Simple quantitative value: Sweden

This post is an update to a previous one called 'Swedish Value and Glamour Stocks'. This time I've expanded the stock universe to not only include large, medium and small caps but also First North which contains stocks of market values between 3100 MSEK to 1 MSEK (there is some overlap with the small cap universe). There are nows total of around 450 stocks in the list.

As before each stock is given a percentile score for the following value ratios P/E, P/S, P/B and dividend yield. Some values may be slightly different to before as first half years reports have now been released, so rolling sales and earnings have probably changed.

I've converted the P/E ratio to an 'earnings yield' and included stocks with negative earnings. Instead of giving them all a score of 0 I've ranked them in a way that the more negative the earnings yield the lower the score the stock gets in that category.

The scores from all categories are then added together to give an overall composite value which is used to rank the stocks. Below is a list of the stocks with the ten highest scores. 

As one would expect all have relatively low price ratios and give a decent dividend. The same usual suspects are there as before e.g. XANO, Acando, Doro but a few new ones have appeared due to the inclusion of First North list. Must admit I'd never heard of Precio Systemutveckling before, it's an IT  software and system management company.