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Swedish (OMX) Market Analysis & Valuation

UpdatedApr 04, 2026
DataAggregated Company Financials
Companies783
  • 7D3.7%
  • 3M-1.6%
  • 1Y16.5%
  • YTD-1.6%

The market is up 3.7% over the last week, with the Industrials sector leading the way, up 4.0%. As for the past 12 months, the market is up 17%. As for the next few years, earnings are expected to grow by 9.5% per annum.

Trending IndustriesBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 05 Apr 2026SEK 11.6tSEK 5.8tSEK 646.5b20.3x17.9x2x
Tue, 03 Mar 2026SEK 12.5tSEK 5.8tSEK 647.8b21.9x19.4x2.2x
Thu, 29 Jan 2026SEK 12.2tSEK 5.9tSEK 638.0b22.4x19.1x2.1x
Sat, 27 Dec 2025SEK 11.7tSEK 5.8tSEK 547.2b21.8x21.3x2x
Mon, 24 Nov 2025SEK 11.2tSEK 5.8tSEK 546.4b21.8x20.4x1.9x
Wed, 22 Oct 2025SEK 11.4tSEK 5.8tSEK 532.4b23.3x21.4x2x
Fri, 19 Sep 2025SEK 11.1tSEK 5.8tSEK 480.5b23x23.1x1.9x
Sun, 17 Aug 2025SEK 11.1tSEK 5.7tSEK 473.3b23.3x23.4x1.9x
Tue, 15 Jul 2025SEK 11.1tSEK 5.8tSEK 506.8b23.4x21.8x1.9x
Thu, 12 Jun 2025SEK 10.9tSEK 5.8tSEK 496.5b22.8x21.9x1.9x
Sat, 10 May 2025SEK 10.7tSEK 5.8tSEK 468.9b21.9x22.9x1.8x
Mon, 07 Apr 2025SEK 10.0tSEK 5.9tSEK 545.3b20.5x18.3x1.7x
Wed, 05 Mar 2025SEK 11.3tSEK 5.9tSEK 549.9b22.6x20.6x1.9x
Fri, 31 Jan 2025SEK 11.5tSEK 5.9tSEK 499.2b23.5x23x2x
Sun, 29 Dec 2024SEK 10.8tSEK 6.0tSEK 587.9b23.1x18.4x1.8x
Tue, 26 Nov 2024SEK 10.8tSEK 6.0tSEK 586.8b21.8x18.3x1.8x
Thu, 24 Oct 2024SEK 11.1tSEK 5.9tSEK 555.6b23.6x20x1.9x
Sat, 21 Sep 2024SEK 11.7tSEK 6.1tSEK 554.2b23.7x21.2x1.9x
Mon, 19 Aug 2024SEK 11.4tSEK 6.1tSEK 548.2b23.1x20.8x1.9x
Wed, 17 Jul 2024SEK 11.8tSEK 6.1tSEK 502.6b23.3x23.4x1.9x
Fri, 14 Jun 2024SEK 11.7tSEK 6.0tSEK 511.3b23x22.9x1.9x
Sun, 12 May 2024SEK 11.6tSEK 6.1tSEK 551.5b22.9x21x1.9x
Tue, 09 Apr 2024SEK 11.3tSEK 6.0tSEK 517.3b21.7x21.9x1.9x
Thu, 07 Mar 2024SEK 10.9tSEK 6.0tSEK 513.1b21x21.3x1.8x
Sat, 03 Feb 2024SEK 10.4tSEK 6.0tSEK 502.0b21.5x20.8x1.7x
Mon, 01 Jan 2024SEK 10.6tSEK 6.0tSEK 441.0b22.3x24x1.8x
Wed, 29 Nov 2023SEK 9.7tSEK 6.0tSEK 443.5b19.7x21.8x1.6x
Fri, 27 Oct 2023SEK 8.8tSEK 6.0tSEK 451.7b17.3x19.5x1.5x
Sun, 24 Sep 2023SEK 9.3tSEK 6.0tSEK 488.7b18.1x19.1x1.6x
Tue, 22 Aug 2023SEK 9.3tSEK 5.9tSEK 489.9b18.4x19x1.6x
Thu, 20 Jul 2023SEK 9.7tSEK 5.9tSEK 507.7b19.3x19.2x1.7x
Sat, 17 Jun 2023SEK 10.1tSEK 5.7tSEK 411.4b19.3x24.6x1.8x
Mon, 15 May 2023SEK 10.0tSEK 5.6tSEK 402.9b19.4x24.7x1.8x
Wed, 12 Apr 2023SEK 9.1tSEK 5.3tSEK 420.9b19.5x21.6x1.7x
Price to Earnings Ratio

21.6x


Total Market Cap: SEK 9.1tTotal Earnings: SEK 420.9bTotal Revenue: SEK 5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Market Price to Earnings3Y Average 21.3x202420252026
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 21.3x.
Past Earnings Growth
  • The earnings for Swedish listed companies have grown 15% per year over the last three years.
  • Revenues for these companies have grown 2.9% 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 Market3.68%
Utilities7.19%
Real Estate5.44%
Consumer Discretionary4.60%
Industrials3.97%
Healthcare3.69%
Financials3.56%
Materials3.51%
Consumer Staples2.76%
Telecom2.16%
Tech1.83%
Energy-1.49%
Sector PE
  • Investors favour the Telecom sector the most for future growth, which is trading above its 3-year average PE ratio of 19.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 15.4% which is higher than its past year's earnings decline of 4.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 24% over the next 5 years.
  • This is better than its past earnings growth rate of 0.8% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 28% 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
ATCO A Atlas CopcoSEK 166.353.8%
+SEK 30.0b		16.1%PE30.7xIndustrials
INVE A InvestorSEK 352.502.8%
+SEK 29.4b		28.2%PE6.9xFinancials
SAND SandvikSEK 366.406.3%
+SEK 27.2b		97.6%PE31.3xIndustrials
SAAB B SaabSEK 642.008.5%
+SEK 27.0b		69.2%PE54.7xIndustrials
VOLV B AB VolvoSEK 308.602.8%
+SEK 17.3b		25.9%PE18.2xIndustrials
See more

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Latest News

ALLEI
SEK 72.95
Alleima
7D
-4.1%
1Y
-3.9%

ALLEI: Downgrade And Dividend Proposal Will Shape Balanced Near Term View

Analysts have slightly reduced their price target on Alleima from SEK 75.00 to SEK 74.25. This reflects more cautious views after recent research, including a downgrade, while still aligning projections with updated assumptions on growth, margins and P/E.
VOLV B
SEK 308.60
AB Volvo
7D
2.8%
1Y
25.9%
HEXA B
SEK 88.96
Hexagon
7D
-0.5%
1Y
-8.0%

HEXA B: Refined Margin Framework Will Support Future Upside Potential

Analysts have slightly reduced their Hexagon target by SEK 5 as they incorporate updated views on fair value, discount rate, growth, margins, and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts view the SEK 5 trim to the target price as a fine tuning of fair value rather than a shift in the core long term thesis on Hexagon.
SAAB B
SEK 642.00
Saab
7D
8.5%
1Y
69.2%
MTRS
SEK 159.80
Munters Group
7D
-1.5%
1Y
57.9%

MTRS: Data Center Order Backlog Will Support Stronger Future Earnings Visibility

Analysts have lifted their price target on Munters Group to SEK 175.00 from SEK 150.00, citing updated assumptions around discount rates, revenue growth, profit margins, and a revised future P/E multiple. Analyst Commentary Recent Street research reflects a more constructive stance on Munters Group, with bullish analysts updating their views to align the price target with refreshed assumptions around discount rates, revenue, margins, and future P/E levels.
SKA B
SEK 239.40
Skanska
7D
-2.7%
1Y
15.6%
LIFCO B
SEK 275.00
Lifco
7D
-2.1%
1Y
-18.1%
DMYD B
SEK 1.42
Diamyd Medical
7D
-89.4%
1Y
-83.3%
INVE A
SEK 352.50
Investor
7D
2.8%
1Y
28.2%
SHB A
SEK 126.90
Svenska Handelsbanken
7D
6.5%
1Y
22.7%

SHB A: Future Returns Will Hinge On Dividend Payouts And Mixed Rating Signals

The analyst price target for Svenska Handelsbanken has been adjusted slightly higher to SEK 135.47 from SEK 134.80, as analysts factor in updated views on fair value, profitability, and modestly stronger revenue assumptions following recent target moves and mixed rating actions across the Street. Analyst Commentary Recent Street research on Svenska Handelsbanken points to a mixed setup, with some analysts lifting price targets while others turn more cautious on the shares and rating.
SAND
SEK 366.40
Sandvik
7D
6.3%
1Y
97.6%

SAND: Elevated P/E Assumptions Will Expose Mining Cycle Execution Risk

The updated analyst price target for Sandvik now reflects a fair value estimate of SEK 226.86, up from SEK 216.17, with analysts pointing to higher Street targets in the SEK 355 to SEK 404 range and slightly revised assumptions for growth, profitability, and future P/E multiples. Analyst Commentary Recent Street research around Sandvik presents a split picture, with several higher price targets on one side and more cautious positioning on the other.
ATCO A
SEK 166.35
Atlas Copco
7D
3.8%
1Y
16.1%
SWED A
SEK 320.70
Swedbank
7D
4.2%
1Y
58.0%
ASSA B
SEK 345.10
ASSA ABLOY
7D
4.4%
1Y
25.2%

ASSA B: European Construction Recovery Expectations Will Support More Optimistic Rating Shift

ASSA ABLOY’s analyst price target has been raised to SEK 466, reflecting analysts’ updated fair value assumptions, a slightly lower discount rate, modestly higher expected revenue growth and a higher future P/E multiple, partly offset by a marginally lower profit margin assumption. Analyst Commentary Recent Street research on ASSA ABLOY shows a mix of constructive and cautious views around the updated SEK 466 price target, with opinions largely centered on how the company might execute against its growth opportunities and how the current valuation reflects those expectations.
FLERIE
SEK 29.70
Flerie
7D
-18.6%
1Y
-28.8%
VPLAY B
SEK 1.23
Viaplay Group
7D
-15.5%
1Y
70.1%