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Hacksaw AB
(HACK)
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Rating:74Outperform
Price Target:
kr65.00
â–¼(-23.66% Downside)
Action:Reiterated
Date:10/13/26
Strong fundamentals and cash generation drive the score, supported by attractive valuation (low P/E and high dividend yield). These positives are partially offset by very weak technicals, with price far below key moving averages and negative momentum indicators.
Positive Factors
Exceptional profitability and operating leverage
Very high margins and strong operating leverage indicate that Hacksaw converts revenue into earnings efficiently. This profitability can support continued investment in game development and distribution while providing resilience if growth moderates over the next several quarters.
Negative Factors
Recent annual growth slowdown
The recent deceleration suggests Hacksaw may be moving from a hyper-growth phase toward more moderate expansion. Slower growth could reduce operating leverage benefits, temper the pace of earnings progression, and increase the importance of sustained game performance and distribution execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptional profitability and operating leverage
Very high margins and strong operating leverage indicate that Hacksaw converts revenue into earnings efficiently. This profitability can support continued investment in game development and distribution while providing resilience if growth moderates over the next several quarters.
Read all positive factors
Hacksaw AB (HACK) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr15.59B
Dividend Yield8.17%
Average Volume (3M)1.44M
Price to Earnings (P/E)7.9
Beta (1Y)0.11
Revenue Growth26.61%
EPS Growth50.63%
CountrySE
Employees304
SectorGeneral
Sector StrengthN/A
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)0.62
Shares Outstanding289,195,980
10 Day Avg. Volume2,840,403
30 Day Avg. Volume1,442,845
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.67
Revenue Forecast (FY)kr249.93M
Hacksaw AB Business Overview & Revenue Model
Company Description
Hacksaw AB (publ) operates as a B2B technology platform and game development company in Sweden and Czech Republic. It develops and distributes games comprising digital slots, scratch cards, and instant win games for private and state-owned iGaming...
How the Company Makes Money
Hacksaw AB primarily makes money by licensing and distributing its game content to iGaming operators and platform partners rather than by operating consumer-facing gambling services. Key revenue streams generally include: (1) game/content licensin...
Hacksaw AB Financial Statement Overview
Summary
Income Statement
93
Very Positive
Balance Sheet
91
Very Positive
Cash Flow
94
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 223.76M | 197.37M | 136.66M | 66.78M | 31.96M |
| Gross Profit | 217.63M | 189.79M | 133.09M | 66.14M | 31.75M |
| EBITDA | 187.95M | 157.11M | 118.21M | 56.12M | 26.71M |
| Net Income | 171.96M | 133.64M | 92.27M | 49.74M | 14.26M |
Balance Sheet | |||||
| Total Assets | 156.91M | 179.23M | 134.61M | 61.03M | 25.65M |
| Cash, Cash Equivalents and Short-Term Investments | 99.41M | 133.18M | 93.76M | 43.76M | 15.82M |
| Total Debt | 3.06M | 2.68M | 2.91M | 1.69M | 387.00K |
| Total Liabilities | 27.74M | 25.60M | 19.63M | 8.66M | 12.47M |
| Stockholders Equity | 129.18M | 153.63M | 96.42M | 50.23M | 12.79M |
Cash Flow | |||||
| Free Cash Flow | 163.71M | 144.81M | 96.58M | 48.90M | 21.93M |
| Operating Cash Flow | 173.22M | 152.07M | 100.65M | 50.96M | 24.50M |
| Investing Cash Flow | -10.03M | -7.38M | -4.08M | -2.06M | -2.58M |
| Financing Cash Flow | -117.05M | -106.93M | -46.40M | -21.65M | -10.53M |
Hacksaw AB Technical Analysis
Negative
85.15
Price Trends
78.23
Negative
77.53
Negative
70.15
Negative
Market Momentum
-8.06
Positive
19.73
Positive
9.89
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:HACK, the sentiment is Negative. The current price of 85.15 is above the 20-day moving average (MA) of 66.27, above the 50-day MA of 78.23, and above the 200-day MA of 70.15, indicating a bearish trend. The MACD of -8.06 indicates Positive momentum. The RSI at 19.73 is Positive, neither overbought nor oversold. The STOCH value of 9.89 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:HACK.
Hacksaw AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | kr15.59B | 7.85 | ― | 8.17% | 26.61% | 50.63% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | kr1.63B | 52.69 | 45.59% | ― | 29.02% | ― | |
46 Neutral | kr777.67M | -79.89 | -8.86% | 0.79% | -12.66% | -140.16% | |
44 Neutral | kr30.65M | -1.77 | -200.02% | ― | 6.03% | -6.48% |
* General Sector Average
SE:HACK
Hacksaw AB
53.90
-15.54
-22.38%
SE:CLAV
Clavister Holding AB
4.40
0.39
9.59%
SE:ADVE
Advenica AB
17.68
2.88
19.44%
SE:DIVIO.B
Divio Technologies AB Class B
0.05
-0.08
-60.16%
Hacksaw AB Corporate Events
Hacksaw AB Posts Strong Q3 Margins as Revenue Growth Moderates
Oct 11, 2026
Hacksaw AB reported preliminary third‑quarter 2026 results showing revenue of about EUR 57.5 million to EUR 58.5 million, up roughly 11 to 12 percent year‑on‑year. Adjusted operating profit is expected at EUR 48 million to EUR 49...
Hacksaw Gaming Secures Major Czech Expansion via Sazka Hry Deal
Oct 7, 2026
Hacksaw Gaming, the B2B iGaming technology and game developer listed in Stockholm, has deepened its presence in Central Europe by partnering with Sazka Hry, a leading Czech online casino brand owned by Allwyn Česko. The company’s platfo...
Hacksaw Gaming Extends Bet365 Partnership Into Spanish Market
Sep 14, 2026
Hacksaw Gaming, the iGaming content arm of Hacksaw AB, has expanded its partnership with online gambling operator bet365 by extending their collaboration to Spain, a key regulated European market. The deal will see Spanish players gain access to a...
Hacksaw Gaming Enters Crash Game Segment with Launch of Moneyplane
Sep 7, 2026
Hacksaw Gaming is extending its product portfolio beyond its established slots and instant win titles with the launch of Moneyplane, its first crash game built on the new Bail2Win™ format. The crash mechanic, centred on a rising multiplier a...
Hacksaw Gaming Extends Brazilian Footprint via Brazino777 Deal
Sep 4, 2026
Hacksaw Gaming has deepened its foothold in Brazil’s fast-growing online gaming market through a partnership with locally focused operator Brazino777. The deal brings Hacksaw’s portfolio of slots and instant win titles to Brazino777...
Hacksaw Gaming Taps Caliente.mx to Drive Mexico iGaming Expansion
Sep 2, 2026
Hacksaw Gaming, a unit of Hacksaw AB, has signed a partnership with Caliente.mx, Mexico’s dominant online gaming operator, to supply its portfolio of slots and instant win titles to the platform’s casino players. The deal provides Hack...
Hacksaw Gaming Deepens Czech Footprint with Tokyo.cz Partnership
Aug 26, 2026
Hacksaw Gaming has expanded its presence in the Czech Republic through a new partnership with online casino operator Tokyo.cz, adding its slot titles to the locally licensed platform. The move makes Tokyo.cz Hacksaw’s fourth live operator in...
Hacksaw AB Revamps Long-Term Incentive Plan With New Warrant Issue
Aug 21, 2026
Hacksaw AB has overhauled its long-term incentive structure by cancelling its previously adopted Key Employee LTIP 2026/2029:1 and introducing a new Key Employee LTIP 2026/2029:2, designed to offer more market-based and cost-efficient terms. The r...
Hacksaw Names Ana Vrabic Verdir Permanent Group CEO to Drive Growth in Global iGaming
Aug 20, 2026
Hacksaw AB has named Ana Vrabic Verdir as its permanent Group CEO, following her tenure as Interim Group CEO since April 2026 and her service on the board since 2024, with the appointment taking immediate effect after a recruitment process that ev...
Hacksaw OpenRGS Adds Zerplaay Games to Expand Cinematic iGaming Content
Aug 5, 2026
Hacksaw OpenRGS has added Zerplaay Games as a new partner studio, expanding its ecosystem of independent developers on the company’s global iGaming distribution and technology platform. Zerplaay will create and launch upcoming titles through...
Hacksaw Gaming Expands in South Africa Through Hollywoodbets Slot Deal
Jul 29, 2026
Hacksaw Gaming has entered into a partnership with Hollywoodbets to supply its slot portfolio to the operator’s online platform in South Africa. Hollywoodbets, which has grown from horse racing roots into one of the country’s leading o...
Hacksaw AB Calls Extraordinary Meeting to Revamp Key Employee Incentive Program
Jul 28, 2026
Hacksaw AB has called an extraordinary general meeting for 21 August 2026 in Stockholm, offering shareholders the option to participate in person or via advance postal voting. The company outlines detailed registration, identification and proxy re...
Hacksaw AB Delivers High-Margin Growth and Expands Global Gaming Footprint
Jul 21, 2026
Hacksaw AB reported strong second-quarter and half-year results for 2026, with revenue up 31% in the quarter to EUR 59.3 million and adjusted EBIT growing at the same pace, maintaining an exceptionally high 82% margin. Profit and operating cash fl...
Hacksaw Gaming Secures Exclusive Betano Launch in Buenos Aires City
Jul 14, 2026
Hacksaw Gaming has entered the newly licensed Buenos Aires City online gaming market through an exclusive launch partnership with Betano, the leading Latin American brand owned by Kaizen Gaming. The deal gives Betano customers access to Hacksaw...
Hacksaw Gaming Wins Key Alberta License Ahead of iGaming Market Launch
Jul 13, 2026
Hacksaw Gaming, the iGaming-focused B2B technology and game development arm of Hacksaw AB, delivers digital slots, scratch cards, and instant win games via a scalable platform that supports large private and state-owned operators globally. The com...
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.