Hacksaw AB (SE:HACK)
:HACK
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Hacksaw AB
(HACK)
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Rating:90Outperform
Price Target:
kr88.00
▲(28.56% Upside)
Action:Reiterated
Date:06/02/26
The score is driven primarily by outstanding financial performance (elite profitability, strong free cash flow, and very low leverage). Technicals add support with price above key moving averages and positive MACD, while valuation is favorable with a moderate P/E and high dividend yield. The main offset is the noted slowdown/variability in growth versus prior higher-growth years.
Positive Factors
Exceptional profitability and margins
Sustained high gross, operating and net margins indicate durable earnings power and pricing or product advantages. Strong profitability supports reinvestment, dividends and resilience to revenue variability, providing a stable earnings base over the next 2–6 months.
Negative Factors
Slower and uneven revenue growth
A shift from previously higher growth to mid-single-digit TTM growth and year-to-year variability increases uncertainty in future top-line trajectory. Slower revenue expansion constrains the runway for scalable margin expansion and capital allocation choices.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptional profitability and margins
Sustained high gross, operating and net margins indicate durable earnings power and pricing or product advantages. Strong profitability supports reinvestment, dividends and resilience to revenue variability, providing a stable earnings base over the next 2–6 months.
Read all positive factors
Hacksaw AB (HACK) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr21.44B
Dividend YieldN/A
Average Volume (3M)277.71K
Price to Earnings (P/E)12.6
Beta (1Y)0.33
Revenue GrowthN/A
EPS GrowthN/A
CountrySE
Employees254
SectorTechnology
Sector Strength88
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)0.57
Shares Outstanding289,195,980
10 Day Avg. Volume351,409
30 Day Avg. Volume277,709
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)10.24
Price to Sales (P/S)7.97
P/FCF Ratio10.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr96.50Price Target Upside40.98% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.69
Revenue Forecast (FY)kr259.79M
Hacksaw AB Business Overview & Revenue Model
Company Description
Established in Stockholm, Sweden, in 2017, Hacksaw AB (publ) operates as a business-to-business (B2B) technology platform and game development firm. With a presence in both Sweden and the Czech Republic, the company specializes in creating and dis...
How the Company Makes Money
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Hacksaw AB Financial Statement Overview
Summary
Income Statement
94
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
95
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 209.94M | 197.37M | 136.66M | 66.78M | 31.96M |
| Gross Profit | 202.68M | 189.79M | 133.09M | 66.14M | 31.75M |
| EBITDA | 174.22M | 157.11M | 118.21M | 56.12M | 26.71M |
| Net Income | 154.56M | 133.64M | 92.27M | 49.74M | 14.26M |
Balance Sheet | |||||
| Total Assets | 226.90M | 179.23M | 134.61M | 61.03M | 25.65M |
| Cash, Cash Equivalents and Short-Term Investments | 176.03M | 133.18M | 93.76M | 43.76M | 15.82M |
| Total Debt | 2.23M | 2.68M | 2.91M | 1.69M | 387.00K |
| Total Liabilities | 27.76M | 25.60M | 19.63M | 8.66M | 12.47M |
| Stockholders Equity | 199.14M | 153.63M | 96.42M | 50.23M | 12.79M |
Cash Flow | |||||
| Free Cash Flow | 147.01M | 144.81M | 96.58M | 48.90M | 21.93M |
| Operating Cash Flow | 155.08M | 152.07M | 100.65M | 50.96M | 24.50M |
| Investing Cash Flow | -8.19M | -7.38M | -4.08M | -2.06M | -2.58M |
| Financing Cash Flow | -840.00K | -106.93M | -46.40M | -21.65M | -10.53M |
Hacksaw AB Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
90 Outperform | kr21.44B | 12.63 | ― | ― | ― | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | kr868.28M | 181.27 | 22.29% | 0.48% | -1.90% | -74.32% | |
48 Neutral | kr1.73B | 490.80 | ― | ― | 18.24% | ― | |
47 Neutral | kr9.78M | -1.22 | -177.14% | ― | 39.35% | 51.19% | |
45 Neutral | kr28.17M | -4.00 | ― | ― | 18.94% | 70.65% |
* Technology Sector Average
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Hacksaw AB Corporate Events
Hacksaw Gaming Secures First-Mover Deal with Slovenia’s Sole Licensed Online Casino
Jun 17, 2026
Hacksaw Gaming, the B2B iGaming platform and game developer known for digital slots, scratch cards and instant win games, has expanded its reach by integrating its portfolio with Slovenia’s only licensed online casino, Casino.si, operated by...
Hacksaw withdraws misvalued LTIP and plans revised incentive scheme
Jun 12, 2026
Hacksaw AB has withdrawn its proposed long-term incentive program for key employees and cancelled the Extraordinary General Meeting scheduled for June, after discovering that an external advisor had incorrectly valued the warrants underpinning the...
Hacksaw Gaming Deepens Bulgarian iGaming Reach with MagicBet Partnership
Jun 9, 2026
Hacksaw Gaming has expanded its European footprint by partnering with Bulgarian operator MagicBet to bring its portfolio of slot titles to the locally licensed platform. The deal makes MagicBet the company’s 17th live operator in Bulgaria, s...
Hacksaw Gaming Enters Lebanon’s Regulated Online Market with BetArabia
May 29, 2026
Hacksaw Gaming, the game development arm of Hacksaw AB, has entered Lebanon’s newly regulated online gaming market through a partnership with BetArabia, the country’s first and only licensed online platform. The deal introduces Hacksaw...
Hacksaw AB Calls Extra General Meeting to Vote on New Incentive Program
May 20, 2026
Hacksaw AB has called an extra general meeting of shareholders for 15 June 2026 in Stockholm, offering participation either in person or via advance postal voting. Shareholders must be registered with Euroclear Sweden AB by 5 June and follow speci...
Hacksaw Gaming Expands Swiss Footprint with Swiss Casinos Deal
May 18, 2026
Hacksaw Gaming has entered a partnership with Swiss Casinos, the largest casino group in Switzerland, to integrate its distinctive online slot portfolio into the operator’s digital platform swisscasinos.ch. The deal expands Hacksaw’s r...
Hacksaw expands OpenRGS with 3D-focused Aloha Gaming partnership
May 12, 2026
Hacksaw Gaming has expanded its OpenRGS remote gaming server platform by onboarding Aloha Gaming, the eleventh studio to join its ecosystem and a specialist in bold, true 3D slot experiences built around innovative mechanics. The collaboration str...
Hacksaw Gaming Expands in Serbia Through WinnerBet Partnership
May 7, 2026
Hacksaw Gaming has signed a partnership with Serbian operator WinnerBet to supply its portfolio of online slots and instant-win games to the local market. The deal leverages WinnerBet’s long-standing brand presence and recent Serbian online ...
Hacksaw Gaming Expands in South Africa Through Sunbet Partnership
May 6, 2026
Hacksaw Gaming has entered a partnership with South African operator Sunbet, integrating its portfolio of high-intensity casino titles into Sunbet’s platform. The deal deepens Hacksaw’s presence in a fast-growing regional market and en...
Hacksaw Replaces Group CEO, Confirms Strategic Course After Nasdaq Listing
Apr 30, 2026
Hacksaw AB, a B2B technology platform and game developer serving major private and state-owned iGaming operators with digital slots, scratch cards and instant win games, operates across the full B2B iGaming value chain from development to distribu...
Hacksaw AB Delivers Strong Q1 2026 Growth as New Games, U.S. Expansion and Studio Investments Drive Momentum
Apr 28, 2026
Hacksaw AB reported a strong first quarter of 2026, with revenue rising 28% to EUR 57.6 million, or 37% on a constant currency basis, and adjusted EBIT up 27% to EUR 47.4 million, maintaining an 82% margin alongside robust cash generation. The gro...
Hacksaw AB AGM Approves Dividend, Expands Capital Flexibility
Apr 27, 2026
Hacksaw AB’s annual general meeting on 27 April 2026 approved the 2025 financial statements and declared a dividend of EUR 0.40 per share, with payment in May, while granting discharge from liability to the board and CEO. Shareholders re-ele...
Hacksaw Gaming Expands in Spain and Peru Through RETABET Partnership
Apr 22, 2026
Hacksaw Gaming has entered into a new partnership with Spanish and Peruvian operator RETABET, expanding the reach of its innovative slot titles across both countries’ regulated online and retail gaming markets. The deal leverages RETABETR...
Hacksaw Gaming adds Good Times Studios as tenth partner on OpenRGS platform
Apr 21, 2026
Hacksaw Gaming has expanded its OpenRGS remote game server platform by adding Good Times Studios as its tenth partner studio, launching with the newcomer’s debut slot title, Avalanche. The partnership strengthens Hacksaw’s content ecos...
Hacksaw Sets Date and Investor Call for Q1 2026 Results
Apr 14, 2026
Hacksaw AB, a Nasdaq Stockholm-listed B2B iGaming technology and game development provider, operates across the full value chain from game creation to distribution. The company’s modern, scalable platform underpins a portfolio of digital slo...
Hacksaw Ventures Takes Minority Stake in Jinx Gaming to Boost OpenRGS Content
Apr 1, 2026
Hacksaw Ventures, the investment arm of Hacksaw Gaming, has taken a minority stake in Jinx Gaming, a partner studio on its OpenRGS platform, with an option to increase its holding over time. The deal deepens an existing collaboration that began wi...
Hacksaw AB Publishes Comprehensive 2025 Annual Report
Mar 26, 2026
Hacksaw AB (publ) has released its 2025 annual report, presenting a comprehensive overview of the year’s performance, including key figures, business highlights, CEO commentary, and a market overview. The document details the company’s...
Hacksaw AB Calls 2026 Annual General Meeting to Set Governance and Elect Board
Mar 25, 2026
Hacksaw AB has called its annual general meeting for April 27, 2026, in Stockholm, giving shareholders the choice to attend in person or vote in advance by post, provided they are registered in the Euroclear Sweden share register by April 17. The ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.