HACK Stock Analysis: Hacksaw | ST
Electronic Gaming & Multimedia | ST, Sweden | Market Cap: 22.904m SEK | 12M Return: 13.7% | SE0025138357 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 50.2M
Rev. Trend: 98.3%
Warnings
No concerns identified
Tailwinds
Seasonality 1.2 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Hacksaw AB (publ) is a Swedish B2B technology platform and game development company founded in 2017, headquartered in Stockholm with operations in the Czech Republic. The company develops and distributes digital slots, scratch cards, and instant win games to both private and state-owned iGaming operators, and also provides remote gaming server (RGS) technology, which allows operators to run third-party game content on their own platforms without in-house development. As a supplier within the Electronic Gaming & Multimedia industry, Hacksaw operates exclusively on a business-to-business model, generating revenue through game licensing and platform services rather than direct consumer gambling.
- US state-level iGaming expansion accelerates game studio revenue growth
- Margin expansion as scalable B2B platform gains operator market share
- Intensifying competition from established iGaming studios pressures pricing and win share
| Net Income: 154.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.65 > 0.02 and ΔFCF/TA -812.4 > 1.0 |
| NWC/Revenue: 88.63% < 20% (prev 3.81%; Δ 84.81% < -1%) |
| CFO/TA 0.68 > 3% & CFO 155.1m > Net Income 154.6m |
| Net Debt (-173.8m) to EBITDA (174.2m): -1.00 < 3 |
| Current Ratio: 8.10 > 1.5 & < 3 |
| Outstanding Shares: last quarter (289.2m) vs 12m ago 0.10% < -2% |
| Gross Margin: error (current vs previous; cannot be calculated due to missing/invalid data or negative margin) |
| Asset Turnover: 138.3% > 50% (prev 1.26k%; Δ -1.12k% > 0%) |
| Interest Coverage Ratio: 140.6 > 6 (EBIT TTM 169.3m / Interest Expense TTM 1.20m) |
| A: 0.82 (Total Current Assets 212.3m - Total Current Liabilities 26.2m) / Total Assets 226.9m |
| B: -0.38 (Retained Earnings -86.1m / Total Assets 226.9m) |
| C: 1.11 (EBIT TTM 169.3m / Avg Total Assets 151.8m) |
| D: 7.17 (Book Value of Equity 199.1m / Total Liabilities 27.8m) |
| Altman-Z'' = 19.17 = AAA |
| DSRI: 3.0 (Receivables 36.2m/17.5m, Revenue 209.9m/969.3m) |
| GMI: 1.00 (GM 96.54% / 96.54%) |
| AQI: 0.49 (AQ_t 0.05 / AQ_t-1 0.10) |
| SGI: 0.22 (Revenue 209.9m / 969.3m) |
| TATA: -0.00 (NI 154.6m - CFO 155.1m) / TA 226.9m) |
| Beneish M = -2.25 (Cap -4..+1) = BBB |
As of September 01, 2026, the stock is trading at SEK 79.30 with a total of 2,520,699 shares traded. Over the past week, the price has changed by -1.32%, over one month by -0.07%, over three months by +21.37% and over the past year by +13.73%.
Current recommended Stop Loss: 76.20 (which is 3.9% or 1.3 ATR below the current price).
Hacksaw has no consensus analysts rating.
Market Cap EUR = 2.07b (22.9b SEK * 0.0903 SEK.EUR)
P/E Trailing = 13.3333
P/S = 108.9992
P/B = 10.2432
Revenue TTM = 209.9m EUR
EBIT TTM = 169.3m EUR
EBITDA TTM = 174.2m EUR
Long Term Debt = 508k EUR (estimated: total debt 2.23m - short term 1.72m)
Short Term Debt = 1.72m EUR (from shortTermDebt, last quarter)
Debt = 2.23m EUR (from shortLongTermDebtTotal, last quarter) (leases 2.23m already included)
Net Debt = -173.8m EUR (calculated: Debt 2.23m - CCE 176.0m)
Enterprise Value = 1.89b EUR (2.07b + Debt 2.23m - CCE 176.0m)
Interest Coverage Ratio = 140.6 (Ebit TTM 169.3m / Interest Expense TTM 1.20m)
EV/FCF = 12.89x (Enterprise Value 1.89b / FCF TTM 147.0m)
FCF Yield = 7.76% (FCF TTM 147.0m / Enterprise Value 1.89b)
FCF Margin = 70.02% (FCF TTM 147.0m / Revenue TTM 209.9m)
Net Margin = 73.62% (Net Income TTM 154.6m / Revenue TTM 209.9m)
Gross Margin = unknown ((Revenue TTM 209.9m - Cost of Revenue TTM 7.26m) / Revenue TTM)
Tobins Q-Ratio = 8.35 (Enterprise Value 1.89b / Total Assets 226.9m)
Interest Expense / Debt = 54.04% (Interest Expense 1.20m / Debt 2.23m)
Taxrate = 5.86% (9.85m / 168.1m)
NOPAT = 159.4m (EBIT 169.3m * (1 - 5.86%))
Current Ratio = 8.10 (Total Current Assets 212.3m / Total Current Liabilities 26.2m)
Debt / Equity = 0.01 (Debt 2.23m / totalStockholderEquity, last quarter 199.1m)
Debt / EBITDA = -1.00 (Net Debt -173.8m / EBITDA 174.2m)
Debt / FCF = -1.18 (Net Debt -173.8m / FCF TTM 147.0m)
Total Stockholder Equity = 134.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 101.8% (Net Income 154.6m / Total Assets 226.9m)
RoE = 115.2% (Net Income TTM 154.6m / Total Stockholder Equity 134.2m)
RoCE = 125.6% (EBIT 169.3m / Capital Employed (Equity 134.2m + L.T.Debt 508k))
RoIC = 83.02% (NOPAT 159.4m / Invested Capital 191.9m)
WACC = 7.65% (E(2.07b)/V(2.07b) * Re(7.66%) + (debt cost/tax rate unavailable))
Discount Rate = 7.66% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 30.99 | Cagr: 0.05%
[DCF] Terminal Value 73.10% ; FCFF base≈357.5m ; Y1≈313.5m ; Y5≈253.3m
[DCF] Fair Price = 14.66 (EV 4.07b - Net Debt -173.8m = Equity 4.24b / Shares 289.2m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 98.32 | Revenue CAGR: 71.91% | SUE: N/A | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.16 | Chg30d=+0.00% | Revisions=+0% | Analysts=2
EPS next Quarter (2026-09-30): EPS=0.17 | Chg30d=-5.56% | Revisions=+0% | Analysts=2
EPS current Year (2026-12-31): EPS=0.69 | Chg30d=+1.86% | Revisions=+12% | GrowthEPS=+34.3% | GrowthRev=+31.6%
EPS next Year (2027-12-31): EPS=0.88 | Chg30d=+0.14% | Revisions=+0% | GrowthEPS=+28.8% | GrowthRev=+29.4%
[Analyst] Revisions Ratio: +8% (up=5, down=4)