Hacksaw AB: A High-Return Disruptor with Strong Growth Potential and Attractive Valuation

In a report released today, James Wheatcroft from Jefferies maintained a Buy rating on Hacksaw AB, with a price target of SEK130.00.

James Wheatcroft’s rating is based on several compelling factors that highlight Hacksaw AB’s potential for growth and profitability. The company’s recent performance, with a 39% year-over-year increase in revenues and a 29% growth in EBIT, demonstrates its robust operational capabilities, even though it slightly missed consensus expectations. The company’s ability to maintain a high EBIT margin, despite increased third-party content and headcount, further underscores its operational efficiency.
Additionally, Hacksaw AB is positioned as a high-return disruptor in the online gambling sector, with a clear path for medium-term growth, evidenced by a projected 43% three-year EBITDA CAGR. The company’s strong financial position, with €88 million in net cash, and its attractive valuation, trading at 7.6x EV/EBITDA for FY26E, suggest that the market has not fully priced in its growth potential. These factors collectively support Wheatcroft’s Buy rating, indicating confidence in Hacksaw AB’s future performance.