Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>Hexagon, a Swedish industrial company, is spinning off its software business, Octave.</li><li>Regular-way trading in the US begins May 28, 2026.</li><li>Trading has already started in Sweden, where the shares have come under pressure.</li></ul>

Hexagon, a Swedish industrial company, is spinning off its software business, Octave.Regular-way trading in the US begins May 28, 2026.Trading has already started in Sweden, where the shares have come under pressure.

Octave Intelligence: Forced Selling Meets a Quality Software Spin-off

<ul><li>In late May, Hexagon AB (Nasdaq Stockholm: HEXA B) will spin-off its software business, Octave Intelligence.</li><li>Octave (represents ~25% of total company revenue) is a pure-play enterprise software and SaaS business built around helping asset-intensive industries — energy, infrastructure, construction, public safety — design, build, operate, and protect their physical assets.</li><li>Its core product is an integrated lifecycle intelligence platform spanning four workflow environments.</li></ul>

In late May, Hexagon AB (Nasdaq Stockholm: HEXA B) will spin-off its software business, Octave Intelligence.Octave (represents ~25% of total company revenue) is a pure-play enterprise software and SaaS business built around helping asset-intensive industries — energy, infrastructure, construction, public safety — design, build, operate, and protect their physical assets.Its core product is an integrated lifecycle intelligence platform spanning four workflow environments.

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>Hexagon will separate its Asset Lifecycle Intelligence and Safety, Infrastructure &amp; Geospatial businesses into Octave Intelligence Plc via a tax-free distribution, targeted for completion in H1 2026.</li>
<li>Hexagon AB (ex-Octave) generates ~€4bn revenue at ~27% EBIT margins, while Octave Intelligence Plc contributes ~€1.4bn with higher ~28% EBIT margins.</li>
<li>The transaction creates two focused entities, with Hexagon centered on industrial technology and Octave positioned as a pure-play, asset-centric software business.</li>
</ul>


Hexagon will separate its Asset Lifecycle Intelligence and Safety, Infrastructure &amp; Geospatial businesses into Octave Intelligence Plc via a tax-free distribution, targeted for completion in H1 2026.
Hexagon AB (ex-Octave) generates ~€4bn revenue at ~27% EBIT margins, while Octave Intelligence Plc contributes ~€1.4bn with higher ~28% EBIT margins.
The transaction creates two focused entities, with Hexagon centered on industrial technology and Octave positioned as a pure-play, asset-centric software business.


Hexagon AB (STO: HEXA-B) To Spin-Off Octave in H1 2026

<ul><li>Healthcare’s relative performance to the S&amp;P 500 is at a historic low.</li><li>According to Bank of America, the sector’s relative forward P/E now sits at roughly 0.8x the S&amp;P 500, down from peaks of 1.4x in the late 1990s.</li><li>To me, it looks like an excellent fishing pond.</li></ul>

Healthcare’s relative performance to the S&amp;P 500 is at a historic low.According to Bank of America, the sector’s relative forward P/E now sits at roughly 0.8x the S&amp;P 500, down from peaks of 1.4x in the late 1990s.To me, it looks like an excellent fishing pond.

Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. It is not highly tracked, but we can expect many index changes during its quarterly review.</li>
<li>Our latest estimates suggest there could be 14 ADDs/DELs for SE600 in the June 2026 rebal.</li>
<li>The final rankings will be based on the float market caps as of the close of trading on 29th May 2026.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. It is not highly tracked, but we can expect many index changes during its quarterly review.
Our latest estimates suggest there could be 14 ADDs/DELs for SE600 in the June 2026 rebal.
The final rankings will be based on the float market caps as of the close of trading on 29th May 2026.


Quiddity Leaderboard SE600 Jun26: Base Date This Week; Many Changes Incoming

Sweden

Hexagon AB is a global provider of design, measurement and visualisation technologies. The main business area, Measurement Technologies, includes three application areas: Geosystems, Metrology and Technology, that provide systems to design, measure and position objects, and process and present data.

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Hexagon (HEXAB SS)

Octave Intelligence: Forced Selling Meets a Quality Software Spin-off

Hexagon, a Swedish industrial company, is spinning off its software business, Octave. Regular-way trading in the US begins May 28, 2026.

Richard Howe

Weekly Update (LBTYA, MEDXF, APTV/CGNT)

In late May, Hexagon AB (Nasdaq Stockholm: HEXA B) will spin-off its software business, Octave Intelligence. Octave (represents ~25% of total...

Richard Howe

Hexagon AB (STO: HEXA-B) To Spin-Off Octave in H1 2026

Hexagon to split into two entities: Hexagon focused on industrial tech and Octave Intelligence Plc as a pure-play asset-centric software business,...

GSBR Research

Weekly Update (IAC/MGM, OCTV, HOH.V)

Healthcare’s relative performance to the S&P 500 is at a historic low. According to Bank of America, the sector’s relative forward P/E now sits at...

Richard Howe

Quiddity Leaderboard SE600 Jun26: Base Date This Week; Many Changes Incoming

The final rankings for the June 2026 rebal will be based on data as of 29th May 2026. The ADDs/DELs will be announced on 1st June 2026. Bank...

Afridi Reyal

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Octave Intelligence: Forced Selling Meets a Quality Software Spin-off

Hexagon, a Swedish industrial company, is spinning off its software business, Octave. Regular-way trading in the US begins May 28, 2026.

Richard Howe

Weekly Update (LBTYA, MEDXF, APTV/CGNT)

In late May, Hexagon AB (Nasdaq Stockholm: HEXA B) will spin-off its software business, Octave Intelligence. Octave (represents ~25% of total...

Richard Howe

Hexagon AB (STO: HEXA-B) To Spin-Off Octave in H1 2026

​Hexagon to split into two entities: Hexagon focused on industrial tech and Octave Intelligence Plc as a pure-play asset-centric software business,...

GSBR Research

Weekly Update (IAC/MGM, OCTV, HOH.V)

Healthcare’s relative performance to the S&P 500 is at a historic low. According to Bank of America, the sector’s relative forward P/E now sits at...

Richard Howe

Quiddity Leaderboard SE600 Jun26: Base Date This Week; Many Changes Incoming

The final rankings for the June 2026 rebal will be based on data as of 29th May 2026. The ADDs/DELs will be announced on 1st June 2026. Bank...

Afridi Reyal

Hexagon to split into two entities: Hexagon focused on industrial tech and Octave Intelligence Plc as a pure-play asset-centric software business,...