olivLaw · European equity research
Hacksaw AB HACK.ST
Sweden · Nasdaq Stockholm · ISIN SE0025138357 · Vertical: Listed companies from Sweden
Hacksaw AB is a B2B supplier of games and a remote gaming server platform for iGaming operators, listed on Nasdaq Stockholm since June 2025. In fiscal 2025 it reported strong revenue growth, to 197.5 million EUR, but dependence on a few large customers remains a point to monitor.
At the close of 05 Nov 2026, Hacksaw AB (HACK.ST) stock was 56.30 SEK (−1.75% on the day), with beta 0.29, 52-week range 53.36–93.15 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 33.2
- weak (30–45)
- Bollinger (20, 2)
- 45.50 – 68.61
- in the lower half of the band · %B 0.47 · band width 40.5%
- SMA 50 / 200
- 74.57 / 71.27
- mixed trend
- MACD (12, 26, 9)
- -5.38 / -6.49
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −31.5% | −0.6% | −30.8 pp | — |
| 3 months | −23.8% | −4.2% | −19.6 pp | — |
| 6 months | −28.0% | +4.3% | −32.3 pp | — |
| Year to date | −11.3% | +7.5% | −18.8 pp | — |
| 1 year | −20.5% | +9.9% | −30.4 pp | −8.3% |
| 3 years | unavailable | +49.8% | unavailable | +12.0% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 92.3 m | 133.6 m |
| Net income YoY | unavailable | +44.8% |
| Diluted EPS | 0.38 | 0.50 |
| Diluted EPS YoY | unavailable | +31.9% |
| net % | unavailable | unavailable |
| Free cash flow | 100.5 m | 151.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 133.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 153.6 m EUR
- Total assets
- 179.2 m EUR
- Debt / equity
- unavailable
- Current ratio
- 7.02x
- ROE
- 99.5%
- ROA
- 85.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating income | 115.0 m | 157.4 m | esef· 26 Oct 2026verified |
| Depreciation & amortisation | 2.7 m | 4.6 m | esef· 26 Oct 2026verified |
| EBITDA | 117.6 m ≈ | 162.0 m ≈ | esef· 26 Oct 2026derived |
| Interest expense | 1.9 m | 6.3 m | esef· 26 Oct 2026verified |
| Pre-tax income | 115.5 m | 152.4 m | esef· 26 Oct 2026verified |
| Income tax | 6.1 m | 9.5 m | esef· 26 Oct 2026verified |
| Net income | 92.3 m | 133.6 m | esef· 26 Oct 2026verified |
| Diluted EPS | 0.38 | 0.50 | esef· 26 Oct 2026verified |
| Dividend per share | 0.19 | 0.39 | esef· 26 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 93.8 m | 133.2 m | esef· 26 Oct 2026verified |
| Current assets | 125.0 m | 165.6 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 186.0 k | 498.0 k | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 6.1 m | 9.9 m | esef· 26 Oct 2026verified |
| Total assets | 134.6 m | 179.2 m | esef· 26 Oct 2026verified |
| Current liabilities | 17.6 m | 23.6 m | esef· 26 Oct 2026verified |
| Equity | 115.0 m | 153.6 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 242.8 m | 269.4 m | esef· 26 Oct 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 100.7 m | 152.1 m | esef· 26 Oct 2026verified |
| Capex | 134.0 k | 406.0 k | esef· 26 Oct 2026verified |
| Free cash flow | 100.5 m ≈ | 151.7 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -4.1 m | -7.4 m | esef· 26 Oct 2026verified |
| Financing cash flow | -46.4 m | -106.9 m | esef· 26 Oct 2026verified |
| Dividends paid | 45.9 m | 106.3 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.37 – 16.76 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E7.70 – 16.76 (Mid 10.55)25 companies used · median multiple 21.3x · quartiles 15.5x – 33.8xAAK.ST, ACAD.ST, AFRY.ST, ALFA.ST, ALIG.ST, ALLEI.ST, ALTRA.ST, APOTEA.ST, AQ.ST, ARPL.ST, ASKER.ST, ATIC.ST, ATRLJ-B.ST, ATT.ST, B3.ST, BHG.ST, BOL.ST, BOOZT.ST, BORG.ST, BRAV.ST, BUFAB.ST, CAMX.ST, CARA.ST, CEVI.ST, COOR.ST
- Dividend discount (DDM)5.37 – 7.32 (Mid 6.19)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 113.5% | 100 (on a fixed band) | 30% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 24.8x | 100 (on a fixed band) | 30% |
| Current ratio · Balance sheet | 7.0x | 100 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 70.1% | 71 (on a fixed band) | 20% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partial71/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Hacksaw AB (HACK.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 106.9%.
The estimated value range is 6.53–12.04 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 113.5%
- Interest coverage: 24.8x
- Current ratio: 7.0x
- Payout ratio (FCF): 70.1%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for HACK.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Hacksaw AB is a B2B supplier of games and a remote gaming server platform for iGaming operators, listed on Nasdaq Stockholm since June 2025. In fiscal 2025 it reported strong revenue growth, to 197.5 million EUR 1, but dependence on a few large customers remains a point to monitor.
SWOT
Strengths
- Very high operating margin and rapid revenue growth, supported by a broad game portfolio and an in-house technology platform 1.
- Broad licence portfolio across several jurisdictions, reflecting a high level of regulatory compliance 1.
- Regular launch of new games, with the development pace increasing year on year 1.
Weaknesses
- Revenue concentration among a small number of large customers means losing one could have a significant impact 1.
- Dependence on a few key persons and on specialised game developers may limit execution 1.
- The company is relatively new to the stock exchange, so its public track record in this format is short 1.
Opportunities
- Extending the OpenRGS platform to external studios could add revenue without proportionally raising content costs 1.
- Newly regulated markets could offer access to new operators and additional demand for the company's games 1.
- Development of new technologies and mobile game formats may support growth in the player base 1.
Threats
- Stricter regulation or bans in certain jurisdictions could force withdrawal from important markets 1.
- Rising competition from new operators and existing suppliers may pressure prices and market share 1.
- Macroeconomic changes, inflation and currency fluctuations could affect demand and financial results 1.
Risks
- Customer concentrationhigh
Ten customers account for nearly half of revenue, and a drop in activity or the loss of one of them could seriously affect results 1.
- Regulatory changeshigh
Changes in regulation or bans on online gaming in jurisdictions where the company earns revenue could limit market access 1.
- Competitionmedium
New entrants or improved offers from competitors could reduce the company's market share 1.
- Cybersecuritymedium
Cyberattacks or system outages could affect product quality and the company's reputation 1.
- Dependence on key personnelmedium
Loss of key employees or difficulty recruiting development specialists could slow game launches 1.
Investment thesis
What would need to be true (bull case)
- Revenue growth and high operating margins suggest an efficient business model, which could support dividend distributions under the company's policy 1.
- The OpenRGS platform opens an additional revenue stream if external studios grow in number and volume 1.
- Structural industry trends, such as the shift to online and mobile play, support long-term demand 1.
What would break the thesis
- Customer concentration means results depend on decisions by a few large operators, which could create volatility 1.
- Sweepstakes regulation and possible local bans could reduce access to certain markets 1.
- Rising personnel and development costs could compress margins if revenue does not grow at the same pace 1.
What to watch
- Revenue trend and GGR per largest customerQ1 2026
- Number of external studios connected to OpenRGS and their share of GGR2026
- New licences obtained and the state of US sweepstakes regulationnext 10-K
- Implementation of the dividend policy and the proposed share buyback mandate2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Hacksaw is a company founded in 2018 that develops slots, scratch cards and instant win games on its own RGS platform, delivered to iGaming operators and aggregators 1. Revenue comes from commercial agreements with a take rate on operators' gross gaming revenue, not from direct interaction with players 1. The company holds licences in several jurisdictions, among them Malta, the United Kingdom, Sweden and Romania 1.
Segments
Market context
The global online casino market grew strongly in 2025, supported by the shift from land-based to online casinos and by mobile play 1. The company also points to a more digital generation of players and the opening of regulated markets 1. Sweepstakes make up a small share of revenue, and their regulation remains uncertain 1.
Trends
- Opening of regulated marketstailwind
A more liberal view of gambling opens additional regulated markets for game suppliers, which could widen the company's customer base 1.
- Shift to mobile gamingtailwind
Players moving from physical venues to online and mobile platforms supports demand for the company's game portfolio 1.
- Regulation and sweepstakesheadwind
If more jurisdictions introduced sweepstakes rules or banned online gaming, the company could stop offering games there, as it has already done in some US states 1.
- Personnel costs and investmentmixed
Rising operating costs linked to recruitment and OpenRGS expansion could compress margins during growth phases, although the adjusted margin remains high 1.
Competitive position
Hacksaw operates in a competitive sector, where new operators and expanding offers from existing ones could challenge its position 1. The company aims to maintain its edge through product innovation and by attracting new customers 1. The sources do not name specific competing companies.
- Other listed B2B game suppliers
The annual report uses a group of listed B2B suppliers, including Evolution, Playtech and Light & Wonder, as a performance reference 1.
- Listed B2C operators
A second reference group in the report includes B2C operators such as DraftKings and Flutter, which are indirect customers or competitors within the ecosystem 1.
- Third-party game studios
External studios publishing on the OpenRGS platform may be both partners and competitors for the in-house portfolio 1.
- Regional licence holders
Local companies in jurisdictions where Hacksaw holds licences may compete for the same operators, especially where regulation favours national suppliers 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Hacksaw AB · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.