Nordic Stocks Fair Value: Novo Nordisk, Investor AB ser. A, Investor AB ser. B…

Of the 58 Nordic companies below that have an ATLAS fair value estimate, 28 trade more than 8% below the model's central estimate, 8 within 8% of it and 22 more than 8% above it (median: price in line with fair value). Novo Nordisk is the largest (market cap $171B); 45 of the 60 pay a dividend, with a median yield of 1.7%.

Updated Nov 3, 2026 · Source: EODHD / ATLAS model

#	Company	Price	ATLAS fair value	Range	Price vs fair value	Confidence	Dividend yield	Country
1	Novo NordiskNOVO-B.CO	DKK 270.20	DKK 518.28	DKK 323.94–DKK 615.05	-48%	medium	4.44%	Denmark
2	Investor AB ser. AINVE-A.ST	SEK 420.00	SEK 835.31	SEK 751.78–SEK 918.85	-50%	low	1.38%	Sweden
3	Investor AB ser. BINVE-B.ST	SEK 428.20	SEK 853.04	SEK 767.73–SEK 938.34	-50%	low	1.36%	Sweden
4	EquinorEQNR.OL	NOK 427.90	NOK 427.24	NOK 280.46–NOK 553.95	+0.2%	high	0.36%	Norway
5	Atlas Copco AB Series AATCO-A.ST	SEK 187.15	SEK 125.23	SEK 94.50–SEK 174.65	+49%	high	1.50%	Sweden
6	AB Volvo (publ)VOLV-B.ST	SEK 309.00	SEK 398.39	SEK 224.05–SEK 578.21	-22%	high		Sweden
7	Nordea BankNDA-FI.HE	€15.80	€17.73	€15.96–€19.51	-11%	medium	8.31%	Finland
8	Nordea BankNDA-SE.ST	SEK 173.15	SEK 207.54	SEK 186.78–SEK 228.29	-17%	medium	0.74%	Sweden
9	NokiaNOKIA.HE	€7.68	€4.39	€2.38–€8.03	+75%	medium	1.67%	Finland
10	A.P. Møller - MærskMAERSK-A.CO	DKK 22,420	DKK 15,297	DKK 10,824–DKK 21,403	+47%	medium	0.33%	Denmark
11	DnBDNB.OL	NOK 319.20	NOK 435.41	NOK 391.87–NOK 478.95	-27%	medium	5.90%	Norway
12	Swedbank AB (publ)SWED-A.ST	SEK 388.80	SEK 351.64	SEK 316.48–SEK 386.80	+11%	medium		Sweden
13	SandvikSAND.ST	SEK 364.10	SEK 344.17	SEK 211.81–SEK 408.61	+5.8%	high		Sweden
14	Danske BankDANSKE.CO	DKK 347.10	DKK 413.59	DKK 372.23–DKK 454.95	-16%	medium	4.80%	Denmark
15	Skandinaviska Enskilda Banken AB (publ)SEB-A.ST	SEK 208.80	SEK 195.76	SEK 176.19–SEK 215.34	+6.7%	medium		Sweden
16	DSVDSV.CO	DKK 1,448	DKK 2,712	DKK 1,879–DKK 4,015	-47%	medium	0.51%	Denmark
17	ASSA ABLOY AB (publ)ASSA-B.ST	SEK 396.30	SEK 237.29	SEK 177.62–SEK 313.84	+67%	medium	1.68%	Sweden
18	EQT AB (publ)EQT.ST	SEK 319.00					0.16%	Sweden
19	Telefonaktiebolaget LM Ericsson (publ)ERIC-B.ST	SEK 108.80	SEK 189.63	SEK 172.24–SEK 334.06	-43%	medium	2.86%	Sweden
20	Saab AB (publ)SAAB-B.ST	SEK 654.30	SEK 616.36	SEK 480.06–SEK 791.36	+6.2%	medium	0.38%	Sweden
21	Novonesis (Novozymes)NSIS-B.CO	DKK 461.50	DKK 352.63	DKK 232.94–DKK 533.81	+31%	medium	0.19%	Denmark
22	Epiroc AB (publ)EPI-A.ST	SEK 247.00	SEK 118.74	SEK 95.70–SEK 147.33	+108%	medium	1.53%	Sweden
23	KONEKNEBV.HE	€56.34	€41.89	€36.73–€68.09	+34%	high	3.30%	Finland
24	Svenska Handelsbanken AB (publ)SHB-A.ST	SEK 156.05	SEK 126.62	SEK 113.96–SEK 139.28	+23%	medium	5.42%	Sweden
25	Kongsberg GruppenKOG.OL	NOK 357.60	NOK 234.04	NOK 190.42–NOK 337.01	+53%	high	0.73%	Norway
26	Neste OilNESTE.HE	€28.41	€26.06	€18.40–€39.78	+9.0%	medium	0.68%	Finland
27	Hexagon AB (publ)HEXA-B.ST	SEK 109.75	SEK 136.81	SEK 91.40–SEK 204.77	-20%	medium	0.14%	Sweden
28	H & M Hennes & Mauritz AB (publ)HM-B.ST	SEK 178.05	SEK 257.47	SEK 157.24–SEK 421.60	-31%	medium	4.08%	Sweden
29	Vestas Wind SystemsVWS.CO	DKK 191.80	DKK 348.93	DKK 204.25–DKK 590.15	-45%	low	0.05%	Denmark
30	Sampo Oyj ASAMPO.HE	€9.49	€11.92	€10.73–€13.11	-20%	medium	3.96%	Finland
31	OrstedORSTED.CO	DKK 135.10	DKK 54.84	DKK 49.35–DKK 60.32	+146%	low		Denmark
32	Aker BPAKRBP.OL	NOK 378.90						Norway
33	Alfa LavalALFA.ST	SEK 542.20	SEK 388.84	SEK 313.92–SEK 481.64	+39%	medium	1.63%	Sweden
34	FortumFORTUM.HE	€22.32	€13.74	€10.10–€18.69	+62%	medium		Finland
35	GenmabGMAB.CO	DKK 3,698	DKK 4,108	DKK 2,912–DKK 6,135	-10.0%	medium		Denmark
36	Industrivarden AB ser. AINDU-A.ST	SEK 525.00	SEK 1,328	SEK 1,196–SEK 1,461	-60%	low	1.71%	Sweden
37	Industrivarden AB ser. CINDU-C.ST	SEK 522.00	SEK 1,327	SEK 1,194–SEK 1,460	-61%	low	1.72%	Sweden
38	WartsilaWRT1V.HE	€26.10	€26.32	€19.16–€36.15	-0.8%	medium	1.88%	Finland
39	Essity AB (publ)ESSITY-B.ST	SEK 280.00	SEK 420.63	SEK 323.87–SEK 750.94	-33%	medium	3.17%	Sweden
40	Telia CompanyTELIA.ST	SEK 48.88	SEK 33.69	SEK 22.23–SEK 50.54	+45%	low		Sweden
41	TelenorTEL.OL	NOK 132.20	NOK 292.19	NOK 215.21–NOK 396.71	-55%	medium		Norway
42	CarlsbergCARL-B.CO	DKK 1,006	DKK 1,159	DKK 841.15–DKK 1,596	-13%	medium	3.02%	Denmark
43	ColoplastCOLO-B.CO	DKK 481.40	DKK 741.45	DKK 561.35–DKK 1,310	-35%	high	4.83%	Denmark
44	MetsoMETSO.HE	€17.26	€8.18	€6.36–€10.52	+111%	medium	2.49%	Finland
45	Norsk HydroNHY.OL	NOK 65.98	NOK 65.72	NOK 50.57–NOK 93.87	+0.4%	high	4.45%	Norway
46	Swedish Orphan Biovitrum AB (publ)SOBI.ST	SEK 479.20	SEK 982.65	SEK 795.72–SEK 1,213	-51%	medium		Sweden
47	UPM-KymmeneUPM.HE	€22.38	€24.50	€19.59–€30.65	-8.7%	medium	6.65%	Finland
48	Lifco AB (publ)LIFCO-B.ST	SEK 278.00	SEK 215.18	SEK 145.62–SEK 317.96	+29%	medium	0.85%	Sweden
49	BolidenBOL.ST	SEK 516.00	SEK 485.61	SEK 306.00–SEK 770.66	+6.3%	medium		Sweden
50	Evolution AB (publ)EVO.ST	SEK 843.80	SEK 1,409	SEK 965.01–SEK 2,038	-40%	medium		Sweden
51	Var EnergiVAR.OL	NOK 56.76	NOK 81.73	NOK 61.54–NOK 108.56	-31%	medium	0.21%	Norway
52	L E Lundbergföretagen AB (publ)LUND-B.ST	SEK 587.50	SEK 1,570	SEK 1,066–SEK 2,288	-63%	low	0.86%	Sweden
53	Orion Oyj BORNBV.HE	€99.95	€95.98	€58.35–€120.63	+4.1%	high		Finland
54	TrygTRYG.CO	DKK 161.60	DKK 147.67	DKK 132.90–DKK 162.43	+9.4%	medium	5.53%	Denmark
55	Investment AB Latour (publ)LATO-B.ST	SEK 219.00	SEK 89.01	SEK 52.11–SEK 152.05	+146%	low	2.46%	Sweden
56	Gjensidige ForsikringGJF.OL	NOK 265.60	NOK 166.23	NOK 149.60–NOK 182.85	+60%	medium	3.85%	Norway
57	AB SKF (publ)SKF-B.ST	SEK 279.90	SEK 208.11	SEK 133.34–SEK 324.81	+34%	medium	2.84%	Sweden
58	MowiMOWI.OL	NOK 218.40	NOK 484.19	NOK 295.27–NOK 624.74	-55%	medium	0.31%	Norway
59	DemantDEMANT.CO	DKK 369.40	DKK 322.00	DKK 225.02–DKK 517.10	+15%	high		Denmark
60	Yara InternationalYAR.OL	NOK 395.10	NOK 726.84	NOK 469.47–NOK 888.24	-46%	medium	0.57%	Norway

Price vs fair value = latest close ÷ ATLAS fair value − 1: negative means the price is below the model's central estimate, positive above. Ordered by market capitalization. Prices and fair values are in each company's trading currency.

How this list is built

Ranking: companies are ordered by market capitalization in US dollars (EODHD). Investment funds and trusts and duplicate share classes are removed. ATLAS publishes 498 companies (the Nordics); the 60 largest are shown.

Fair value: ATLAS estimates a fair value per share every night with its valuation model (discounted cash flow and/or sector multiples, depending on the company), with a low–high range and a low, medium or high confidence label. Latest model run: Nov 2, 2026.

Price vs fair value is a description of the model, not a forecast and not a recommendation to buy or sell. Models can be wrong; a price below the estimate can stay there. Dividend yield is the forward yield reported by EODHD.

Frequently asked questions

Are Nordic stocks undervalued?

ATLAS does not give a verdict: it compares each price with its own fair value estimate. As of Nov 3, 2026, of the 58 Nordic companies with an estimate, 28 trade more than 8% below the model's central estimate, 8 within 8% and 22 more than 8% above (median: price in line with fair value). This describes a model, not a forecast.

How does ATLAS estimate the fair value of European stocks?

Every night the ATLAS valuation model estimates a fair value per share (discounted cash flow and/or sector multiples, depending on the company) with a low–high range and a confidence label. Price vs fair value is the latest close divided by the central estimate, minus 1. The latest run in this list is from Nov 2, 2026.

Which Nordic companies trade furthest from their ATLAS fair value?

As of Nov 3, 2026, among the companies listed, L E Lundbergföretagen AB (publ) has the largest gap below the model's central estimate (price -63% vs fair value) and Orsted the largest gap above (price +146%). These are model outputs, not recommendations.

Which countries have the most companies among the 60 largest?

As of Nov 3, 2026, among the 60 largest European companies listed here: Sweden (28), Denmark (12), Norway (10), Finland (10).

Is this a recommendation to buy or sell?

No. This page is information only, not investment advice. ATLAS estimates come from statistical models using public data; they can be wrong, and past results do not guarantee future ones.