The aim of the study was to investigate natural values and the occurrence of pendulous lichens species in two areas located in subalpine coniferous woodland in Tärnaby, Västerbotten county in northern Sweden. The two areas have similar geology, hydrology and vegetation. Area A is affected by forestry, whilst area B isn’t. Forestry is one of the biggest threats to woodland species because it causes habitat fragmentation a loss of habitat. Pendulous lichens are most occurring in old growth forests where natural processes have been left undisturbed. Therefore, red-listed pendulous lichens are often used as a nature value indicator for identifying old-growth forests. In each study area, five sample areas was studied. In each sample area, a nature value assessment and an inventory of pendulous lichen species and red-listed pendulous lichen species was performed. In area A, three species of pendulous lichen where found, and five species were found in area B. In area B, two of the species found were Alectoria sarmentosa and Bryoria nadvornikiana, both listed as NT in the IUCN red list. In area A, no red listed species were found. Results also showed a higher natural value in the area not affected by forestry, area B, than in area A. The natural values and occurrence of pendulous lichen and red-listed pendulous lichen was higher in area B than in area A. The cause of the differences can’t be identified by this study, but the effect of forestry is probably one of the causes.