Hacksaw (OM:HACK) Following Strong Q2 Results Has Its Fair Value Back In Focus

Hacksaw (OM:HACK) is in focus after reporting second quarter 2026 results, with revenue of €59.29 million, net income of €45.73 million, an 82% adjusted operating margin, and new game launches plus Alberta market entry.

See our latest analysis for Hacksaw.

Hacksaw’s latest earnings update comes after a mixed share price run, with the stock at SEK72.5 and a 1-day share price return of 1.26%. The 7-day share price return is down 12.12% and the 1-year total shareholder return is down 3.73%, suggesting momentum has cooled after stronger gains earlier in the year.

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Hacksaw’s strong Q2 figures sit alongside a share price that has cooled in recent weeks. This puts the focus on whether current levels already reflect the progress or if patience could offer a more attractive entry.

Most Popular Narrative: 31% Undervalued

The most followed valuation narrative for Hacksaw puts fair value at SEK105.01 per share versus the last close at SEK72.5, framing the stock as materially discounted on that view.

Consistent organic expansion in the games portfolio, with 268 titles compared to 184 a year earlier, supports broader distribution across operators and can widen the revenue base over time by reducing reliance on any single hit title. This can support steadier revenue and earnings.

Read the complete narrative.

Curious what earnings trajectory and margin profile could support that gap between price and fair value? The narrative refers to rapid top line growth, high profitability and a lower future earnings multiple than many peers.

Result: Fair Value of SEK105.01 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, Hacksaw’s story could change quickly if tighter iGaming regulation limits market access, or if higher personnel costs fail to translate into profitable new titles.

Find out about the key risks to this Hacksaw narrative.

Next Steps

With mixed signals around Hacksaw, do you want to rely on sentiment or test the numbers yourself and move quickly to shape your own view using the 5 key rewards and 1 important warning sign

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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