3 models fit Hacksaw AB (publ) and they disagree: 1 of 3 land within 15% of the average.
Two or more of our models back this value.
Large discount(i)Bronze55
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionHacksaw AB (publ) (HACK.ST)
Fair value (3 models)
kr 88.21
ACCE price target
kr 65.00
Rating
Undervalued
Horizon
12 months
Fair value published on 22 Oct 2026, 14:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Rating published on 22 Oct 2026, 14:04 CEST.
Price used: kr 54.60 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
38.1% below
+61.6% to fair value
ACCE score
68
out of 100
P/E
8.1x
1-year return
-22.6%
Dividend yield
7.90%
Hacksaw AB (publ) in four questions
Plain answers, details below
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Overview
ACCE thesis
Hacksaw Gaming, listed in Stockholm as HACK, designs and sells slot-style casino games, with a catalogue built around its own mechanics and a business that licenses those titles to online operators across regulated markets. The business is an asset-light licensing model, which explains a 97.3% gross margin and an 81.7% operating margin, and the company is now compounding revenue at 30.6%. The main thing to test is whether that growth reflects durable player engagement and new operator wins or a few hit titles that will fade, since content businesses of this kind live or die on the release cadence. The 8.1x trailing P/E sits well below what the growth and margins would normally command, though with no forward P/E in the data the market is evidently discounting how long that rate of growth lasts. Its ROE of 170.5% partly reflects a thin equity base after distributions, so it should be read alongside cash generation rather than taken at face value. Nothing in the data shows index membership, so any re-rating would have to come from the stock being found by investors rather than from passive flows, which makes this worth a look at the operator and regulatory-exposure level before anything else.