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HMS Networks AB (HMNKF) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of HMS Networks AB $49.04, price $48.73, upside +0.6%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Broad data
Sep 24, 2026
Broad data
Sep 24, 2026
HMS Networks AB
HMNKF · USNeutralQuality growthThe stock looks roughly fairly valued with average quality.
·Fair value $49.04 · Fairly valued (+0.6%)
✓Quality 62/100
✓Healthy Growth (revenue 5y +19.5 %/yr)
✓Solidly profitable · 13.2% net margin (TTM)
✓Moderate debt · generates free cash flow
!Moderate moat 62/100
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $16.87 – $59.75 · fair‑value band $33.40 – $62.02 · the $48.73 price screens below the $49.04 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
HMS Networks AB (publ) provides industrial information and communication technology solutions worldwide.
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HMS Networks AB (publ) provides industrial information and communication technology solutions worldwide. 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 (HMNKF) currently trades at $48.73, while our model-based Fair Value estimate is $49.04, so the stock looks roughly fairly valued today (gap 0.6%).
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Valuation
Bull case: the DCF Models group reads highest at a median of $31.93 per share, and 0 of the 24 models we run sit above the $48.73 price.
Bear case: the Economic Profit group reads lowest at $7.58, and 24 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: $33.40 (bear) to $62.02 (bull), the price of $48.73 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 62/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
HMS Networks AB 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 $3.0B · P/E ratio 47.8 · P/S ratio 5.81 · EPS (TTM) $1.02 · Net margin 12.2% · Return on equity 13.6% · Return on assets (EBIT) 17.9% · Revenue (TTM) 3.4B SEK.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (medium confidence).
What moves the price
The share trades about 18% below its 52-week high and 14% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −62% fair-value upside, at 1%, HMNKF screens cheaper than that median.
Fair Value models
Bear $33.40
Fair Value $49.04
Bull $62.02
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.7713 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.
Evidence ⓘEvidence = 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.
Highest evidence
Residual Income
$6.37
$7.58
$10.66
76
Growth DCF
$18.67
$39.76
$71.63
75
FCF DCF
$19.32
$37.87
$82.85
74
All 24 models by family
DCF Models
FCF DCF
$19.32
$37.87
$82.85
74
Owner Earnings
$14.66
$32.41
$65.17
71
5Y Revenue Exit
$13.63
$27.40
$46.72
70
5Y EBITDA Exit
$22.12
$46.20
$78.11
72
5Y P/E Exit
$15.48
$31.48
$50.74
68
10Y Revenue Exit
$14.82
$28.89
$52.02
64
10Y EBITDA Exit
$21.00
$42.92
$79.58
65
10Y P/E Exit
$16.56
$31.93
$55.55
61
Earnings-Based
Graham-Dodd
$5.86
$34.12
$47.48
63
Lynch FV
$9.65
$13.78
$17.92
61
PEG = 1.0
$9.65
$13.78
$17.92
57
EPV
$8.74
$10.66
$12.32
74
Multiples
P/E Multiple
$18.11
$24.15
$30.19
63
P/S Multiple
$11.00
$14.66
$18.33
58
P/B Multiple
$11.00
$14.66
$18.33
55
EV/EBIT
$24.79
$34.19
$43.59
66
EV/EBITDA
$24.92
$34.37
$43.82
67
EV/Revenue
$10.84
$16.95
$23.06
53
Asset-Based
NCAV (Graham)
$3.45
$4.62
$6.90
54
Growth DCF
Growth DCF
$18.67
$39.76
$71.63
75
Rev-Margin DCF
$13.63
$26.95
$45.50
70
Economic Profit
Residual Income
$6.37
$7.58
$10.66
76
ROIC Compounder
$9.91
$15.44
$20.61
71
Growth Earnings
Growth-Adj P/E
$16.45
$23.50
$30.55
67
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Set up alert →Quality Score breakdown
Overall quality
62/100
Of which business quality 62 · Market factors (momentum, volatility) 54
Profitability
50
Margins and returns on capital today
Quality Growth
75
Are margins and returns improving?
Cashflow
88
Earnings quality: real cash, not paper profit
Fin. Strength
49
Balance sheet, leverage, solvency risk
Investment
30
Disciplined investing over empire-building
Low Volatility
51
Calm price path (market factor)
Momentum
61
Price trend over the last 3–12 months (market factor)
52W Momentum
47
Distance to the 52-week high (market factor)
Net Issuance
69
Share count: buybacks or dilution?
Revenue & earnings trend
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)
Revenue growth 8 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.
+14.8%
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
+12.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.6%
Dividend (yield on the price)0.0%
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% → 22%
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).
+21.1%
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.
+9.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in SEK, Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +18.7% a year for the price and +7.8% for the forecasts.
Forecast 2026 (sales)+13.0%
Forecast 2027 (sales)+10.9%
Projected 2028 (sales)+9.8%
Projected 2029 (sales)+8.6%
Projected 2030 (sales)+7.5%
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
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Frequently asked questions
Is HMS Networks AB (HMNKF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $49.04 versus the last price from Sep 25, 2026 of $48.73, about +1% upside (fairly valued).
What is the fair value of HMNKF?
Our model-based fair value for HMS Networks AB is $49.04 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $48.73.
What is the quality score of HMNKF?
HMS Networks AB has a Quality Score of 62/100. 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 (HMNKF)?
Our model-based price target is the fair value of $49.04 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario $33.40, optimistic scenario $62.02. It is a calculation from audited fundamentals, not an analyst target.
What is the HMS Networks AB stock forecast for 2026?
Our models put fair value at $49.04, about +1% upside versus the last price from Sep 25, 2026 of $48.73 (fairly valued). Cautious scenario $33.40, optimistic scenario $62.02. The calculation is refreshed regularly with new filings.
What is the revenue of HMS Networks AB (HMNKF)?
HMS Networks AB reported trailing-twelve-month revenue of about 3.4B SEK (latest available figure, as of Sep 24, 2026).
What growth is priced into HMS Networks AB (HMNKF)?
For today's price to be fair in a discounted-cash-flow model, HMS Networks AB would have to grow free cash flow by +21.1 % per year for five years (discount rate 10.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +19.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of HMNKF use?
Our models discount HMS Networks AB at 10.0 %: a base by market capitalisation (mid), damped by beta 1.09, country premium for USA. 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 that is +21.1 % per year a year over ten years, using the same discount rate (10.0 %) and the same formula as our fair value.
How much growth has HMS Networks AB (HMNKF) delivered so far?
Over the past 5 years revenue at HMS Networks AB grew +19.5 % a year. The price currently implies +21.1 % per year free-cash-flow growth a 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 (HMNKF) growing?
The median revenue growth in the sector is +10.3 % a year. That is the yardstick for the growth priced into HMS Networks AB (+21.1 % per year a 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 (HMNKF)?
The free-cash-flow yield on the price is 3.03 %: that much free cash flow HMS Networks AB produces per unit of market value. When it exceeds the discount rate of our models (10.0 %), 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 (HMNKF)?
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 it is $49.04 per share (as of Sep 24, 2026), against a price of $48.73. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is HMS Networks AB stock overvalued or undervalued in 2026?
As of Sep 24, 2026, HMNKF trades below its calculated fair value: price $48.73, fair value $49.04, a gap of about +1% (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 HMNKF?
No. The price is what the market pays today ($48.73); the fair value is what the company's own numbers justify ($49.04). For HMS Networks AB the two are $0.3100 per share apart. That gap is exactly why we show both numbers side by side.
How much is HMS Networks AB worth?
The market values HMS Networks AB at about $3.0B (market capitalisation, as of Sep 24, 2026). Per share that is $48.73; our models calculate a fair value of $49.04 per share.
What do the bullish and bearish scenarios say about HMNKF?
Our models span a range for HMS Networks AB: cautious scenario $33.40, base $49.04, optimistic $62.02 per share (as of Sep 24, 2026, price $48.73). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is HMNKF from its 52-week high?
HMS Networks AB trades at $48.73, about 18% below its 52-week high of $59.75 and 14% above the low of $42.90 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $49.04 is for.
Which stocks are comparable to HMS Networks AB?
From the same area (Technology) we also value Cisco Systems, Inc, Foxconn Industrial Internet Co, Zhongji Innolight Co, Eoptolink Technology 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 stock attractive at the current price?
The data as of Sep 24, 2026: price $48.73, calculated fair value $49.04 (+1%), Quality Score 62/100, 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 HMNKF calculated?
We run HMS Networks AB through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $49.04, 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 14.5 % above its aggregate fair value. HMS Networks AB currently trades 1 % 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 (HMNKF)?
The latest price we hold is from Sep 25, 2026 and stands at $48.73. Our model-based fair value is $49.04, about +1% 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 right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($33.40 to $62.02) leaves room in how you read the outcome.
Key figures of HMS Networks AB
How large is the market capitalisation of HMS Networks AB (HMNKF)?
The market capitalisation of HMS Networks AB is $3.0B. 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/E ratio of HMS Networks AB (HMNKF)?
The price-to-earnings ratio of HMS Networks AB is 47.8. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of HMS Networks AB (HMNKF)?
The price-to-sales ratio of HMS Networks AB is 5.81 (P/E × margin). 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 (HMNKF)?
Earnings per share at HMS Networks AB are $1.02 (price ÷ EPS = P/E 47.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of HMS Networks AB (HMNKF)?
The net margin of HMS Networks AB is 12.2% (fiscal year 2025). 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 (HMNKF)?
The return on equity (ROE) of HMS Networks AB is 13.6% (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 (HMNKF)?
On an EBIT basis the return on assets of HMS Networks AB 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.
How fast is revenue growing at HMS Networks AB (HMNKF)?
Revenue at HMS Networks AB is growing +9.1% 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 fast are earnings growing at HMS Networks AB (HMNKF)?
Earnings per share at HMS Networks AB are growing +41.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does HMS Networks AB (HMNKF) carry?
The net debt of HMS Networks AB is 1.9B SEK (fiscal year 2025, ≈ 2.6 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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