HMS Networks AB (publ) (HMS)

Nasdaq Stockholm | Tech | Industrial communication and IIoT

AI Signal

HOLD

Sentiment

9/10

Risk

5/10

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Sentiment has strengthened materially after a record Q1 and margin uplift, though debate around premium valuation and potentially softer upcoming order intake (due to pulled-forward full-year orders) remains.

Exchange

Nasdaq Stockholm

Type

Tech

Sector

Industrial communication and IIoT

Market Cap

$2.1B

13 days ago 24 Apr 2026

Why HOLD ?

Hold: Q1 confirms strong organic growth, margin expansion and solid cash generation. However, upside may be partly priced in and order intake could be more volatile after pulled-forward orders, arguing for waiting for further confirmation in coming quarters.

Hold the current position; consider adding after Q2 if order intake/organic growth remains resilient and integration execution stays strong.
Bull case: - The **Q1 2026 report** could confirm continued growth and strong margins after the 2025 record year - Positive momentum from the **dividend** and ongoing integration updates - Continued demand tailwinds from industrial automation/IIoT can support valuation

Recent News

Q1 2026 (23 Apr) delivered records: order intake SEK 1,108m (+19% y/y, +10% organic) and net sales SEK 971m (+9% y/y, +15% organic). EBITA rose to SEK 264m with a 27.2% margin (23.1), EBIT SEK 237m (24.4%) and operating cash flow SEK 250m. The AGM on 23 Apr approved a SEK 4.80/share dividend (record date 27 Apr, payment around 30 Apr), a new share saving/incentive plan, and an authorization to issue up to 10% new shares until the next AGM.

14 Jul 2026 — Q2 / Half-year report 2026

Bull case

- The **Q1 2026 report** could confirm continued growth and strong margins after the 2025 record year - Positive momentum from the **dividend** and ongoing integration updates - Continued demand tailwinds from industrial automation/IIoT can support valuation ...

Bear case

- **High valuation** increases downside if Q1 misses on margin/orders - FX and macro uncertainty may weaken demand and reported results - Near-term risk of uneven order intake after a very strong 2025 ...

Catalysts

Upcoming triggers with dates and expected impact...

Dilution Risk

Assessment: Low

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