Hacksaw AB (HACK.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1936.8%

SEK 1,214.92

vs SEK 59.65 price

Levered DCF

SEK 1,602.28

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

37.7

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022
P/E	11.68×	20.36×	39.49×	135.46×
P/B	10.24×	19.52×	38.62×	151.18×
P/S	7.97×	13.77×	29.05×	60.48×
EV / EBITDA	9.18×	15.15×	33.81×	71.8×
Gross margin	96.2%	97.4%	99.0%	99.3%
Operating margin	79.8%	84.1%	82.9%	79.8%
Net margin	67.7%	67.5%	74.5%	44.6%
Current ratio	7.02×	7.09×	7.22×	1.84×
Debt / equity	0.02×	0.03×	0.03×	0.03×
Interest coverage	996.37×	1,402.07×	852.26×	1,020.68×
Dividend yield	6.8%	2.4%	1.1%	0.5%
Payout ratio	79.6%	49.8%	43.1%	72.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	87.0%	95.7%	99.0%	111.5%
Return on invested capital	93.8%	92.1%	102.4%	122.2%
Return on assets	74.6%	68.5%	81.5%	55.6%
Free cash flow yield	9.2%	5.1%	2.5%	1.1%
Earnings yield	8.5%	4.9%	2.6%	0.7%
Enterprise value	SEK 1.4B	SEK 1.8B	SEK 1.9B	SEK 1.9B
Net debt / EBITDA	-0.83×	-0.77×	-0.75×	-0.58×
Cash conversion cycle (days)	-38	-63	-690	-1,111