HMS Networks AB (publ) (HMS) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of HMS Networks AB (publ) stock SEK 492, price SEK 477, upside +3.2%, quality 66 out of 100. Rating: fairly valued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range kr 252.31 – kr 589.50 · fair‑value band kr 351.60 – kr 639.90 · the kr 477.00 price screens below the kr 492.22 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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HMS Networks AB (publ) provides industrial information and communication technology solutions worldwide.
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The company offers industrial data products, including HMI and panel meters, industrial controllers, network diagnostics, network security, and remote gateway products; industrial network connectivity products comprising embedded network interfaces, functional safety, gateways and protocol converters, industrial PC interfaces, industrial wireless, and switches and infrastructure products; building automation gateway products that include AC cloud control, AC, AW heat pump, and protocol converter gateways; vehicle and medical communication products, such as computing gateways, infrastructure components, and PC interfaces; and related software, tools, and accessories.
Its products are used for battery energy storage, EV charging, factory to building, HVAC control, lighting control, mobile robots, PLCs, robot controllers, and smart metering applications.
The company also provides building control and connectivity; CAN connectivity, access, and diagnostics; functional safety; industrial network connectivity, diagnostics, infrastructure, and security; industrial remote access; machine visualization/control; and vehicle network connectivity solutions.
It sells its products under the Anybus, Ixxat, Ewon, Intesis, Red Lion, and N-Tron brands.
The company serves automotive, building and factory automation, food and beverage, medical, packaging, power generation, process automation, transport and infrastructure, warehouse and distribution, and water/wastewater industries.
HMS Networks AB (publ) was founded in 1988 and is headquartered in Halmstad, Sweden.
Stock analysis
HMS Networks AB (publ) (HMS) currently trades at kr 477.00, while our model-based Fair Value estimate is kr 492.22, so the stock looks roughly fairly valued today (gap 3.1%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of kr 375.69 per share, and 2 of the 24 models we run sit above the kr 477.00 price.
Bear case: the Economic Profit group reads lowest at kr 117.81, and 22 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 351.60 (bear) to kr 639.90 (bull), the price of kr 477.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
HMS Networks AB (publ) reported revenue of 3.6B SEK in FY2025 versus 2.0B SEK in FY2021, a compound +16.1%/yr. Reported net income was 435M SEK in FY2025, compounding +5.2%/yr from FY2021.
Key figures
Market cap 23.9B SEK (≈ $2.4B) Mid · P/E ratio 43.3 · P/S ratio 6.08 · EPS (TTM) kr 11.01 · Dividend yield 1.0% · Net margin 14.1% · Return on equity 15.0% · Return on assets (EBIT) 17.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 25% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −49% fair-value upside, at 3%, HMS screens cheaper than that median.
Fair Value models
Bearkr 351.60Fair Value kr 492.22Bullkr 639.90
Price kr 477.00 · Upside +3.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 5.39 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+16.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.5%
Start year 2020 (pandemic). Over 10 years: +17.7% a year
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+13.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.6%
Dividend (yield on the price)1.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.12.6% vs 20.0%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.20% → 25%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+17.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+12.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +15.6% a year for the price and +9.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (95 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Strong gross margins and cash flow give modest pricing power, yet the business lacks usable evidence on innovation, operations and nearly all other quality factors.
Main risk: The acquisition may mainly bring integration work without enough scale to lift returns, directly affecting profitability and cash generation.
HMS Networks is acquiring ROBOT S.A., a Spanish supplier of sensors and building management systems for hotels, to expand into hospitality building automation. The target adds roughly nine million euros in sales at a 27 percent EBITDA margin and opens new markets in Europe and Latin America. With models viewing the shares as overvalued, will the deal create real cross-selling synergies or mainly bring integration work without enough scale to improve returns?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Communication Equipment · 326 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+3.2% · Above median
Profitability
Return on equity (12 months)15.0% · Top 25%
Return on assets6.6% · Top 25%
Net margin (12 months)14.1% · Top 25%
Operating margin (12 months)24.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)14.5% · Above median
Dividend yield (12 months)1.0% · Below median
Balance sheet
Debt / equity0.52× · Highest 25%
Valuation Multiplesvs Communication Equipment median · lower = cheaper
P/E (12 months)43.3× · Pricier than median
P/B6.89× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)6.08× · Priciest 25%
Price / free cash flow (fiscal year)29.4× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "HMS Networks AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/HMS
Frequently asked questions
Is HMS Networks AB (publ) (HMS) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 492.22 versus a price of kr 477.00, about +3% upside (fairly valued).
What is the fair value of HMS?
Our model-based fair value for HMS Networks AB (publ) is kr 492.22 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 477.00.
What is the quality score of HMS?
HMS Networks AB (publ) has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for HMS Networks AB (publ) (HMS)?
Our model-based price target is the fair value of kr 492.22 (as of Nov 8, 2026) from 24 valuation models. Cautious scenario kr 351.60, optimistic scenario kr 639.90. It is a calculation from audited fundamentals, not an analyst target.
What is the HMS Networks AB (publ) stock forecast for 2026?
Our models put fair value at kr 492.22, about +3% upside versus a price of kr 477.00 (fairly valued). Cautious scenario kr 351.60, optimistic scenario kr 639.90. The calculation is refreshed regularly with new filings.
What is the revenue of HMS Networks AB (publ) (HMS)?
HMS Networks AB (publ) reported trailing-twelve-month revenue of about 3.9B SEK (latest available figure, as of Nov 8, 2026).
Does HMS Networks AB (publ) pay a dividend?
HMS Networks AB (publ) currently shows a dividend yield of 1.01% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of HMS Networks AB (publ) (HMS) and when is the ex-dividend date?
HMS Networks AB (publ) pays a dividend of kr 4.80 per share a year, a dividend yield of 1.0%. The last ex-dividend date was Apr 24, 2026. The payout ratio is 43.6% of earnings. Free cash flow covers the dividend 3.38 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into HMS Networks AB (publ) (HMS)?
For today's price to be fair in a discounted-cash-flow model, HMS Networks AB (publ) would have to grow free cash flow by +17.9 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +19.5 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of HMS use?
Our models discount HMS Networks AB (publ) at 9.6 %: a base by market capitalisation (mid), damped by beta 1.05, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For HMS Networks AB (publ) that is +17.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has HMS Networks AB (publ) (HMS) delivered so far?
Over the past 5 years revenue at HMS Networks AB (publ) grew +19.5 % a year. The price currently implies free-cash-flow growth of +17.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of HMS Networks AB (publ) (HMS) growing?
The median revenue growth in the sector is +4.4 % a year. That is the yardstick for the growth priced into HMS Networks AB (publ) (+17.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of HMS Networks AB (publ) (HMS)?
The free-cash-flow yield on the price is 3.40 %: that much free cash flow HMS Networks AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of HMS Networks AB (publ) (HMS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HMS Networks AB (publ) it is kr 492.22 per share (as of Nov 8, 2026), against a price of kr 477.00. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is HMS Networks AB (publ) stock overvalued or undervalued in 2026?
As of Nov 8, 2026, HMS trades below its calculated fair value: price kr 477.00, fair value kr 492.22, a gap of about +3% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HMS?
No. The price is what the market pays today (kr 477.00); the fair value is what the company's own numbers justify (kr 492.22). For HMS Networks AB (publ) the two are kr 15.22 per share apart. That gap is exactly why we show both numbers side by side.
How much is HMS Networks AB (publ) worth?
The market values HMS Networks AB (publ) at about 23.9B SEK (market capitalisation, as of Nov 8, 2026). Per share that is kr 477.00; our models calculate a fair value of kr 492.22 per share.
What do the bullish and bearish scenarios say about HMS?
Our models span a range for HMS Networks AB (publ): cautious scenario kr 351.60, base kr 492.22, optimistic kr 639.90 per share (as of Nov 8, 2026, price kr 477.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HMS?
HMS Networks AB (publ) trades at a price-to-earnings ratio of 43.3 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 492.22 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 40.8. Other multiples: PEG 0.8, P/B 6.9, P/S 6.1, EV/EBITDA 22.4.
What is the PEG ratio of HMS?
The PEG ratio of HMS Networks AB (publ) is 0.81 (P/E divided by earnings growth, as of Nov 8, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of HMS Networks AB (publ) (HMS)?
Balance-sheet figures for HMS Networks AB (publ) (as of Nov 8, 2026): return on equity 15.0%, debt of 0.52 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is HMS from its 52-week high?
HMS Networks AB (publ) trades at kr 477.00, about 19% below its 52-week high of kr 589.50 and 25% above the low of kr 381.84 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of kr 492.22 is for.
Which stocks are comparable to HMS Networks AB (publ)?
From the same area (Technology) we also value Cisco Systems, Inc, Foxconn Industrial Internet Co, Zhongji Innolight Co, Motorola Solutions, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is HMS Networks AB (publ) stock attractive at the current price?
The data as of Nov 8, 2026: price kr 477.00, calculated fair value kr 492.22 (+3%), Quality Score 66/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HMS calculated?
We run HMS Networks AB (publ) through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 492.22 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.3% above its aggregate fair value. HMS Networks AB (publ) currently trades 3% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of HMS Networks AB (publ) (HMS)?
The closing price on Nov 12, 2026 was kr 477.00. Our model-based fair value is kr 492.22, about +3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HMS Networks AB (publ) right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (kr 351.60 to kr 639.90) leaves room in how you read the outcome.
Where does the earnings growth of HMS Networks AB (publ) (HMS) come from?
Earnings per share at HMS Networks AB (publ) grew +20.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +16.8 %, EBIT margin +4.1 %, tax rate +0.7 %, residual (interest, one-offs) −1.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of HMS Networks AB (publ)
How large is the market capitalisation of HMS Networks AB (publ) (HMS)?
The market capitalisation of HMS Networks AB (publ) is 23.9B SEK (≈ $2.4B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of HMS Networks AB (publ) (HMS)?
The price-to-sales ratio of HMS Networks AB (publ) is 6.08 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of HMS Networks AB (publ) (HMS)?
Earnings per share at HMS Networks AB (publ) are kr 11.01 (price ÷ EPS = P/E 43.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of HMS Networks AB (publ) (HMS)?
The dividend yield of HMS Networks AB (publ) is 1.0% (payout 43.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of HMS Networks AB (publ) (HMS)?
The net margin of HMS Networks AB (publ) is 14.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of HMS Networks AB (publ) (HMS)?
The return on equity (ROE) of HMS Networks AB (publ) is 15.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of HMS Networks AB (publ) (HMS)?
On an EBIT basis the return on assets of HMS Networks AB (publ) is 17.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of HMS Networks AB (publ) (HMS)?
The operating margin of HMS Networks AB (publ) is 24.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HMS Networks AB (publ) (HMS)?
Revenue at HMS Networks AB (publ) is growing +14.5% versus a year earlier (3y avg +12.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does HMS Networks AB (publ) (HMS) carry?
The net debt of HMS Networks AB (publ) is 2.3B SEK (fiscal year 2025, ≈ 2.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 8, 2026