olivLaw · European equity research
Hexatronic Group AB HTRO.ST
Sweden · Nasdaq Stockholm · ISIN SE0018040677 · Vertical: Listed companies from Sweden
Hexatronic Group AB makes fiber optic cables and systems for telecom, energy, defense and data centers, with operations in several international markets. In 2024 the company reported sales of 1 100 MSEK in Harsh Environment and 971 MSEK in Data Center, supported by investment in digital infrastructure in Europe and the US.
At the close of 05 Nov 2026, Hexatronic Group AB (HTRO.ST) stock was 38.06 SEK (−8.22% on the day), with market capitalisation 7.8 bn SEK, P/E 22.5 on diluted EPS of 1.69 SEK over the last 12 months, dividend yield 0.00%, beta 1.05, 52-week range 16.70–48.58 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)
- 38.4
- weak (30–45)
- Bollinger (20, 2)
- 37.09 – 47.61
- in the lower half of the band · %B 0.09 · band width 24.8%
- SMA 50 / 200
- 40.74 / 37.29
- mixed trend
- MACD (12, 26, 9)
- 0.55 / 0.94
- MACD below 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 | −10.7% | −0.6% | −10.1 pp | — |
| 3 months | −7.4% | −4.2% | −3.2 pp | — |
| 6 months | −4.9% | +4.3% | −9.2 pp | — |
| Year to date | +65.2% | +7.5% | +57.7 pp | — |
| 1 year | +97.7% | +9.9% | +87.8 pp | −8.5% |
| 3 years | +43.5% | +49.8% | −6.3 pp | +12.3% |
| 5 years | −54.9% | +42.8% | −97.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 6.6, median 21.4, max 36.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 6.6 bn | 8.2 bn | 7.6 bn |
| Revenue YoY | unavailable | +24.0% | −7.0% |
| Net income | 795.0 m | 848.0 m | 346.0 m |
| Net income YoY | unavailable | +6.7% | −59.2% |
| Diluted EPS | 3.89 | 4.17 | 1.69 |
| Diluted EPS YoY | unavailable | +7.2% | −59.5% |
| net % | 12.1% | 10.4% | 4.6% |
| Free cash flow | 208.0 m | 434.0 m | 605.0 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 633.0 m SEK
- Financial debt
- 2.5 bn SEK
- Net debt
- 1.9 bn SEK
- Equity
- 4.1 bn SEK
- Total assets
- 9.0 bn SEK
- Debt / equity
- 0.62x
- Current ratio
- 2.25x
- ROE
- 9.2%
- ROA
- 3.9%
- FCF margin
- 8.0%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 6.6 bn | 8.2 bn | 7.6 bn | esef· 08 May 2025verified |
| Operating income | 1.0 bn | 1.1 bn | 680.0 m | esef· 08 May 2025verified |
| Depreciation & amortisation | 62.0 m | 113.0 m | — | esef· 23 Apr 2024verified |
| EBITDA | 1.1 bn ≈ | 1.2 bn ≈ | — | esef· 23 Apr 2024derived |
| Interest expense | 67.0 m | 186.0 m | 204.0 m | esef· 08 May 2025verified |
| Pre-tax income | 1.0 bn | 1.1 bn | 501.0 m | esef· 08 May 2025verified |
| Income tax | 224.0 m | 275.0 m | 157.0 m | esef· 08 May 2025verified |
| Net income | 795.0 m | 848.0 m | 346.0 m | esef· 08 May 2025verified |
| Diluted EPS | 3.89 | 4.17 | 1.69 | esef· 08 May 2025verified |
| Dividend per share | 0.10 | 0.10 | 0.00 | esef· 08 May 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 552.0 m | 813.0 m | 633.0 m | esef· 08 May 2025verified |
| Receivables | 1.1 bn | 1.3 bn | 1.3 bn | esef· 08 May 2025verified |
| Inventories | 1.6 bn | 1.4 bn | 1.4 bn | esef· 08 May 2025verified |
| Current assets | 3.3 bn | 3.5 bn | 3.4 bn | esef· 08 May 2025verified |
| Property, plant & equipment, net | 1.2 bn | 1.7 bn | 2.0 bn | esef· 08 May 2025verified |
| Goodwill | 2.0 bn | 2.5 bn | 2.6 bn | esef· 08 May 2025verified |
| Total assets | 7.4 bn | 8.7 bn | 9.0 bn | esef· 08 May 2025verified |
| Short-term debt | 100.0 m | 150.0 m | 152.0 m | esef· 08 May 2025verified |
| Long-term debt | 1.8 bn | 2.8 bn | 2.4 bn | esef· 08 May 2025verified |
| Current liabilities | 1.8 bn | 1.5 bn | 1.5 bn | esef· 08 May 2025verified |
| Equity | 2.8 bn | 3.4 bn | 4.1 bn | esef· 08 May 2025verified |
| Shares outstanding at year end | 201.3 m | 202.9 m | 204.7 m | esef· 08 May 2025derived |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 670.0 m | 944.0 m | 921.0 m | esef· 08 May 2025verified |
| Capex | 462.0 m | 510.0 m | 316.0 m | esef· 08 May 2025verified |
| Free cash flow | 208.0 m ≈ | 434.0 m ≈ | 605.0 m ≈ | esef· 08 May 2025derived |
| Investing cash flow | -1.1 bn | -1.4 bn | -508.0 m | esef· 08 May 2025verified |
| Financing cash flow | 271.0 m | 769.0 m | -613.0 m | esef· 08 May 2025verified |
| Dividends paid | 20.0 m | 20.0 m | 0 | esef· 08 May 2025verified |
| Share repurchases | 0 | 81.0 m | 0 | esef· 08 May 2025verified |
≈ 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
Score: 53 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 7.8 bn SEK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality58
- Balance sheet52
- Valuation55
- Returns40
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 53/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.1% | 35 (vs peers) | 13% |
| Net margin · Quality | 4.6% | 56 (vs peers) | 8% |
| FCF conversion · Quality | 174.9% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.4x | 47 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 3.3x | 28 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 22.5x | 50 (vs peers) | 13% |
| EV/EBITDA · Valuation | 12.2x | 25 (on a fixed band) | 13% |
| FCF yield · Valuation | 7.8% | 97 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet52/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality58/100 · 3/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation55/100 · 3/3 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
HEXATRONIC GROUP AB (HTRO.ST). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 7.6 bn SEK in 2024; YoY growth -7.0%; net margin 4.6%; ROE 9.3%; net debt/EBITDA 2.4x.
The estimated value range is 24.92–39.35 SEK per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 30.76 SEK, the price of 38.06 SEK leaves a potential of -19.2% (value / price − 1) and a margin of safety of -23.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 53/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 174.9%
- Current ratio: 2.3x
- FCF yield: 7.8%
- Payout ratio (FCF): 0.0%
What contradicts it
- Interest coverage: 3.3x
- EV/EBITDA: 12.2x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
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% |
| HTRO.STHexatronic Group Ab | 7.8 bn | 22.5 | 9.3% | 4.6% | −7.0% | +80% / +84% |
| 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% |
1- and 3-year price returns: for HTRO.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 20.35 Total return -47% · Per year -47% | 36.16 Total return -5% · Per year -5% | 54.71 Total return 44% · Per year 44% |
| 3 years | 16.16 Total return -58% · Per year -25% | 32.63 Total return -14% · Per year -5% | 54.71 Total return 44% · Per year 13% |
| 5 years | 12.83 Total return -66% · Per year -20% | 29.45 Total return -23% · Per year -5% | 54.71 Total return 44% · Per year 8% |
- Exit P/E± 8.16
- Net margin± 5.71
- Annual revenue growth± 5.16
- Annual dilution± 0.48
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
Hexatronic Group AB makes fiber optic cables and systems for telecom, energy, defense and data centers, with operations in several international markets. In 2024 the company reported sales of 1 100 MSEK in Harsh Environment and 971 MSEK in Data Center, supported by investment in digital infrastructure in Europe and the US 1.
SWOT
Strengths
- The company has a consolidated position in FTTH and diversification across three segments, which reduces dependence on a single economic cycle 1.
- Long-term customer relationships in energy, defense and industry give visibility on demand 1.
- Operating margins and return on capital remain solid, and the balance sheet shows a high equity ratio 1.
Weaknesses
Opportunities
Risks
- Macroeconomic dependencemedium
An economic slowdown could reduce customer investment and therefore company sales 1.
- Geopolitical riskhigh
Geopolitical instability could close markets and limit deliveries from suppliers to customers 1.
- Production disruptionmedium
Fires or interruptions at main factories could cause direct losses and delays to customers 1.
- Acquisition dependencemedium
The growth-by-acquisition strategy could bring integration costs and difficulty retaining key people 1.
- Information securitymedium
Cyberattacks or data leaks could disrupt operations and financial reporting 1.
Investment thesis
What would need to be true (bull case)
- If demand for digital infrastructure and defense holds up, the company could benefit from a diversified segment base and growth in Harsh Environment and Data Center 1.
- A strong position in FTTH and a solid balance sheet could give room for further acquisitions 1.
- Digitalization programs in the US and Europe could generate new long-term projects 1.
What to watch
- Development of the EBITA margin and price pressure in Fiber SolutionsQ1 2026
- Contribution of recent acquisitions to Data Center growth2026
- Delivery pace for Harsh Environment defense and energy projects2026
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
Hexatronic develops passive fiber optic infrastructure solutions, from FTTH networks to cables for harsh environments and data center infrastructure 1. The group grew through international acquisitions, starting with the purchase of Ericsson's cable operations in Hudiksvall, and now operates in Sweden, the United Kingdom, Germany and the US 1. According to the 2024 annual report, the group had on average 1 961 employees 1.
Segments
Fiber Solutions
The Fiber Solutions segment includes the traditional FTTH business and makes up most of group sales, about 73 percent in 2024 1. It is more exposed to price cycles and the pace of fiber network construction 1.
Harsh Environment
Harsh Environment supplies dynamic cables and connectivity solutions for energy, defense and industry, with sales of 1 100 MSEK in 2024 and growth of 51 percent, partly due to the Rochester Cable and Fibron Cable acquisitions 1. The company notes supply chain constraints for large projects 1.
Market context
Hexatronic operates in markets where fiber coverage varies widely: in the US, 56.5 percent of households already had fiber passing them at the end of 2024, while in Germany only 42 percent had fiber nearby in September 2024 1. Demand is supported by government programs, the shift from copper to fiber and connectivity requirements in industry and defense 1.
The company describes the market for dynamic cables and connectivity in harsh environments as fragmented and highly specialized, with long-term customer relationships 1. It states that investment in energy and defense could support a growing market in the coming years 1.
Trends
- Copper network phase-out in Europetailwind
The EU has set 2030 as the deadline for shutting down copper networks, which could accelerate demand for fiber optics 1.
- 5G and data center expansiontailwind
Denser 5G antenna deployment and rising data volumes from AI and cloud could support demand for fiber infrastructure and data centers 1.
- Price pressure in FTTHheadwind
The company noted that the price pressure seen in 2024 could persist in Fiber Solutions markets 1.
- Supply chain constraintsmixed
Rising defense budgets and energy investment could be limited by supply chain constraints for large special projects 1.
Competitive position
The company describes markets for specialty cables and fiber systems as fragmented, with many specialized suppliers 1. Hexatronic aims to compete through complete system solutions, in-house products and long-term customer service 1.
The analyzed sources do not name specific competitors, so market shares or direct comparisons cannot be given 1.
- Regional FTTH cable suppliers
The source mentions fragmented markets without naming concrete FTTH competitors 1.
- Specialized harsh-environment cable suppliers
The company points to a fragmented market of specialized suppliers without identifying them in the source 1.
- Data center integrators
Competition in the Data Center segment is not detailed in the annual report analyzed 1.
- Satellite connectivity operators
The source mentions satellite services as an alternative in hard-to-reach areas, not directly tied to the company's products 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Hexatronic Group AB · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.