Magic Formula Stock Screen — Nordics
Joel Greenblatt's Magic Formula ranks companies on two things at once: how much they earn on the capital they use, and how cheap they are on their earnings. This screen is a simplified version: a return on equity of at least 20% combined with a P/E of 15 or less, among profitable companies.
The rules of this screen
A stock listed in the Nordics appears below only if it passes every rule:
- P/E (trailing 12 months) of 15 or less
- Return on equity (ROE) of at least 20%
- Net profit margin of at least 5%
Data comes from company filings and market prices, refreshed after every trading day. Stocks with a missing value for any rule are left out.
Magic Formula Stock Screen — Nordics: top stocks by market cap
50 Nordic stocks match this screen. Top 30 by market cap, data as of 13 Nov 2026.
| # | Company | Ticker | Sector | Mkt Cap | P/E | Div Yield | 1Y |
|---|---|---|---|---|---|---|---|
| 1 | Novo Nordisk A/S | NOVO-BCPH | Healthcare | €164.2B | 10.9 | 4.24% | -24.8% |
| 2 | Evolution AB (publ) | EVOSTO | Consumer Cyclical | €14.2B | 14.9 | 0.00% | +38.9% |
| 3 | Vår Energi ASA | VAROSL | Energy | €11.9B | 9.0 | 10.97% | +60.1% |
| 4 | Tele2 AB (publ) | TEL2-ASTO | Communication Services | €10.4B | 11.3 | 6.36% | +9.6% |
| 5 | Tele2 AB (publ) | TEL2-BSTO | Communication Services | €10.4B | 11.3 | 6.40% | +10.5% |
| 6 | Pandora A/S | PNDORACPH | Consumer Cyclical | €9.3B | 13.4 | 2.35% | +20.5% |
| 7 | Wallenius Wilhelmsen ASA | WAWIOSL | Industrials | €6.9B | 11.5 | 5.23% | +102.1% |
| 8 | Höegh Autoliners ASA | HAUTOOSL | Industrials | €3.3B | 8.0 | 1.77% | +116.4% |
| 9 | Okeanis Eco Tankers Corp. | OETOSL | Industrials | €3.0B | 7.7 | 23.91% | +141.3% |
| 10 | Royal Unibrew A/S | RBREWCPH | Consumer Defensive | €3.0B | 14.2 | 3.43% | +0.6% |
| 11 | DOF Group ASA | DOFGOSL | Industrials | €3.0B | 6.8 | 10.58% | +42.8% |
| 12 | Kalmar Oyj | KALMARHEL | Industrials | €2.5B | 14.7 | 2.84% | +11.8% |
| 13 | Zealand Pharma A/S | ZEALCPH | Healthcare | €2.1B | 5.5 | 0.00% | -51.7% |
| 14 | Hacksaw AB (publ) | HACKSTO | Communication Services | €1.5B | 8.4 | 7.40% | -17.6% |
| 15 | Solstad Maritime ASA | SOMAOSL | Energy | €1.2B | 5.0 | 11.44% | +56.8% |
| 16 | MPC Container Ships ASA | MPCCOSL | Industrials | €1.2B | 5.4 | 6.00% | +51.9% |
| 17 | Storytel AB (publ) | STORY-BSTO | Communication Services | €872.7M | 14.8 | 1.17% | +52.2% |
| 18 | Paratus Energy Services Ltd. | PLSVOSL | Energy | €784.2M | 9.1 | 16.66% | +25.3% |
| 19 | Karnov Group AB (publ) | KARSTO | Industrials | €742.3M | 9.1 | 0.00% | -24.3% |
| 20 | Solstad Offshore ASA | SOFFOSL | Energy | €537.1M | 4.0 | 8.12% | +60.0% |
| 21 | Zinzino AB (publ) | ZZ-BSTO | Consumer Defensive | €409.6M | 10.4 | 5.33% | +2.3% |
| 22 | Sea1 Offshore Inc. | SEA1OSL | Energy | €371.4M | 4.8 | 0.00% | +36.6% |
| 23 | ABG Sundal Collier Holding ASA | ABGOSL | Financial Services | €354.9M | 9.8 | 7.64% | +8.6% |
| 24 | Odfjell Technology Ltd. | OTLOSL | Energy | €223.0M | 7.8 | 10.08% | +10.4% |
| 25 | Hunter Group ASA | HUNTOSL | Energy | €209.0M | 2.0 | 8.08% | +1441.1% |
| 26 | Solid Försäkringsaktiebolag (publ) | SFABSTO | Financial Services | €183.0M | 13.9 | 4.50% | +59.3% |
| 27 | NoHo Partners Oyj | NOHOHEL | Consumer Cyclical | €153.4M | 13.3 | 5.40% | -10.0% |
| 28 | Saniona AB (publ) | SANIONSTO | Healthcare | €148.6M | 9.2 | 0.00% | -24.2% |
| 29 | Prosafe SE | PRSOSL | Energy | €146.6M | 0.7 | 0.00% | +37.0% |
| 30 | Alexandria Group Oyj | ALEXHEL | Financial Services | €132.9M | 11.2 | 5.86% | +29.8% |
The same rules on every market the screener covers: the US, Canada, Europe, Australia and more. Free, no account needed.
Run this screen on all 18,000+ stocksHow to use this screen
Greenblatt's original uses return on tangible capital and earnings yield (EBIT / enterprise value) and excludes banks and utilities; ROE and P/E are proxies. He also recommends holding a basket of 20 to 30 names for a year, because single picks often disappoint.
This page lists the stocks that pass a set of rules. It is not a recommendation to buy or sell any of them, and past results of a strategy say nothing certain about future returns.