I already posted this elsewhere today; I’ll be happy to copy it here for you:
Hacksaw released preliminary Q3 figures today.
Revenue is expected to be around 57.5–58.5 million EUR, up from 52.0 million EUR a year ago.
That represents growth of only +11 to +12%. Adjusted EBIT is expected to reach 48–49 million EUR, with the EBIT margin even coming in at around 83%.
Operationally, the company remains extremely profitable.
However, the statement that’s hitting the market is this: Revenue growth was below the historical growth rate because market conditions have weakened and game performance was weaker than in the most recently reported periods.
The stock is reacting brutally to exactly that.
The share price is currently hovering around 59–60 SEK at times, representing a decline of about 27% over the past 5 days.
The key point is:
Hacksaw is not valued like a typical value stock, but rather like a high-growth compounder. When the market has priced in 25–40% growth for years and suddenly only 11–12% materializes, the valuation multiple can shrink very quickly, even if the margin remains fantastic.
My verdict:
Business model 🟢
Profitability 🟢🟢
Balance sheet/operational quality remains strong
Growth momentum 🟠
Valuation needs to be reassessed following the growth slowdown
Short-term chart 🔴
I wouldn’t interpret this as “the company is broken.” But the story has taken a real hit today:
An 83% EBIT margin is sensational, but 11–12% revenue growth isn’t automatically enough to justify the previous valuation.
For me, the key date now is the full Q3 report on November 3, 2026. That’s when we’ll have to see whether this was just a weak quarter or whether Hacksaw is structurally shifting into a lower growth phase.
Hacksaw released preliminary Q3 figures today.
Revenue is expected to be around 57.5–58.5 million EUR, up from 52.0 million EUR a year ago.
That represents growth of only +11 to +12%. Adjusted EBIT is expected to reach 48–49 million EUR, with the EBIT margin even coming in at around 83%.
Operationally, the company remains extremely profitable.
However, the statement that’s hitting the market is this: Revenue growth was below the historical growth rate because market conditions have weakened and game performance was weaker than in the most recently reported periods.
The stock is reacting brutally to exactly that.
The share price is currently hovering around 59–60 SEK at times, representing a decline of about 27% over the past 5 days.
The key point is:
Hacksaw is not valued like a typical value stock, but rather like a high-growth compounder. When the market has priced in 25–40% growth for years and suddenly only 11–12% materializes, the valuation multiple can shrink very quickly, even if the margin remains fantastic.
My verdict:
Business model 🟢
Profitability 🟢🟢
Balance sheet/operational quality remains strong
Growth momentum 🟠
Valuation needs to be reassessed following the growth slowdown
Short-term chart 🔴
I wouldn’t interpret this as “the company is broken.” But the story has taken a real hit today:
An 83% EBIT margin is sensational, but 11–12% revenue growth isn’t automatically enough to justify the previous valuation.
For me, the key date now is the full Q3 report on November 3, 2026. That’s when we’ll have to see whether this was just a weak quarter or whether Hacksaw is structurally shifting into a lower growth phase.
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•@Raketentoni I just bought another 100 of them and will wait until November 3.
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