3J·

"Growth engine with increasing dividend power."

To give you a good start to the trading week, there will be a second company presentation this evening.

Dynamic sales and profit growth meets an annually growing dividend - a rare combination of scaling and shareholder return.

Hello my dears,

Yesterday dear @Dividendenopi promised me a jar of homemade jam. That's why I went looking for another dividend stock.

The stock I found in Sweden surprised me.

And here I ask myself, is this the Juan's conclusion once again too euphoric.

Is there a fly in the ointment here that we have overlooked, or have investors simply been blind so far?

Many people often accuse Juan of being too young and optimistic in his valuations.

That's why I'm looking forward to your comments all the more.

I am urgently awaiting comments from.

@Dividendenopi , @Raketentoni , @Get_Rich_or_Die_Tryin , @Aktienhauptmeister

If no long hair is found here, I will consider liquidating my Mercedes Benz position and investing here. (no investment advice)

$HACK (+0,32 %)

Disruptor in iGaming technology and game development

Hacksaw is active in the entire B2B iGaming value chain, from game development to distribution. Our clients are among the largest private and public iGaming operators in the industry.

Innovating the industry with our state-of-the-art RGS

Hacksaw's scalable and modular remote gaming server (RGS) platform, built on a modern codebase, enables rapid game development and distribution. The games developed by Hacksaw consist of digital slot machines, scratch cards and instant win games. Their momentum is driven by successful game launches and continued engagement from a growing player base.

Founded in 2018

Hacksaw was founded in 2018 and initially focused on developing the RGS platform. Since then, they have released a steady stream of games, such as digital slots, scratchcards and instant win games, built on the RGS and launched them in a growing number of jurisdictions. Furthermore, in 2023, they launched their RGS on a B2B basis, allowing third-party game studios to create games on their modern tech platform and distribute them across Hacksaw's wide distribution network.

Growth strategy

Hacksaw has historically grown with healthy profitability and is pursuing a strategy for continued profitable growth. They want to further strengthen their market position in the global iGaming market. The strategy consists of four main components:

Product innovation
Product innovation includes the introduction of new games and the ongoing development of the RGS platform to ensure a competitive, high-quality and differentiated product offering.
Increasing commercialization
Increased commercialization includes upselling to existing customers, acquiring new customers and commercial excellence as well as accelerating the roll-out of OpenRGS™ to external game developers.
Increased global presence
Leverage newly regulated markets and position for growth in markets where local licensing requirements are expected.
Expanded scope
Expansion into adjacent areas and further scalability of the business model.

Long-term financial targets and capital allocation policy

Sales target>30% annual growth rate
EBIT margin>80%
Capital allocation policy>75%

of net profit to shareholders through dividends and/or share buy-backs

Hacksaw aims to return at least 75% of net profit to shareholders through dividends and/or share buybacks.

COMPANY PERFORMANCE

Hacksaw-Company-introduction-FY-2025-1.pdf

Hacksaw Gaming exceeds analysts' expectations in the first quarter

28,04,2026

(en.investing.com)

Hacksaw Gaming has reported 1st quarter significantly exceeded analysts' expectations. The turnover rose to € 57.6 millionwhich was 28 % YoY or 37% adjusted for currency effects and 5% above the consensus above consensus. Compared to the previous quarter, sales increased by a further 5 % increase.

The adjusted EBIT reached € 47.4 millionan increase of 27% YoY and 6% QoQand was 8 % above the analysts' estimate. The EBIT margin of 82.4 % also exceeded expectations.

In operational terms, Hacksaw published 27 new gamesexpanded the OpenRGS platform to 320 titles and increased the daily game rounds by 27 %. At the end of the quarter, the company had 176 million in net liquidity.

In terms of valuation, Hacksaw is currently valued at 7.7 times EV/EBITDA (2026) traded. The company confirms its long-term targets: >30% sales growth and >80% EBIT margin. In addition at least 75 % of the net profit flow back to shareholders via dividends or buybacks.

NEWS

Hacksaw Gaming bringt mit lokalisierten Le Football Fan Editions globalen Fußball-Fieber auf die Reels

Während die Vorfreude auf das weltweit größte Fußballturnier wächst, bringt Hacksaw Gaming Le Football Fan auf den Markt, einen brandneuen Smokey-Titel mit mehreren lokalisierten Ausgaben, die fußballbegeisterte Nationen weltweit feiern.

2026.06.02

Hacksaw Gaming debütiert im Libanon mit BetArabia | Hacksaw Gaming

Friday, May 29, 2026

Hacksaw Gaming kündigt Partnerschaft mit Swiss Casinos an

Hacksaw Gaming kündigt eine neue Partnerschaft mit Swiss Casinos an und bringt damit sein unverwechselbares Slot-Portfolio über swisscasinos.ch den Spielern näher.

2026.05.18

Hacksaw Gaming kündigt Partnerschaft mit Mozzartbet in Rumänien an

Hacksaw Gaming kündigt eine Verlängerung seiner Partnerschaft mit Mozzartbet an. Durch die erweiterte Partnerschaft werden mehrere Top-Titel von Hacksaw Gaming wie Le Bandit, Duel and Dawn und Wanted den Kunden von Mozzartbet in Rumänien zur Verfügung gestellt.

2026.03.10

MORE GREAT NEWS

Neueste Nachrichten | Hacksaw Gaming

Juan's conclusion on the key financial figures

(Basis: MarketScreener data from your current tab )

In a nutshell: Hacksaw delivers an extremely scalable, highly profitable growth model - with margins that seem almost "unrealistically good" in the software/iGaming world. The 2025-2028 forecasts show strong growth, rising cash flows, falling debt and an ROE that plays in the Champions League.

🔹 Juan's look at the figures for 2025-2028

1) Growth & scaling

Double-digit sales growth every year - +31,6 %, +29,4 %, +26,4 %.
EBIT increases almost in step - a sign of real operational scaling.
Net profit grows even faster than sales → Model becomes more efficient.

2) Profitability at top level

EBITDA margin 82-84 %, EBIT margin ~80 % → This is software premium class.
FCF margin remains >67 % → Cash machine.
ROE remains extremely high (88-115 %) - return on capital is exceptional.

3) Cash flow & balance sheet

Free cash flow increases from 144.8 → € 287 million.
Net debt becomes more negative every year → Net cash position grows massively.
CAPEX remains low → Model is capital poor.

4) Per share

EPS grows solidly: 0,496 → 1,056 €.
The extreme -99.93 % change in 2025 is a base effect by the distorted 2024 EPS (758).

🔹 Juan's overall assessment

Hacksaw is a prime example of a highly scalable, high-margin digital model. Growth + margins + cash flows + decreasing debt = Quality profile at a very high level. If the momentum holds, Hacksaw will remain a top-tier compounder in the iGaming B2B segment.

Market value 2,052

Number of shares (in thousands) 289,196

Date of publication 17,02,2026

Juan's conclusion on the valuation ratios

(Basis: your current MarketScreener tab)

In a nutshell: Hacksaw looks like a quality stock that is simultaneously fast-growing and undervalued at the same time. The valuation metrics show a profile that typically only true compounders deliver.

🔹 Juan's view on the 2025-2028 valuation

1) FCF power meets attractive valuation

A FCF yield of 9-17 % is exceptional for a fast-growing digital model.
This means that the market is pricing growth growth far too conservatively too conservatively.

2) Dividend increases cleanly with

Dividend per share grows every year → Shareholder return is steadily increasing.
Dividend yield increases to 11 % → rare for a growth stock.

3) Multiples fall - even though the company is growing

P/E ratio falls from 11.8× to 6.7× → Classic "multiple compression sweet spot".
P/B ratio falls from 10.3× to 4.6× → Valuation becomes increasingly favorable relative to equity.

4) PEG shows clear undervaluation

PEG by 0,3× → Market massively underestimates earnings growth.
2025 PEG is negative due to distorted EPS base effect.

🔹 Juan's overall assessment

Hacksaw combines growth, cash flow strength and falling multiples - a rare trio. The valuation ratios speak a clear language: The market is lagging operating reality. For Juan, this is a classic profile of an undervalued undervalued high-quality compounder.

🔶 Juan's conclusion (short & clear)

Hacksaw shows a valuation profile that rarely so clean clean: falling multiples, rising cash flows, growing dividends and an FCF yield that is expected to reach 17 % in 2028.

For Juan, this is a classic profile of a potential compounder with tenbagger DNA.

05.06.2026, 22:02:56 -

Tradegate BSX (EUR)

7.110 EUR

$HACK (+0,32 %)

38 Commentaires

Dividendenopi👴@Dividendenopi

This is a really nice share for the dividend topi, thank you very much for your effort and for presenting it. Of course, that's an extra jar of jam 😇😉. I don't need to say much more about the figures, they speak for themselves and have already been commented on in detail. The topic of regulation has been addressed. In IGaming, this is a very fragmented issue and each market has its own requirements. Hackshaw is already well organized here and has the relevant experience. In the long term, this leads to customer loyalty, less competition due to barriers to entry and corresponding margins. This is where the capex is increasingly flowing, especially in the modularization of the platform to open up the various markets and pay the license fees. I see the expanded focus on the USA and Brazil as positive and will have a corresponding impact on the overall result. However, regulation is not only a risk factor but also a moat. Smaller providers, even if they are regionally limited, will hardly be able to overcome these hurdles and the large established providers will dominate the market. Countries such as the UK, Sweden, Ontario and soon Brazil offer clear rules, predictable revenues and reliable partners in the form of licensed casinos. This is predictable and leads to better multiples. Of course, a change in regulations can also temporarily dampen growth, but I don't see this as a sticking point. The second point that was mentioned is the departure of CEO and founder Källberg. This is temporarily causing a certain amount of uncertainty, as can be seen from the share price performance. The market just doesn't like surprises. I don't see this as dramatic and it does happen in such phases. There were also no negative signals, communication was clear, there were no compliance problems, no scandal, no operational crisis. Källberg built up the organization, carried out a successful IPO and the figures were great. The build-up phase is now complete and the company is moving one step further, with a clear focus on further significant growth. The change may well have been strategic. Away from the founding genes, towards corporate genes. Of course, a lot depends on the successor, ideally with experience in the industry. And the future strategic direction can already be seen. The interim CEO with M&A experience and the founding of Hackshaw Ventures indicate the direction in which things will increasingly be heading. For me at least, the brief uncertainty is a good time to put my foot in the door and get in with a first tranche.

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Tenbagger2024@Tenbagger2024

@Dividendenopi Thank you for all your work and research. It is also reassuring when such a company is also checked in the four-eyes principle

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Dividendenopi👴@Dividendenopi

@Tenbagger2024 That was a few more eyes 😉And everyone has their own view of things. There is agreement on the figures, but everyone has their own view on the other issues and, based on this and the fundamental information, everyone now has the opportunity to decide for themselves

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Tenbagger2024@Tenbagger2024

@Dividendenopi As a thank you, you will receive a dividend stock from Norway tomorrow

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Dirk aus Stade@dirko68

@Dividendenopi Swedish withholding tax is not exactly our friend.

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Dividendenopi👴@Dividendenopi

@dirko68 I know that, the refund application is just as easy as in Norway. In contrast to Norway, you can apply for an advance exemption for Sweden with several brokers in Germany.

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Get_Rich_or_Die_Tryin@Get_Rich_or_Die_Tryin

Regulation is the one keyword that is probably responsible for the discount. In addition, the events surrounding $EVO have certainly spread general skepticism towards iGaming companies. I think the key data are great and will probably add them to my portfolio as a risk position. No risk, no fun.😁 The key figures are monstrous in any case! Thanks for the presentation.

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Tenbagger2024@Tenbagger2024

@Get_Rich_or_Die_Tryin I had thought. That you would like it. An absolute cash machine for me. Even if the performance doesn't come, the dividend yield is a great consolation. But with the growth at the valuation, there should also be performance

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Tenbagger2024@Tenbagger2024

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Brian@Aktienhauptmeister

I'll leave Jack's analysis here for you again

Tenbagger ! Jack here ✌️Ohne lots of talk, get to it !

The invisible casino croupier:
Hacksaw does not build its own casinos and bears no operational operator risk. They own the digital printing press. Through their proprietary OpenRGS platform, they act as the technological content provider for over 3,000 global casino brands. Anyone who gambles on the Internet can hardly avoid Hacksaw's highly volatile mathematical models. A pure B2B scaling game: minimum marginal costs, maximum cash inflow.

🧬 DNA check
Margin boss: An adjusted EBIT margin of 82% is not only industry-leading, it's almost illegal. Every additional euro of sales scales directly into the bottom line.
Growth momentum: Sales growth of +28% YoY in Q1 2026. Not a mature giant, but a highly dynamic compounder.
Fortress balance sheet: Net debt/EBITDA is 0.0x. The company holds around EUR 176m net cash and has no bank debt. Crisis resistance: Absolute.
Return on investment: ROIC well above the 20% threshold - the cash machine reinvests highly efficiently.

🚀 Growth levers & catalysts
US & global rollout: Successive development of regulated US states (Pennsylvania, West Virginia via bet365) and new markets (South Africa, South America). The regulatory pipeline is under steam.
Hacksaw Ventures: Acquisition and aggregation of smaller indie studios (e.g. Jinx Gaming) via massive cash conversion rate (93%). Inorganic growth without dilution.
Dividend anchor: A proposed dividend yield of ~5.3% for a tech-growth stock is absurdly high and supports the share price on the downside.

⚠️ Valuation & Risks
Management vacuum: The sudden dismissal of Group CEO Källberg in April 2026 and a new CFO since January bring unrest to the cockpit. Interim M&A lawyers at the helm often mean strategic transition phases.
Regulatory minefields: Fines such as the Swedish Spelinspektionen (SEK 2.6 million) show: A compliance error in geo-blocking can be costly in the iGaming sector at any time.
Multiple compression: With a P/E ratio of ~13.3x, the share is priced in dirt cheap for this growth - the market is pricing in the departure of the CEO and the regulatory risk at a steep discount.

🎯My verdict:

"Hacksaw is fundamentally an absolute exception - a money printing machine in a B2B shell with an 82% margin, which the market is currently selling off at a P/E ratio of 13 due to short-term management squabbles and regulatory paranoia. Anyone who wants to collect the iGaming growth without bearing the operator risk of the casinos will find a highly profitable, debt-free hiding place with a fat dividend backing here."

Reaper rating: ✅ ACCUMULATE (Collect while the executive suite is being rebuilt)
REAPER SCORE: 7.5 / 10

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Keineui@Keineui

@Aktienhauptmeister I would be interested to know if there has ever been a 10/10 😇

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Get_Rich_or_Die_Tryin@Get_Rich_or_Die_Tryin

@Keineui I've never had a 15/15 either😉 Perfectionists never find the final boss investment. There's always a little flaw somewhere 😅

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Keineui@Keineui

blatant values . I don't do gaming, but you rarely find these figures. Good find!

How does the difference between your figures for the dividend yield and the figures for GQ come about? Because there it is <1%

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Tenbagger2024@Tenbagger2024

@Keineui my dear. This was already a topic with @Dividendenopi the other day. It's best to ignore the getquin information

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Dividendenopi👴@Dividendenopi

@Keineui Gaming is fundamentally different from IGaming. We are not talking about video games here, but about online gambling with real money. And on the subject of dividends, there is one too many zeros after the decimal point. As you can read on the IR page, the dividend was actually SEK 4.32.

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Keineui@Keineui

can @kundenservice please do something about this? who is the best person to tag?

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Dirk aus Stade@dirko68

If the Tenbagger wants to buy something like that, then I'll have to try again to free up resources for a new savings plan.

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Brian@Aktienhauptmeister

So my dear, Hacksaw AB's figures are absolutely phenomenal. EBIT margin consistently at a brilliant ~80%, FCF extremely stable and return on equity absolutely absurd. I can well imagine that the market does not trust the iGaming industry because of the regulatory risks and ESG exclusions for many funds. Secondly, the market probably doubts the extremely steep growth path of the analysts (revenue doubling from €197m to €425m in 3 years). If Hacksaw does not achieve these targets, the optically favorable P/E ratio will immediately collapse upwards.

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Tenbagger2024@Tenbagger2024

@Aktienhauptmeister but still sees growth and potential in the gaming sector

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Yoshika 🦋.@Yoshika

Mercedes is available. Please report all named hair representatives immediately in the comments section.

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Paulchen@Divident_e

My dear. Cheer up. It will work out one day

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Walter S.@Roots

Thanks for the introduction. Thanks for the effort.
A great share. Figures as if painted.
The stock is going into my self-made universe.

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Frank@schlimmschlimm

Good morning and thanks for the great presentation! Great key figures! Great dividend! A great value away from the typical big tech and AI hype. Perhaps just the right thing in the current market phase. A dividend of just under €0.39 per share (around 5.5% yield) is a real plank. Getquin is once again displaying it incorrectly. The way I see it, it's probably down to the regulations. Large funds are not allowed to invest in gambling because of sustainability rules. That's probably still holding things back at the moment.

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Tenbagger2024@Tenbagger2024

@schlimmschlimm @Dividendenopi takes another closer look at them. And checks the figures according to his procedure. But it looks pretty good.
If there is the TÜV seal from the master. Maybe a foot on the gas pedal

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Frank@schlimmschlimm

@Tenbagger2024 Yes, definitely, keep me posted.

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Tenbagger2024@Tenbagger2024

@schlimmschlimm looks like a real cash machine 75% should flow back to the shareholders. And yet the company continues to expand

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Dividendenopi👴@Dividendenopi

@schlimmschlimm great piece that the good @Tenbagger2024 has picked out. The figures are really impressive and I can confirm them based on my research outside the sources in the presentation. Provided there is no regulatory interference. This can always happen in the gambling sector, but will not jeopardize the basic growth thesis, if it were to happen it might lead to a small brake, but does not call the business model into question. I can definitely see myself investing here and will probably open an initial position in the short term

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Tenbagger2024@Tenbagger2024

@Dividendenopi what do you say to the comment by. Mr. Prompt

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Dividendenopi👴@Dividendenopi

@Tenbagger2024 I had to summarize my results first, by hand 😇and I just posted them in an extra comment

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Frank@schlimmschlimm

@Dividendenopi Thank you for your assessment and the work you have put in!

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Tenbagger2024@Tenbagger2024

@SAUgut777 My dear, nothing for you?

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S.A.U.@SAUgut777

@Tenbagger2024 thank you, I'll have to take a look at 👍🏻

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Johannes@Johannes12345

Sounds really strong - thanks for the introduction 👌 a welcome change from all the chip and AI hype 🚀

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Raketentoni@Raketentoni

Moin @Tenbagger2024,

dear @Dividendenopi has quite rightly promised you a jar of jam, because in purely operational terms you have unearthed an absolute monster from the Swedish iGaming sector!

But before you break out in euphoria and throw your rock-solid Mercedes-Benz shares onto the market, I have to bring you back down to earth for a moment as an ice-cold co-pilot. You let yourself be dazzled by Juan's pink Excel tables and completely overlooked the biggest, fattest "fly in the ointment" in your research!

Here's my hard-hitting reality check including the latest live data from 2026:

1. the numbers: An absolute dream (The AOK check)
When we run Hacksaw Gaming (ticker: HACK) through my established quality formula, the calculator blows. You're absolutely right here:

Core Quality Formula: We have the official Q1-2026 numbers. 28% sales growth + 82.4% EBIT margin = An absurd score of over 110! (Remember: anything above 25 is actually already excellent on our scale). The RGS software scales with virtually no marginal costs, which is the absolute premium class.

Cash flow & dividend: Over 75% payout ratio as a clear target, and that from a gigantic free cash flow that is not eaten up by constant, heavy CapEx investments. This thing is a money printing machine.

So far, Juan is absolutely right with his "Champions League" analysis. Operationally, there is nothing to complain about here.

2. the blind spot: the massive "fly in the ointment"
Now it's getting uncomfortable. At the bottom of your post, you dutifully list the small, colorful PR messages (partnerships in Lebanon, Switzerland, Romania). But you've completely overlooked the most important and explosive news of the whole year!

At the beginning of May 2026 (less than a month ago), the Supervisory Board fired CEO and co-founder Christoffer Källberg virtually overnight!

Let that melt in your mouth: A company achieves record growth in the first quarter of 2026, pulverizes analysts' expectations with an 82% EBIT margin, the share is doing brilliantly - and the CEO has to take his hat off on the same day!
According to official statements, it was a matter of "strategic alignment" and the Executive Board immediately appointed an M&A lawyer as interim CEO. When the CEO of a company that went public less than a year ago (IPO was in June 2025!) is cut despite dream figures, the air behind the scenes is burning. An M&A specialist in the boss's chair smells strongly of an internal power struggle over the future allocation of capital, aggressive takeovers or perhaps even a sales poker game for the company itself. "Stability" looks different.

3. my conclusion for your portfolio
Dear Tenbagger, keep your Mercedes-Benz shares for God's sake!

You're about to swap an indestructible, established global corporation on the safe A-side of your portfolio for a Swedish iGaming studio that:

hasn't even been on the stock market for 12 months,

is highly dependent on global regulations and gambling laws,

and where the boss has just been thrown out of the window with the engine running.

This is a gross violation of any serious risk management.

My final verdict: Hacksaw Gaming is a highly profitable, extremely hot gamble for the speculative B-side. If you have the nerve to sit out the leadership chaos, you can ride the momentum here with a small position. But as a replacement for your ironclad dividend fund? Never!

Enjoy the jam, but leave the star in the garage!

Your Mr. Prompt

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Tenbagger2024@Tenbagger2024

@Raketentoni Thank you, dear, @Dividendenopi has already included the CEO sacking in his research. He is digging deeper and trying to find out the background here. Perhaps @Get_Rich_or_Die_Tryin can also find out something about the bank. Since you're almost in Sweden, you can also do some more research up there in the north

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Tenbagger2024@Tenbagger2024

@Raketentoni Maybe the @Dividendenopi will have a jar of jam left for you too

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Tenbagger2024@Tenbagger2024

@Raketentoni Such a CEO sacking can often have a completely different background. (see Nestle)

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Raketentoni@Raketentoni

@Tenbagger2024 Yes, if you promise too much jam :)

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