Research from Redeye, Redeye AB

Redeye

Research from Redeye

Redeye AB

Specialists in innovative and fast-growing Nordic companies within Life Science and Technology.

Redeye is the next generation equity research and investment banking company, specialized in Life Science and Technology. We are the leading provider of Corporate Broking and Corporate Finance in these sectors.

Our clients are innovative growth companies in the Nordics and we use a unique Rating model based on a value based investment philosophy. Redeye was founded 1999 in Stockholm and is regulated by the Swedish Financial Authority (Finansinspektionen).

Equity Bottom-Up

<ul><li>Redeye updates on Hacksaw after Q4-results which saw somewhat stronger-than-expected profitability while topline growth was largely as expected.</li><li>We continue to forecast solid sales growth of 30% for 2026-27E with maintained profitability, and we have made limited changes to estimates while our valuation range is unchanged.</li></ul>

Redeye updates on Hacksaw after Q4-results which saw somewhat stronger-than-expected profitability while topline growth was largely as expected.We continue to forecast solid sales growth of 30% for 2026-27E with maintained profitability, and we have made limited changes to estimates while our valuation range is unchanged.

Hacksaw (Q4 Review): Well-positioned for continued strong growth

<ul><li>Redeye comments on Hacksaw’s Q4-results which saw a slightly softer than expected topline while EBIT was above our forecast.</li><li>The company proposed a dividend of EUR0.4 per share (we estimated EUR0.29 per share) while it also proposes a share buy back program of up to 10% of the share capital.</li></ul>

Redeye comments on Hacksaw’s Q4-results which saw a slightly softer than expected topline while EBIT was above our forecast.The company proposed a dividend of EUR0.4 per share (we estimated EUR0.29 per share) while it also proposes a share buy back program of up to 10% of the share capital.

Hacksaw (Q4 Initial take): Solid results and attractive shareholder remuneration

<ul><li>Redeye comments on Hacksaw ahead of Q4-results (due 17 February) where we expect continued solid growth and profitability supported by its growing games portfolio.</li><li>Focus will likely be on capital allocation where the company’s strong balance sheet and cash generation should support an attractive dividend as well as share buy backs.</li></ul>

Redeye comments on Hacksaw ahead of Q4-results (due 17 February) where we expect continued solid growth and profitability supported by its growing games portfolio.Focus will likely be on capital allocation where the company’s strong balance sheet and cash generation should support an attractive dividend as well as share buy backs.

Hacksaw (Q4 Preview): Continued growth momentum expected

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

<ul>
<li>Our 2022 earnings thesis largely worked: FY12/2021-FY12/2025 profit compounded about 15% annually while adjusted EBITDA margins remained above 66%.</li>
<li>What we underestimated was regulatory and geographic complexity: by Q2 FY12/2026, only 49% of revenue was classified as regulated by player IP.</li>
<li>The next phase depends on renewed organic growth, better regulated-market monetization, and whether large buybacks can convert resilient cash generation into stronger per-share compounding.</li>
</ul>


Our 2022 earnings thesis largely worked: FY12/2021-FY12/2025 profit compounded about 15% annually while adjusted EBITDA margins remained above 66%.
What we underestimated was regulatory and geographic complexity: by Q2 FY12/2026, only 49% of revenue was classified as regulated by player IP.
The next phase depends on renewed organic growth, better regulated-market monetization, and whether large buybacks can convert resilient cash generation into stronger per-share compounding.


Evolution Four Years Later: The Earnings Thesis Worked. The Multiple Did Not.

Sweden

Hacksaw AB operates as a B2B iGaming technology platform and game development company. The Company's platform enables rapid development and distribution of in-house and third-party games including digital slots, scratch cards, and instant win games. Hacksaw serves iGaming operators worldwide.

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Hacksaw (HACK SS)

Hacksaw (Q4 Review): Well-positioned for continued strong growth

Redeye updates on Hacksaw after Q4-results which saw somewhat stronger-than-expected profitability while topline growth was largely as...

Redeye

Hacksaw (Q4 Initial take): Solid results and attractive shareholder remuneration

Redeye comments on Hacksaw’s Q4-results which saw a slightly softer than expected topline while EBIT was above our forecast. The company proposed...

Redeye

Hacksaw (Q4 Preview): Continued growth momentum expected

Redeye comments on Hacksaw ahead of Q4-results (due 17 February) where we expect continued solid growth and profitability supported by its growing...

Redeye

Evolution Four Years Later: The Earnings Thesis Worked. The Multiple Did Not.

Four years after our 2022 Evolution thesis, earnings broadly delivered as expected, but regulation, player geography and valuation exposed what the...

Urbem Capital

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