish listed companies have grown 2.1% per year over the last three years.
  • Revenues for these companies have grown 4.4% 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 Market-0.075%
Utilities5.27%
Healthcare1.96%
Financials0.86%
Real Estate0.51%
Consumer Discretionary0.39%
Materials0.22%
Consumer Staples-0.58%
Industrials-0.58%
Tech-1.37%
Telecom-3.05%
Energy-6.21%
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 30.0% 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 30% 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 3.2% 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 538.502.6%
+SEK 7.3b		124.4%PE55.7xIndustrials
NOBA NOBA Bank GroupSEK 103.809.4%
+SEK 4.5b		n/aPB2.1xFinancials
SAGA A AB SagaxSEK 204.003.8%
+SEK 3.5b		-13.9%PE29.2xReal Estate
SSAB A SSABSEK 63.144.9%
+SEK 2.9b		22.2%PE12.7xMaterials
SOBI Swedish Orphan BiovitrumSEK 336.802.5%
+SEK 2.8b		12.2%PE8929.2xHealthcare
See more

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SEK 103.80
NOBA Bank Group
7D
9.4%
1Y
n/a
SOBI
SEK 336.80
Swedish Orphan Biovitrum
7D
2.5%
1Y
12.2%
HEXA B
SEK 110.55
Hexagon
7D
-4.9%
1Y
17.3%

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SAAB B
SEK 538.50
Saab
7D
2.6%
1Y
124.4%

SAAB B: Revenue Momentum And Premium Shares Will Limit Future Upside Potential

Analysts have modestly raised their price target for Saab to SEK 460, citing the company's resilient revenue growth outlook. However, they caution that a premium valuation continues to limit upside potential.
NIBE B
SEK 32.86
NIBE Industrier
7D
-12.2%
1Y
-31.4%
SAND
SEK 284.80
Sandvik
7D
-1.8%
1Y
39.0%

SAND: Continued Execution Will Determine Fair Value Stability Amid Sector Shifts

Sandvik's analyst price target has increased modestly to SEK 282.56, as analysts cite a series of upward revisions from major institutions. This reflects continued optimism around the company's growth prospects.
SKF B
SEK 237.20
AB SKF
7D
-8.2%
1Y
15.8%

SKF B: Share Outlook Will Balance Automotive Spin-Off Hopes and Market Risks

Analysts have marginally increased their fair value estimate for AB SKF to SEK 260.79 from SEK 257, following recent adjustments in price targets in light of mixed outlooks on the company's growth prospects and profit margins. Analyst Commentary Recent analyst updates highlight a mix of optimism and caution regarding AB SKF’s growth outlook and share valuation.
VOLCAR B
SEK 32.20
Volvo Car AB (publ.)
7D
-5.3%
1Y
37.0%

VOLCAR B: Competitive Pressures And Macroeconomic Risks Will Continue To Weigh On Shares

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ATCO A
SEK 153.60
Atlas Copco
7D
-2.4%
1Y
-12.0%
MTRS
SEK 163.60
Munters Group
7D
6.9%
1Y
-1.7%
SKA B
SEK 249.20
Skanska
7D
2.5%
1Y
13.8%

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EVO
SEK 622.60
Evolution
7D
-3.7%
1Y
-37.3%

EVO: Future Profit Margins Will Drive Gains Despite Market Headwinds

The consensus analyst price target for Evolution AB has edged lower, declining by SEK 2.82 to reflect evolving views on future growth prospects and profit margins. Some downgrades cite a structurally slower growth outlook.
BALD B
SEK 68.54
Fastighets AB Balder
7D
2.8%
1Y
-16.0%

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EPI A
SEK 194.10
Epiroc
7D
-2.0%
1Y
-2.2%

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SAGA A
SEK 204.00
AB Sagax
7D
3.8%
1Y
-13.9%

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SSAB A
SEK 63.14
SSAB
7D
4.9%
1Y
22.2%