Cheap for a Reason: What Low Multiples Hide (October 2026)

The market prices each of these 32 names as cheap for a reason, and the cheapest corner of our list has a strong accent: Sweden. AB Industrivärden, a $24B holding company, leads with a Value score of 93, followed by tiny Concejo at 91 and Norway's Cloudberry Clean Energy at 89, a $425M name compounding revenue 73% a year. Poland supplies the rest of the flavor, from KOGENERACJA to retailer LPP.

A median Value score of 81.5 means the whole group trades at multiples the market usually reserves for no-growth businesses, despite double-digit revenue lines almost everywhere. Sometimes that is neglect of small Nordic listings; sometimes the doubt is earned. The per-company analyses take each case on its own terms; click any name to read one.