HMS Networks AB (publ)

4H3A.F · Technology · Communication Equipment · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

650.41M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

650.53M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

401.62M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

567.52M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

2.41B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.24×

the ratio the screener ranks by

Margin of Safety

-324.8%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 650.41M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)688.84M USD
−②Net Debt Today220.84M USD
+③Growth Value182.41M USD
=Value650.41M USD

EPV of the Operations (NOPAT over WACC)

688.84M USD

Net debt today

-220.84M USD

Growth Value

+182.41M USD

Value

650.41M USD

①EPV (Earnings Power Value)

688.84M USD

②Net Debt Today

220.84M USD

③Growth Value

182.41M USD

Market value

Market Cap2.41B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-270.6%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 650.53M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE431.64M USD
+②Equity at Year 15, Today218.89M USD
=Value650.53M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

431.64M USD

②Equity at Year 15, Today

218.89M USD

Market value

Market Cap2.41B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-270.6%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 401.62M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF473.41M USD
+②Invested Capital at Year 15, Today149.05M USD
−③Net Debt Today220.84M USD
=Value401.62M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

473.41M USD

②Invested Capital at Year 15, Today

149.05M USD

③Net Debt Today

220.84M USD

Market value

Market Cap2.41B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-500.2%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 10.24%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.05×Market Risk Premium 6.00%= 10.82%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 23.36M USDPretax Income 70.74M USD= 33.03%

The tax the interest saves.

Interest Expense =EBIT 84.21M USD−Pretax Income 70.74M USD= 13.47M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 13.47M USDTotal Debt 225.69M USD×(1 − Tax Rate for WACC 33.03%)= 4.00%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 225.69M USDMarket Cap + Total Debt 2.41B USD + 225.69M USD= 8.56%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 91.44%×Cost of Equity 10.82%+Debt Weight 8.56%×Cost of Debt 4.00%= 10.24%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 701.60M USD − Total Liabilities 320.33M USD = Book Value Today 381.27M USD

Total Debt 225.69M USD − Cash and Short-Term Investments 4.85M USD = Net Debt Today 220.84M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 17.6%at most 5%does not pass50,194,016 / 46,655,988
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets6.9%at least -10.0%passes(95.51M USD − 47.33M USD) ÷ 701.60M USD
Price to bookMarket Cap ÷ Book Value Today6.32×at most 3×does not pass2.41B USD ÷ 381.27M USD
Operating marginOperating Income ÷ Revenue22.1%above 10.0%passes85.97M USD ÷ 389.45M USD
Revenue growthRevenue ÷ Revenue a Year Before − 140.2%above 10.0%passes389.45M USD / 277.78M USD
Net cash(Cash − Total Debt) ÷ Market Cap-9.2%above -30%passes(4.85M USD − 225.69M USD) ÷ 2.41B USD
Operating efficiencyOperating Income ÷ Gross Profit35.1%above 25.0%passes85.97M USD ÷ 245.25M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

42.86 EUR

Enterprise value

—

the provider's own figure

EV / EBITDA

—

Price / book

0.62×

the provider's book

Price / earnings

42.40×

Return on equity

15.0%

the provider's figure, not this page's

Profit margin

14.1%

Revenue growth

14.5%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

240.02M303.65M277.78M389.45M

Gross profit

150.99M197.50M173.97M245.25M

Operating income

61.79M78.47M52.62M85.97M

EBITDA

operating income before depreciation and amortisation

70.62M85.82M63.85M113.42M

Pretax income

59.71M72.01M33.10M70.74M

Net income

48.63M57.29M28.12M47.33M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

46.55M59.16M34.03M49.76M

R&D

24.96M32.07M26.03M36.17M
Balance sheet, year end (USD)2022202320242025

Total assets

261.46M302.27M680.85M718.53M

Total liabilities

107.30M108.26M362.54M339.95M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

154.16M194.01M318.20M378.41M

Total debt

28.79M26.79M286.52M245.90M

Cash and equivalents

13.81M12.45M6.71M9.73M

Net PP&E

fixed assets after depreciation

22.24M33.71M41.42M46.47M

Working capital

current assets less current liabilities

33.59M60.05M66.39M53.26M
Cash flow (USD)2022202320242025

Operating cash flow

41.29M52.09M53.76M95.51M

Capital expenditure

paid out, so below zero

-7.95M-7.42M-10.99M-14.49M

Depreciation and amortisation

10.33M12.57M19.85M29.21M

Free cash flow

operating cash flow plus capital expenditure

33.33M44.67M42.76M81.01M