olivLaw · European equity research
Hawick Data N.V. HWK.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
Hawick Data N.V. is a Dutch company listed on Euronext Amsterdam that sold its operating businesses IEX Media and Trilab Advanced Solutions in December 2024 and was left with a much simpler financial structure. The situation matters because management has said a proposal on the use of the sale proceeds and a revised strategy will be put to shareholders in the second or third quarter of 2025.
At the close of 05 Nov 2026, Hawick Data N.V. (HWK.AS) stock was 2.22 EUR (+0.00% on the day), with market capitalisation 871.3 m EUR, P/E 93.3 on diluted EPS of 0.02 EUR over the last 12 months, beta 0.10, 52-week range 2.00–2.36 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.6
- weak (30–45)
- Bollinger (20, 2)
- 2.18 – 2.37
- in the lower half of the band · %B 0.22 · band width 8.3%
- SMA 50 / 200
- 2.28 / 2.25
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.01
- 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 | unavailable | +0.4% | unavailable | — |
| 3 months | unavailable | −3.3% | unavailable | — |
| 6 months | −1.8% | +4.0% | −5.7 pp | — |
| Year to date | +4.7% | +8.1% | −3.4 pp | — |
| 1 year | −2.6% | +10.7% | −13.3 pp | −0.2% |
| 3 years | +30.6% | +50.1% | −19.5 pp | +2.2% |
| 5 years | +4.7% | +43.6% | −38.9 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 5.9, median 71.4, max 525.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 5.1 m | 5.1 m | 5.1 m |
| Revenue YoY | unavailable | −0.4% | +0.6% |
| Net income | 1.1 m | 1.4 m | 9.3 m |
| Net income YoY | unavailable | +31.8% | +574.9% |
| Diluted EPS | 0.27 | 0.00 | 0.02 |
| Diluted EPS YoY | unavailable | −98.7% | +580.0% |
| net % | 20.5% | 27.1% | 181.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 10.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 10.9 m EUR
- Total assets
- 11.0 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 149.8%
- ROA
- 126.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.1 m | 5.1 m | 5.1 m | esef· 13 May 2025verified |
| Cost of revenue | 1.1 m | 1.2 m | 1.3 m | esef· 13 May 2025verified |
| Gross profit | 4.0 m | 3.9 m | 3.9 m | esef· 13 May 2025verified |
| Operating income | 1.3 m | 1.3 m | 954.0 k | esef· 13 May 2025verified |
| Depreciation & amortisation | 228.0 k | 231.0 k | 192.0 k | esef· 13 May 2025verified |
| EBITDA | 1.5 m ≈ | 1.5 m ≈ | 1.1 m ≈ | esef· 13 May 2025derived |
| Pre-tax income | 1.2 m | 1.2 m | 9.8 m | esef· 13 May 2025verified |
| Income tax | 124.0 k | -173.0 k | 424.0 k | esef· 13 May 2025verified |
| Net income | 1.1 m | 1.4 m | 9.3 m | esef· 13 May 2025verified |
| Diluted EPS | 0.27 | 0.00 | 0.02 | esef· 13 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.1 m | 1.4 m | 10.9 m | esef· 13 May 2025verified |
| Property, plant & equipment, net | 23.0 k | 31.0 k | 0 | esef· 13 May 2025verified |
| Total assets | 3.1 m | 3.8 m | 11.0 m | esef· 13 May 2025verified |
| Current liabilities | 2.0 m | 1.1 m | 141.0 k | esef· 13 May 2025verified |
| Equity | 182.0 k | 1.6 m | 10.9 m | esef· 13 May 2025verified |
| Shares outstanding at year end | 3.9 m | — | 392.5 m | esef· 13 May 2025derived |
Cash flow · EUR
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: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 871.3 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · 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: 0.25 – 0.61 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/E0.25 – 0.61 (Mid 0.35)16 companies used · median multiple 14.5x · quartiles 10.6x – 25.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 181.7% | 100 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 93.3x | 14 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial14/100 · 1/3 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
Hawick Data N.V. (HWK.AS). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 5.1 m EUR in 2024; YoY growth 0.6%; net margin 181.7%; ROE 149.8%.
The estimated value range is 0.25–0.61 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.35 EUR, the price of 2.22 EUR leaves a potential of -84.4% (value / price − 1) and a margin of safety of -542.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 181.7%
What contradicts it
- P/E (TTM): 93.3x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · 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 | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| HWK.ASHawick Data N.V. | 871.3 m | 93.3 | 149.8% | 181.7% | +0.6% | +8% / +23% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for HWK.AS 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 (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.26 Total return -43% · Per year -43% | 2.23 Total return 1% · Per year 1% | 3.37 Total return 52% · Per year 52% |
| 3 years | 1.13 Total return -49% · Per year -20% | 2.26 Total return 2% · Per year 1% | 3.76 Total return 69% · Per year 19% |
| 5 years | 1.01 Total return -54% · Per year -15% | 2.29 Total return 3% · Per year 1% | 4.19 Total return 89% · Per year 14% |
- Exit P/E± 0.56
- Net margin± 0.40
- Annual revenue growth± 0.34
- Annual dilution± 0.03
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
Hawick Data N.V. is a Dutch company listed on Euronext Amsterdam that sold its operating businesses IEX Media and Trilab Advanced Solutions in December 2024 and was left with a much simpler financial structure. The situation matters because management has said a proposal on the use of the sale proceeds and a revised strategy will be put to shareholders in the second or third quarter of 2025 1.
SWOT
Strengths
Weaknesses
- Small revenue base and dependence on a regional niche limit the scale of the business 1.
- The supervisory board has only two members and no separate committees, which concentrates decision-making power 1.
- No internal audit function and difficulty finding an external auditor amid a general shortage of this profession 1.
Opportunities
- Use of the sale proceeds could open the way for acquisitions or new projects, according to the strategy being defined 1.
- If the IEX Premium platform and investor events develop, the company could expand its premium subscriber base 1.
- There could be interest in a new strategy that uses the financial resources available 1.
Risks
- Use of capital after the salehigh
Management has not yet presented a detailed plan for the sale proceeds; if the proposal is delayed or not accepted, liquidity could remain unused 1.
- Concentrated shareholdingmedium
A majority shareholder can influence important decisions, which could affect the protection of minority shareholders 1.
- Small scale of activitymedium
With modest revenue, losing one important client could have a visible effect on results 1.
- Governance with limited resourcesmedium
The lack of committees and an internal audit function and the small number of board members may limit internal control, although the report states that control systems work reasonably well 1.
- Compliance with gender requirementslow
Difficulty finding a candidate for the board could delay compliance with the gender balance law 1.
Investment thesis
What would need to be true (bull case)
- If the sale proceeds are used effectively, the company could turn its existing liquidity into a new source of growth.
- A simplified structure and clean balance sheet could make add-on acquisitions easier, which the board has already discussed 1.
- Shareholder stability and management experience in governance could support a coherent long-term strategy.
What would break the thesis
- If the proposal on the use of capital is delayed or fails to convince shareholders, market value could remain limited by the lack of a clear direction.
- The remaining business is small and regionally concentrated, which could make organic growth difficult without additional investment.
- The 2024 net result was shaped by the sale, so the profitability of the current activity could be lower than the reported figures suggest.
What to watch
- Proposal on the use of sale proceeds and the updated strategyQ3 2025
- Appointment of a new supervisory board member, including a female candidate, under the gender balance law2025
- Update of the governance document after the new strategy2025
- Progress of the Omnibus proposal on sustainability reporting2025
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
According to the annual report for 2024, Hawick Data was until year end an information provider for investors in the Benelux, with the IEX Premium platform and investor events. The operating subsidiaries IEX Media B.V. and Trilab Advanced Solutions B.V. were sold on 31 December 2024, and the company has since been redefining its strategic direction 1. Consolidated net revenue for 2024 was 5.14 million EUR, while net income of 9.341 million EUR was largely shaped by the effects of the sale 1.
The governance structure is two-tier, with a Management Board of one member and a Supervisory Board of two members at the time of the report. There are no separate audit, remuneration or nomination committees, given the company's small size 1.
Segments
Investor information (IEX Premium)
Until the sale in December 2024, the main segment was associated with the IEX Premium platform and investor events, activities that appear in the supervisory board's strategy discussion for 2024 1. Management said it intends to communicate more actively in 2025 about possible growth plans, without committing to results 1.
Divested activities (IEX Media and Trilab)
The two operating entities were sold on 31 December 2024 and are fully consolidated in the 2024 figures, so this year's revenue and profit are not directly comparable with later periods 1.
Market context
The core business was aimed at the Benelux market of users seeking financial and market information, a relatively narrow niche. The 2024 revenue of 5.14 million EUR shows the company's modest scale in these markets 1.
After the disposal, the company's main resource is liquidity, and its future direction depends on the proposal management will make to shareholders on the use of proceeds and on any possible acquisitions or financing 1.
Trends
- Sustainability reporting rulesmixed
The CSRD was adopted in 2022, but an Omnibus proposal would remove the reporting obligation for companies with fewer than 1,000 employees; the company says it will follow developments and report where needed 1. The effect on the company could be limited if the rules change.
- Gender balance requirements on boardsheadwind
The law on gender balance in the management of listed Dutch companies requires new appointments to the supervisory board to contribute to a balance of at least one third of each gender; the company stated its intention to comply with the law at its next appointment 1. The search for a candidate is ongoing but has not yet led to a proposal 1.
- Demand for market informationmixed
Demand for investor information platforms may be influenced by trading activity and investor interest in the region, factors the report does not detail. If interest grows, it could support the organic growth plans mentioned by management 1.
- IFRS accounting standardstailwind
The application of IFRS 17 and the amendments to IAS 1, IAS 8 and IAS 12 had no material impact on the company, according to the report, which simplifies comparison of the financial statements 1.
Competitive position
The annual report does not explicitly name competitors, so the list below reflects only the general spheres of the investor information industry. The company's competitive position depends largely on its Benelux niche and its investor events network, aspects partly described in the report 1.
In structural terms, the company is much smaller than European financial data operators, and its ability to compete depends on keeping a base of premium subscribers and making use of the sale proceeds 1.
- Financial and market data providers (general sphere)
The report names no competitors; the category covers market data and investor information platforms working in the same niche.
- Investor communication platforms (general sphere)
Companies offering investor events and investor relations services; the report does not identify them.
- Financial information platforms in the Benelux (general sphere)
Regional players serving the same investors; they are not identified in the source provided.
- Financial press publishers (general sphere)
Publications and services competing for investor attention; the report does not mention them.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202413 May 2025
- Annual report 202323 Jul 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Hawick Data N.V. · 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.