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Nasdaq (Nasdaq: NDAQ) reports that the annual review of its Nordic market capitalization (market cap) segments is completed. The revision is based on the average market cap value in November 2020. Together with indexes and sector classifications, the market cap segmentation is a tool to increase visibility for companies listed on Nasdaq’s exchanges in Stockholm, Helsinki, Copenhagen and Iceland.
Effective January 4, 2021, the following 34 companies will change segment: 26 companies will change to a larger segment, while 8 companies will change to a smaller segment.
| Company Name | Current Segment | New Segment | Exchange |
| Alligator Bioscience AB | Mid Cap | Small Cap | Stockholm |
| Attendo AB | Large Cap | Mid Cap | Stockholm |
| Bactiguard Holding AB ser. B | Small Cap | Mid Cap | Stockholm |
| Balco Group AB | Small Cap | Mid Cap | Stockholm |
| BHG Group AB | Mid Cap | Large Cap | Stockholm |
| Bonava AB ser. A | Large Cap | Mid Cap | Stockholm |
| Bonava AB ser. B | Large Cap | Mid Cap | Stockholm |
| BONESUPPORT HOLDING AB | Small Cap | Mid Cap | Stockholm |
| Brinova Fastigheter AB ser. B | Small Cap | Mid Cap | Stockholm |
| Bure Equity AB | Mid Cap | Large Cap | Stockholm |
| Cantargia AB | Small Cap | Mid Cap | Stockholm |
| Catena AB | Mid Cap | Large Cap | Stockholm |
| CTT Systems AB | Small Cap | Mid Cap | Stockholm |
| Josemaria Resources Inc. | Mid Cap | Small Cap | Stockholm |
| Lime Technologies AB | Small Cap | Mid Cap | Stockholm |
| MedCap AB | Small Cap | Mid Cap | Stockholm |
| Modern Times Group MTG AB ser. A | Large Cap | Mid Cap | Stockholm |
| Modern Times Group MTG AB ser. B | Large Cap | Mid Cap | Stockholm |
| NCAB Group AB | Small Cap | Mid Cap | Stockholm |
| Nelly Group AB | Mid Cap | Small Cap | Stockholm |
| Platzer Fastigheter Holding AB ser. B | Mid Cap | Large Cap | Stockholm |
| Pricer AB ser. B | Small Cap | Mid Cap | Stockholm |
| Rejlers AB ser. B | Small Cap | Mid Cap | Stockholm |
| SECTRA AB ser B | Mid Cap | Large Cap | Stockholm |
| Sinch AB | Mid Cap | Large Cap | Stockholm |
| Xspray Pharma AB | Small Cap | Mid Cap | Stockholm |
| Afarak Group Oyj | Mid Cap | Small Cap | Helsinki |
| Harvia Oyj | Small Cap | Mid Cap | Helsinki |
| Lehto Group Oyj | Mid Cap | Small Cap | Helsinki |
| Suominen Oyj | Small Cap | Mid Cap | Helsinki |
| cBrain A/S | Small Cap | Mid Cap | Copenhagen |
| Danske Andelskassers Bank A/S | Small Cap | Mid Cap | Copenhagen |
| Gabriel Holding A/S | Small Cap | Mid Cap | Copenhagen |
| TCM Group A/S | Small Cap | Mid Cap | Copenhagen |
| Zealand Pharma A/S | Mid Cap | Large Cap | Copenhagen |
| Kvika banki hf. | Small Cap | Mid Cap | Iceland |
About the Market Cap Segments
Companies belong to a market cap segment (Small-, Mid- and Large Cap) based on their average market value during the given review month. Each segment is reviewed annually based on the average market cap in November with adjustments taking effect in January the following year. The market cap calculations are based on the total number of shares, i.e. both listed and non-listed shares, of a company. Companies with a market value exceeding EUR 1 billion are in the group of “Large Cap”, while companies with a market value smaller than EUR 150 million belong to “Small Cap”. Companies with a market value between EUR 150 million and EUR 1 billion belong to the “Mid Cap” segment.
12 month transitional period
Companies whose market cap has moved outside the reference values for their current classification are moved between segments according to the following rule: If their market cap is less than 50 percent of the minimum or more than 150 percent of the maximum threshold of their current segments they are transferred into a new segment with immediate effect. On the other hand, if their market cap is greater than 50 percent of the minimum or less than 150 percent of the maximum threshold of their current segment they are subject to a transitional period and thus one more review before transferring into a new segment. Hence, based on the EUR 1 billion Large Cap and EUR 150 million Mid Cap thresholds, a Large Cap company whose market cap value has not fallen below EUR 500 million, and a Mid-cap company whose market cap value has not fallen below EUR 75 million, are subject to a second review before moving down to the new segment. Similarly, a Mid Cap company whose market cap value has not exceeded EUR 1.5 billion and a Small-cap company whose market cap value has not exceeded EUR 225 million, are subject to a second review before moving up to the new segment.
