Key Takeaways
- Ten stocks from Europe’s Nordic region screen as undervalued according to Morningstar analysts.
- Two companies hold a 5-star rating, while eight have a 4-star rating.
- Healthcare stocks top the list, while industrials stocks and insurers round out the list.
Of the 46 Nordic stocks covered by Morningstar analysts, 10 are currently screening as undervalued. This comes amid a near 8% rise for the Morningstar Nordic Index in euro terms so far this year.
Stocks viewed as undervalued receive a 4 or 5-star rating, while overvalued stocks receive a 1 or 2-star rating. Part of a stock’s star rating is the ratio of price to fair value estimate. A price/fair value ratio of 1 indicates that a company is trading close to its estimated fair value, and below and above that suggests the stock is undervalued or overvalued.
The Fair Value Uncertainty Rating, which is designed to capture the range of potential outcomes for a company’s intrinsic value, helps identify when a higher margin of safety is needed before investing.
The Most Undervalued Nordic Stocks
These are the most undervalued Nordic stocks as of July 14, 2026.
- Elekta EKTA B
- Genmab GMAB
- GN Store Nord GN
- Kone KNEBV
- Tryg Forsikring TRYG
- Kongsberg Gruppen KOG
- Sampo SAMPO
- Coloplast COLO B
- Saab SAAB B
- EQT EQT
Morningstar Ratings for the Most Undervalued Nordic Stocks
Elekta EKTA B
- Discount to Fair Value: 53%
- Fair Value Estimate: SEK 100.00
- Economic Moat: Wide
- Morningstar Uncertainty Rating: Medium
Elekta is currently trading at 53% discount to Morningstar’s fair value estimate.
The Swedish company develops, manufactures, and distributes treatment planning systems for neurosurgery and radiotherapy.
“Demand for radiotherapy should stay healthy over the next decade. Elekta stands to benefit from the industrywide tailwind, but its recent performance has been challenging. Siemens Healthineers has been able to gain market share globally due to its size and relationship with large hospital networks. Elekta’s position is still formidable, but the future success hinges on the uptake of its latest product platform, as well as growing adoption of Unity”, says Alex Morozov, regional director at Morningstar.
Genmab GMAB
- Discount to Fair Value: 30%
- Fair Value Estimate: DKK 2650.00
- Economic Moat: Narrow
- Morningstar Uncertainty Rating: Medium
Genmab is currently trading at 30% discount to its fair value estimate of DKK 2650 per share. This suggests a potential upside of approximately 43% to DKK 2650 per share.
The Copenhagen-based biotechnology company specializes in antibody therapeutics for the treatment of cancer.
“Genmab is positioned to continue developing its pipeline in oncology while retaining more product ownership over time, in exchange for developmental risk and costs. Meanwhile, Darzalex royalties should continue to provide a steady cash flow, which will keep the firm financially strong,” says Rachel Elfman, Morningstar equity analyst.
GN Store Nord GN
- Discount to Fair Value: 25%
- Fair Value Estimate: DKK 123.00
- Economic Moat: None
- Morningstar Uncertainty Rating: High
GN Store Nord is trading at 25% discount, suggesting a potential upside of approximately 33% to the estimated fair value of DKK 123 per share.
This Danish company offering medical and audio solutions comprises three businesses: hearing (about 40% of sales), enterprise (40%), and gaming (20%).
“GN has leveraged its expertise in connectivity and interoperability, key trends in the hearing aid industry, resulting in significant gains in market share over the past four years. In addition, the company has adapted its product portfolio to the newly established US over-the-counter market through the lower-tier Jabra Enhance line. This offering provides entry-level solutions to capture growth in the over-the-counter segment while potentially defending against new entrants”, says Max Jousma, equity analyst at Morningstar.
“Unlike some of its peers, GN has not pursued a retail network in hearing aids. Over the longer term, we see a risk to its competitive positioning if ongoing consolidation in the retail channel continues to shift bargaining power toward large retailers.”
Kone KNEBV
- Discount to Fair Value: 18%
- Fair Value Estimate: EUR 60.00
- Economic Moat: Wide
- Morningstar Uncertainty Rating: Low
Kone is currently trading at 18% discount to its fair value estimate of EUR 60 per share, suggesting potential upside of 22%.
Kone is a global top-four supplier of elevators and escalators. It generates revenue in three ways: selling new elevators and escalators, modernizing old equipment, and servicing its installed base.
“While Kone’s high relative exposure to China presents near-term volatility, it is also a long-term strength. As the Chinese market matures and shifts toward services, Kone’s scale and installed base position it to lead the transition and capture the accompanying margin uplift”, says Joachim Kotze, equity analyst at Morningstar.
“We believe Kone has the right strategy by being the consolidator in China, while capturing immediate growth in modernization in its more mature markets. With the worst of China’s new equipment downturn likely behind us and the business mix skewing increasingly toward services, we expect a return to double-digit growth in earnings per share over the medium term, driven by a combination of top-line growth and margin expansion.”
Tryg Forsikring TRYG
- Discount to Fair Value: 10%
- Fair Value Estimate: DKK 175.00
- Economic Moat: Narrow
- Morningstar Uncertainty Rating: Medium
Tryg Forsikring is currently trading at 10% discount, suggesting a potential upside of approximately 11% to the estimated fair value of DKK 175 per share.
Tryg insures both companies and private individuals, though private individuals make up close to two-thirds of revenue. In June 2021 Tryg acquired the Scandinavian operations of Royal Sun Alliance. The acquisition provided Tryg with a significant step forward in Sweden, introducing DKK 8 billion of insurance revenue and DKK 1 billion in Norway.
“Continuing with the theme from the first quarter of this year, Tryg has reported numbers that are slightly ahead of company-compiled consensus for the second quarter, yet we believe these are still disappointing results. The company looks to be a long way from achieving its 2027 targets,” Henry Heathfield, equity analyst at Morningstar.
Kongsberg Gruppen KOG
- Discount to Fair Value: 15%
- Fair Value Estimate: NOK 329.00
- Economic Moat: Wide
- Morningstar Uncertainty Rating: Medium
Kongsberg Gruppen, an international technology company focused on defense, aerospace, and advanced sensing and surveillance solutions, is currently trading at 15% discount to its fair value estimate of NOK 329 per share, suggesting potential upside of approximately 18%.
“Shares fell about 7% as the quarter provided less evidence of near-term earnings and order conversion than investors expected. While margins and order intake disappointed, we see no sign of weaker demand, execution issues, or delayed programs”, says Loredana Muharremi, equity analyst at Morningstar.
Sampo SAMPO
- Discount to Fair Value: 12%
- Fair Value Estimate: EUR 11.00
- Economic Moat: Narrow
- Morningstar Uncertainty Rating: Medium
Sampo is currently trading at 12% discount, suggesting a potential upside of 14% to the estimated fair value of EUR 11 per share.
Sampo is a leading Nordics-based insurer headquartered in Finland and listed in Helsinki. The company has operations in Denmark, Estonia, Finland, Norway, Lithuania, Latvia, and the United Kingdom. Sampo has four subsidiaries that mainly sell private insurance to retail customers.
“Sampo is an efficiently run Nordics-based personal lines insurer that tends to focus on improving its underwriting quality year on year, whether that is through holding on to customers for longer and therefore paying less in acquisition costs; digitalizing its operations and extracting expenses; gaining scale and negotiation power with its partners such as BMW, Ford, Mercedes, Nissan, Nordea, Volkswagen, and Volvia; or an ability to select lower-cost customers in terms of claims or customers that are willing to pay that little bit more in price,” says Henry Heathfield, equity analyst at Morningstar.
Coloplast COLO B
- Discount to Fair Value: 9%
- Fair Value Estimate: DKK 440.00
- Economic Moat: Narrow
- Morningstar Uncertainty Rating: Medium
Coloplast is currently trading at 9% discount to its fair value estimate of DKK 440 per share, suggesting potential upside of 10%.
Coloplast is a leading global competitor in ostomy management and continence care. The firm designs, manufactures, and markets ostomy care systems, disposable containment devices, intermittent catheters for continence care, and devices for patients with neck stomas. Coloplast also maintains a tertiary presence in the urology and woundcare markets, where it manufactures and markets penile implants, slings for incontinence and prolapse, and wound dressings.
“Coloplast has a long track record of manufacturing efficiency improvements, translating into operating margins approximately 1,000 basis points above peer Convatec. We expect modest medium-term margin pressure, as Medicare competitive bidding and rising competition from Convatec are likely to offset operating leverage”, says Max Jousma, equity analyst at Morningstar.
“We are cautious on wound care, where a focus on less-advanced markets limits switching costs and pricing power, as it relies on distributors rather than direct patient relationships. The Kerecis acquisition looks poorly timed, given subsequent US reimbursement policy changes, and is likely to destroy shareholder value.”
Saab SAAB B
- Discount to Fair Value: 14%
- Fair Value Estimate: SEK 610.00
- Economic Moat: Wide
- Morningstar Uncertainty Rating: Medium
Saab is currently trading at 14% discount, suggesting a potential upside of approximately 16% to the estimated fair value of SEK 610 per share.
Saab supplies products and services for military, defense, and civil security. The company operates in four segments: aeronautics, dynamics, surveillance, and Kockums.
“With approximately 95% of its revenue from the defense sector, Saab is well positioned to capitalize on the expected increase in European core defense budgets to 3.5% of gross domestic product. This increase, coupled with EU initiatives to enhance defense capabilities through resource pooling and procurement coordination, presents significant growth opportunities for the company”, says Loredana Muharremi, equity analyst at Morningstar.
“Saab should realize increased demand for its support weapons, sensor systems, airborne early warning, and surface radar systems, with expectations for further growth as European nations replenish their military inventories.”
EQT EQT
- Discount to Fair Value: 12%
- Fair Value Estimate: SEK 325.00
- Economic Moat: Narrow
- Morningstar Uncertainty Rating: High
EQT is currently trading at 12% discount to its fair value estimate of SEK 325 per share, suggesting potential upside of approximately 14%.
EQT is one of the largest global private-market investors, with funds that focus on private equity, real estate, and infrastructure globally.
“We expect institutional investors to continue allocating more assets to private markets, and EQT should capture this growth in its flagship funds. For instance, its most recently launched private equity fund, EQT X, attracted 40% more commitments than EQT IV”, says Johann Scholtz, senior equity analyst at Morningstar.
“However, EQT expects to grow ahead of the industry. We think this excess growth will come from its recently launched strategies, which aim to triple fund commitments and new, yet-to-be-launched strategies. Two-thirds of EQT’s clients invest in only one of its strategies, highlighting the cross-selling opportunity.”
Of the 322 European stocks covered by Morningstar analysts, 46 are listed across Nordic exchanges. These stocks are assigned a star rating based on whether the analyst considers the shares to be overvalued or undervalued. Stocks viewed as undervalued receive a 4 or 5-star rating, while overvalued stocks receive a 1 or 2-star rating.
Morningstar analysts evaluate stocks using the price/fair value ratio. A price/fair value ratio of 1 indicates that a company is trading close to its estimated fair value, while a ratio near 2 implies the stock is trading at roughly twice its fair value, and may be considered overvalued.
Morningstar’s rating framework also incorporates the Fair Value Uncertainty Rating, which is designed to capture the range of potential outcomes for a company’s intrinsic value, and helps identify when a higher margin of safety is needed before investing, which in turn drives the stock star rating system. GN Store Nord GN and EQT EQT have high uncertainty ratings while Kone KNEBV has a low uncertainty rating.
