2026 Q2 -tulosraportti
UUTTA
1 päivä sitten
‧16 min
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 731 | - | - | ||
| 269 | - | - | ||
| 5 398 | - | - | ||
| 10 890 | - | - | ||
| 5 398 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Rahastot ja ETF:t, joilla on osaketta
Mikään rahasto ei ilmoita osaketta kymmenen suurimman omistuksensa joukossa.
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 -tulosraportti 30.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 31.8. | ||
2026 Q1 -tulosraportti 29.5. | ||
2025 Q4 -tulosraportti 31.3. | ||
2025 Q3 -tulosraportti 28.11.2025 | ||
2025 Q2 -tulosraportti 29.8.2025 |
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
·1 t sittenPerhaps we should make an attempt to use the forum for something constructive: IR was supposed to collect questions for Q&A over the next 24 hours related to the report. What have you asked about here, or what would you like to know? Comment below, and we will review it when this consolidated Q&A round is published next week. From there we can discuss the answers, and jointly send a new email regarding any unanswered questions, or if something was unclear, on behalf of several investors. Then perhaps those with closer contact/network with the company can take the lead in sending on our behalf. Alternatively, I can do it. So comment away, what do you want to know now after the report?
Here are my questions: Management fee revenue vs. AUM Given contracted hedge fund AUM of USD 119.5 million at the end of Q2, management fee revenue of only approximately USD 0.37 million in Q2 appears relatively low. What was the average fee-paying AUM during Q2, and what was the effective blended management fee rate? How should investors reconcile the USD 119.5 million year-end AUM with the reported management fee revenue? Recurring revenue and monetisation How much of Q2 revenue was genuinely recurring management fee revenue, and how much came from performance fees, trading/investment gains, or other non-recurring items? What quarterly recurring revenue run-rate do you believe the current AUM base can support once fully deployed? Cash and liquidity In the CEO presentation, you state that net available liquidity at 30 June was approximately USD 5.5 million, consisting of USD 2.2 million of cash and USD 4.2 million of receivables, less approximately USD 0.85 million of payables. How much of the USD 4.2 million receivables is expected to convert into cash within the next 3, 6 and 12 months, and how much of this liquidity is actually available to fund the Group's corporate operating expenses? Cash burn and runway Operating cash flow was approximately SEK -16.5 million in Q2. What was the underlying cash burn excluding one-off/integration-related costs, and what is management's current expectation for quarterly corporate cash burn over the next 12 months? Based on the current liquidity position, how many months of runway does management believe the Group has without raising additional equity? Path to profitability EBIT was SEK -36.3 million in Q2 despite strong AUM growth and strategy performance. What specific quarterly revenue and/or AUM level is required for the Group to reach cash-flow break-even? When does management currently expect the Group to become sustainably cash-flow positive? AUM quality Of the USD 119.5 million of contracted hedge fund AUM, how much is currently fee-paying and actually deployed, and how much represents commitments that have not yet been funded? What is the expected timing for the remaining contracted AUM to become fee-generating? Pipeline conversion Can management provide a quantitative update on the current sales pipeline? What is the total pipeline, how much is in advanced discussions, and what conversion rate and timing should investors realistically assume for the next 6–12 months? Dilution and future capital needs The Group has carried out several share issues during 2026. Under the current business plan, does management expect to require additional equity financing during the next 12 months? If not, what gives management confidence that the current liquidity is sufficient? Hilbert Finance / Nordark What is the current AUM/revenue contribution from Hilbert Finance/Nordark, and what are the concrete milestones management expects the business to reach during the next 6–12 months? When do you expect Hilbert Finance to become meaningfully accretive to Group earnings and cash flow? Syntetika Syntetika has now gone live with access to the Basis+ BTC strategy. What are the current assets, number of users/investors and revenue economics of Syntetika, and what level of AUM do you believe is realistically achievable through the platform over the next 12 months? Strategy performance vs. shareholder economics The strategies have performed strongly despite the Bitcoin decline. Why has this strong investment performance not yet translated into a proportionally stronger financial result for Hilbert Group? How much of the future economics from these strategies accrues to Hilbert Group shareholders versus fund investors, managers and other counterparties? The key KPI for investors If you had to identify one KPI that shareholders should monitor over the next four quarters to determine whether the transformation is succeeding, what would it be — AUM, management fee revenue, cash flow, or something else? And what specific target should investors use?Thank you in advance for taking the time to address these questions. I look forward to reading the consolidated Q&A.- ·2 t sitten · MuokattuToday's repricing is real, and in my opinion, deserved. Hilbert has since 2024 communicated very ambitiously, without the ambitions currently being reflected in the financial statements. In the Q2 presentation, I also heard nothing concrete about the path towards cash break-even, which had previously been highlighted. Revenues are still modest. Hilbert reports 119,5musd in «contracted hedge fund AUM», while the accounting note shows 581,2msek in AUM in funds and SMAs at quarter-end, excluding Byzantine - roughly around 60-62 musd (p32 in the report). If the entire 119,5 musd was paid in and fee bearing at something close to 2/20, a 2 % fixed fee alone would amount to around 2,4musd annually, before performance fees. This poorly aligns with fund income of 3,5msek in Q2. It could admittedly be a time effect. Capital that came in late in Q2 will only yield its full quarterly effect in Q3. But that doesn't explain the difference between two AUM figures reported on the same date. Hilbert should reconcile the terms: How much is actually funded and fee-bearing? How much is signed, but not funded? How much is pipeline? What is the actual blended management fee? CEO still refers to «strong investor interest» and «advanced discussions», and institutional DD processes naturally take time. But sooner or later, interest must turn into funded AUM and revenues. Pipeline doesn't pay the costs, and I therefore place zero value on it until it converts. In July, contracted hedge fund AUM fell from 119,5 to 108musd, while net inflow/outflow was -2,18 %. Certain new allocations are therefore not in themselves proof of strong overall development. Cash flow before working capital was approximately -16msek in Q1 and -23 msek in Q2. Nevertheless, the CEO says: «The burn is easing by design.» That's not what the numbers show(!!!) What she is actually describing is an expectation of lower burn later when the investment phase subsides and Hilbert Finance and Enigma cover their own costs. It's a forecast that sounds fancy, not a result. Then we have the slide with BIG text «within 4%» on cost. Four % of what? Apparently, it just means that H1 costs were within 4 % of an internal budget we don't get to see. We don't know if they were over or under, or which costs are included. An expensive budget doesn't become good just because you hit it. What an incredibly strange thing to report on an entire page in the presentation. The liquidity communication is also unclear. The report shows around 1,1-1,2musd in cash at the end of June, while the presentation shows 5,5 musd in «net available liquidity», based on cash, receivables and payables. There may be a legitimate reconciliation, but it is not shown. Thus, the communication slides from actual cash to a broader, management-defined liquidity measure that looks much stronger. And what is the runway? Perhaps they don't even know themselves. The Byzantine figure as of June 30 also varies between the presentation and previous KPI reporting. It could be a typo, but when the company already uses several AUM and liquidity terms, the key figures should at least be consistent. The CIO says that the company is now «materially different». Yes, Hilbert is larger, has more business areas and more infrastructure. But financially, the group is still far from cash break-even, and costs more per month. Flywheel and inflection are starting to be urgent with respect to CBE. We also received no meaningful figures about the loan book in Hilbert Finance. The market is described as enormous. The same applies to Asset Management, but there Hilbert has so far not converted the opportunities anywhere near the pace shareholders were led to expect. Why should the market automatically price in that the lending part will be more successful? There it was with trust again. There may be little to "catch them on" legally. Words like «target», «pipeline», «interest», «contracted», «working towards» and «by design» give a lot of leeway. But overall, the communication is not very reassuring. To put it mildly! I therefore strongly disagree that «the case has not changed». When AUM, which was supposed to be the main engine, does not convert at the promised pace while the group continues to burn significant capital, both the timeline and the financing risk have changed. Let's discuss.
I greatly appreciate your constructive and informative posts @Danlars_1982. You are a very important counterweight both with knowledge and a realistic approach to the case. Hope the engagement continues 😊 
·2 t sittenHoping for a concrete statement from management regarding the revenue side and what development they envision in the quite near future. The top line is still vanishingly small. Whether management was completely disconnected from reality to begin with, or if the bear market stagnation came as a surprise, we don't know. What we do know is that in Q2 it stopped. Many amusing comments in here like "the case is still alive", "a quarter more or less doesn't matter" etc.. Indeed, the time aspect is a central part for a case in its early stages! Costs are running and Hilbert currently has almost no revenues to cover this. Q&A will be exciting! If the company itself believes that the case is intact, revenues are just around the corner and that this is business as usual, then the shareholder base needs a confirmation of this and preferably an insider purchase or three.
I would say that we have a better / stronger foundation than before if one now gets HF, Syntetika, Nordark, higher btc price etc. going, but of course IF. !
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Välittäjätilasto
Ostaneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 1 737 766 | 1 737 766 | 0 | 0 |
Myyneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 1 737 766 | 1 737 766 | 0 | 0 |
2026 Q2 -tulosraportti
UUTTA
1 päivä sitten
‧16 min
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·1 t sittenPerhaps we should make an attempt to use the forum for something constructive: IR was supposed to collect questions for Q&A over the next 24 hours related to the report. What have you asked about here, or what would you like to know? Comment below, and we will review it when this consolidated Q&A round is published next week. From there we can discuss the answers, and jointly send a new email regarding any unanswered questions, or if something was unclear, on behalf of several investors. Then perhaps those with closer contact/network with the company can take the lead in sending on our behalf. Alternatively, I can do it. So comment away, what do you want to know now after the report?Here are my questions: Management fee revenue vs. AUM Given contracted hedge fund AUM of USD 119.5 million at the end of Q2, management fee revenue of only approximately USD 0.37 million in Q2 appears relatively low. What was the average fee-paying AUM during Q2, and what was the effective blended management fee rate? How should investors reconcile the USD 119.5 million year-end AUM with the reported management fee revenue? Recurring revenue and monetisation How much of Q2 revenue was genuinely recurring management fee revenue, and how much came from performance fees, trading/investment gains, or other non-recurring items? What quarterly recurring revenue run-rate do you believe the current AUM base can support once fully deployed? Cash and liquidity In the CEO presentation, you state that net available liquidity at 30 June was approximately USD 5.5 million, consisting of USD 2.2 million of cash and USD 4.2 million of receivables, less approximately USD 0.85 million of payables. How much of the USD 4.2 million receivables is expected to convert into cash within the next 3, 6 and 12 months, and how much of this liquidity is actually available to fund the Group's corporate operating expenses? Cash burn and runway Operating cash flow was approximately SEK -16.5 million in Q2. What was the underlying cash burn excluding one-off/integration-related costs, and what is management's current expectation for quarterly corporate cash burn over the next 12 months? Based on the current liquidity position, how many months of runway does management believe the Group has without raising additional equity? Path to profitability EBIT was SEK -36.3 million in Q2 despite strong AUM growth and strategy performance. What specific quarterly revenue and/or AUM level is required for the Group to reach cash-flow break-even? When does management currently expect the Group to become sustainably cash-flow positive? AUM quality Of the USD 119.5 million of contracted hedge fund AUM, how much is currently fee-paying and actually deployed, and how much represents commitments that have not yet been funded? What is the expected timing for the remaining contracted AUM to become fee-generating? Pipeline conversion Can management provide a quantitative update on the current sales pipeline? What is the total pipeline, how much is in advanced discussions, and what conversion rate and timing should investors realistically assume for the next 6–12 months? Dilution and future capital needs The Group has carried out several share issues during 2026. Under the current business plan, does management expect to require additional equity financing during the next 12 months? If not, what gives management confidence that the current liquidity is sufficient? Hilbert Finance / Nordark What is the current AUM/revenue contribution from Hilbert Finance/Nordark, and what are the concrete milestones management expects the business to reach during the next 6–12 months? When do you expect Hilbert Finance to become meaningfully accretive to Group earnings and cash flow? Syntetika Syntetika has now gone live with access to the Basis+ BTC strategy. What are the current assets, number of users/investors and revenue economics of Syntetika, and what level of AUM do you believe is realistically achievable through the platform over the next 12 months? Strategy performance vs. shareholder economics The strategies have performed strongly despite the Bitcoin decline. Why has this strong investment performance not yet translated into a proportionally stronger financial result for Hilbert Group? How much of the future economics from these strategies accrues to Hilbert Group shareholders versus fund investors, managers and other counterparties? The key KPI for investors If you had to identify one KPI that shareholders should monitor over the next four quarters to determine whether the transformation is succeeding, what would it be — AUM, management fee revenue, cash flow, or something else? And what specific target should investors use?Thank you in advance for taking the time to address these questions. I look forward to reading the consolidated Q&A.
- ·2 t sitten · MuokattuToday's repricing is real, and in my opinion, deserved. Hilbert has since 2024 communicated very ambitiously, without the ambitions currently being reflected in the financial statements. In the Q2 presentation, I also heard nothing concrete about the path towards cash break-even, which had previously been highlighted. Revenues are still modest. Hilbert reports 119,5musd in «contracted hedge fund AUM», while the accounting note shows 581,2msek in AUM in funds and SMAs at quarter-end, excluding Byzantine - roughly around 60-62 musd (p32 in the report). If the entire 119,5 musd was paid in and fee bearing at something close to 2/20, a 2 % fixed fee alone would amount to around 2,4musd annually, before performance fees. This poorly aligns with fund income of 3,5msek in Q2. It could admittedly be a time effect. Capital that came in late in Q2 will only yield its full quarterly effect in Q3. But that doesn't explain the difference between two AUM figures reported on the same date. Hilbert should reconcile the terms: How much is actually funded and fee-bearing? How much is signed, but not funded? How much is pipeline? What is the actual blended management fee? CEO still refers to «strong investor interest» and «advanced discussions», and institutional DD processes naturally take time. But sooner or later, interest must turn into funded AUM and revenues. Pipeline doesn't pay the costs, and I therefore place zero value on it until it converts. In July, contracted hedge fund AUM fell from 119,5 to 108musd, while net inflow/outflow was -2,18 %. Certain new allocations are therefore not in themselves proof of strong overall development. Cash flow before working capital was approximately -16msek in Q1 and -23 msek in Q2. Nevertheless, the CEO says: «The burn is easing by design.» That's not what the numbers show(!!!) What she is actually describing is an expectation of lower burn later when the investment phase subsides and Hilbert Finance and Enigma cover their own costs. It's a forecast that sounds fancy, not a result. Then we have the slide with BIG text «within 4%» on cost. Four % of what? Apparently, it just means that H1 costs were within 4 % of an internal budget we don't get to see. We don't know if they were over or under, or which costs are included. An expensive budget doesn't become good just because you hit it. What an incredibly strange thing to report on an entire page in the presentation. The liquidity communication is also unclear. The report shows around 1,1-1,2musd in cash at the end of June, while the presentation shows 5,5 musd in «net available liquidity», based on cash, receivables and payables. There may be a legitimate reconciliation, but it is not shown. Thus, the communication slides from actual cash to a broader, management-defined liquidity measure that looks much stronger. And what is the runway? Perhaps they don't even know themselves. The Byzantine figure as of June 30 also varies between the presentation and previous KPI reporting. It could be a typo, but when the company already uses several AUM and liquidity terms, the key figures should at least be consistent. The CIO says that the company is now «materially different». Yes, Hilbert is larger, has more business areas and more infrastructure. But financially, the group is still far from cash break-even, and costs more per month. Flywheel and inflection are starting to be urgent with respect to CBE. We also received no meaningful figures about the loan book in Hilbert Finance. The market is described as enormous. The same applies to Asset Management, but there Hilbert has so far not converted the opportunities anywhere near the pace shareholders were led to expect. Why should the market automatically price in that the lending part will be more successful? There it was with trust again. There may be little to "catch them on" legally. Words like «target», «pipeline», «interest», «contracted», «working towards» and «by design» give a lot of leeway. But overall, the communication is not very reassuring. To put it mildly! I therefore strongly disagree that «the case has not changed». When AUM, which was supposed to be the main engine, does not convert at the promised pace while the group continues to burn significant capital, both the timeline and the financing risk have changed. Let's discuss.I greatly appreciate your constructive and informative posts @Danlars_1982. You are a very important counterweight both with knowledge and a realistic approach to the case. Hope the engagement continues 😊
- ·2 t sittenHoping for a concrete statement from management regarding the revenue side and what development they envision in the quite near future. The top line is still vanishingly small. Whether management was completely disconnected from reality to begin with, or if the bear market stagnation came as a surprise, we don't know. What we do know is that in Q2 it stopped. Many amusing comments in here like "the case is still alive", "a quarter more or less doesn't matter" etc.. Indeed, the time aspect is a central part for a case in its early stages! Costs are running and Hilbert currently has almost no revenues to cover this. Q&A will be exciting! If the company itself believes that the case is intact, revenues are just around the corner and that this is business as usual, then the shareholder base needs a confirmation of this and preferably an insider purchase or three.I would say that we have a better / stronger foundation than before if one now gets HF, Syntetika, Nordark, higher btc price etc. going, but of course IF. !
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 731 | - | - | ||
| 269 | - | - | ||
| 5 398 | - | - | ||
| 10 890 | - | - | ||
| 5 398 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Rahastot ja ETF:t, joilla on osaketta
Mikään rahasto ei ilmoita osaketta kymmenen suurimman omistuksensa joukossa.
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 -tulosraportti 30.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 31.8. | ||
2026 Q1 -tulosraportti 29.5. | ||
2025 Q4 -tulosraportti 31.3. | ||
2025 Q3 -tulosraportti 28.11.2025 | ||
2025 Q2 -tulosraportti 29.8.2025 |
Välittäjätilasto
Ostaneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 1 737 766 | 1 737 766 | 0 | 0 |
Myyneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 1 737 766 | 1 737 766 | 0 | 0 |
2026 Q2 -tulosraportti
UUTTA
1 päivä sitten
‧16 min
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 -tulosraportti 30.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 31.8. | ||
2026 Q1 -tulosraportti 29.5. | ||
2025 Q4 -tulosraportti 31.3. | ||
2025 Q3 -tulosraportti 28.11.2025 | ||
2025 Q2 -tulosraportti 29.8.2025 |
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·1 t sittenPerhaps we should make an attempt to use the forum for something constructive: IR was supposed to collect questions for Q&A over the next 24 hours related to the report. What have you asked about here, or what would you like to know? Comment below, and we will review it when this consolidated Q&A round is published next week. From there we can discuss the answers, and jointly send a new email regarding any unanswered questions, or if something was unclear, on behalf of several investors. Then perhaps those with closer contact/network with the company can take the lead in sending on our behalf. Alternatively, I can do it. So comment away, what do you want to know now after the report?Here are my questions: Management fee revenue vs. AUM Given contracted hedge fund AUM of USD 119.5 million at the end of Q2, management fee revenue of only approximately USD 0.37 million in Q2 appears relatively low. What was the average fee-paying AUM during Q2, and what was the effective blended management fee rate? How should investors reconcile the USD 119.5 million year-end AUM with the reported management fee revenue? Recurring revenue and monetisation How much of Q2 revenue was genuinely recurring management fee revenue, and how much came from performance fees, trading/investment gains, or other non-recurring items? What quarterly recurring revenue run-rate do you believe the current AUM base can support once fully deployed? Cash and liquidity In the CEO presentation, you state that net available liquidity at 30 June was approximately USD 5.5 million, consisting of USD 2.2 million of cash and USD 4.2 million of receivables, less approximately USD 0.85 million of payables. How much of the USD 4.2 million receivables is expected to convert into cash within the next 3, 6 and 12 months, and how much of this liquidity is actually available to fund the Group's corporate operating expenses? Cash burn and runway Operating cash flow was approximately SEK -16.5 million in Q2. What was the underlying cash burn excluding one-off/integration-related costs, and what is management's current expectation for quarterly corporate cash burn over the next 12 months? Based on the current liquidity position, how many months of runway does management believe the Group has without raising additional equity? Path to profitability EBIT was SEK -36.3 million in Q2 despite strong AUM growth and strategy performance. What specific quarterly revenue and/or AUM level is required for the Group to reach cash-flow break-even? When does management currently expect the Group to become sustainably cash-flow positive? AUM quality Of the USD 119.5 million of contracted hedge fund AUM, how much is currently fee-paying and actually deployed, and how much represents commitments that have not yet been funded? What is the expected timing for the remaining contracted AUM to become fee-generating? Pipeline conversion Can management provide a quantitative update on the current sales pipeline? What is the total pipeline, how much is in advanced discussions, and what conversion rate and timing should investors realistically assume for the next 6–12 months? Dilution and future capital needs The Group has carried out several share issues during 2026. Under the current business plan, does management expect to require additional equity financing during the next 12 months? If not, what gives management confidence that the current liquidity is sufficient? Hilbert Finance / Nordark What is the current AUM/revenue contribution from Hilbert Finance/Nordark, and what are the concrete milestones management expects the business to reach during the next 6–12 months? When do you expect Hilbert Finance to become meaningfully accretive to Group earnings and cash flow? Syntetika Syntetika has now gone live with access to the Basis+ BTC strategy. What are the current assets, number of users/investors and revenue economics of Syntetika, and what level of AUM do you believe is realistically achievable through the platform over the next 12 months? Strategy performance vs. shareholder economics The strategies have performed strongly despite the Bitcoin decline. Why has this strong investment performance not yet translated into a proportionally stronger financial result for Hilbert Group? How much of the future economics from these strategies accrues to Hilbert Group shareholders versus fund investors, managers and other counterparties? The key KPI for investors If you had to identify one KPI that shareholders should monitor over the next four quarters to determine whether the transformation is succeeding, what would it be — AUM, management fee revenue, cash flow, or something else? And what specific target should investors use?Thank you in advance for taking the time to address these questions. I look forward to reading the consolidated Q&A.
- ·2 t sitten · MuokattuToday's repricing is real, and in my opinion, deserved. Hilbert has since 2024 communicated very ambitiously, without the ambitions currently being reflected in the financial statements. In the Q2 presentation, I also heard nothing concrete about the path towards cash break-even, which had previously been highlighted. Revenues are still modest. Hilbert reports 119,5musd in «contracted hedge fund AUM», while the accounting note shows 581,2msek in AUM in funds and SMAs at quarter-end, excluding Byzantine - roughly around 60-62 musd (p32 in the report). If the entire 119,5 musd was paid in and fee bearing at something close to 2/20, a 2 % fixed fee alone would amount to around 2,4musd annually, before performance fees. This poorly aligns with fund income of 3,5msek in Q2. It could admittedly be a time effect. Capital that came in late in Q2 will only yield its full quarterly effect in Q3. But that doesn't explain the difference between two AUM figures reported on the same date. Hilbert should reconcile the terms: How much is actually funded and fee-bearing? How much is signed, but not funded? How much is pipeline? What is the actual blended management fee? CEO still refers to «strong investor interest» and «advanced discussions», and institutional DD processes naturally take time. But sooner or later, interest must turn into funded AUM and revenues. Pipeline doesn't pay the costs, and I therefore place zero value on it until it converts. In July, contracted hedge fund AUM fell from 119,5 to 108musd, while net inflow/outflow was -2,18 %. Certain new allocations are therefore not in themselves proof of strong overall development. Cash flow before working capital was approximately -16msek in Q1 and -23 msek in Q2. Nevertheless, the CEO says: «The burn is easing by design.» That's not what the numbers show(!!!) What she is actually describing is an expectation of lower burn later when the investment phase subsides and Hilbert Finance and Enigma cover their own costs. It's a forecast that sounds fancy, not a result. Then we have the slide with BIG text «within 4%» on cost. Four % of what? Apparently, it just means that H1 costs were within 4 % of an internal budget we don't get to see. We don't know if they were over or under, or which costs are included. An expensive budget doesn't become good just because you hit it. What an incredibly strange thing to report on an entire page in the presentation. The liquidity communication is also unclear. The report shows around 1,1-1,2musd in cash at the end of June, while the presentation shows 5,5 musd in «net available liquidity», based on cash, receivables and payables. There may be a legitimate reconciliation, but it is not shown. Thus, the communication slides from actual cash to a broader, management-defined liquidity measure that looks much stronger. And what is the runway? Perhaps they don't even know themselves. The Byzantine figure as of June 30 also varies between the presentation and previous KPI reporting. It could be a typo, but when the company already uses several AUM and liquidity terms, the key figures should at least be consistent. The CIO says that the company is now «materially different». Yes, Hilbert is larger, has more business areas and more infrastructure. But financially, the group is still far from cash break-even, and costs more per month. Flywheel and inflection are starting to be urgent with respect to CBE. We also received no meaningful figures about the loan book in Hilbert Finance. The market is described as enormous. The same applies to Asset Management, but there Hilbert has so far not converted the opportunities anywhere near the pace shareholders were led to expect. Why should the market automatically price in that the lending part will be more successful? There it was with trust again. There may be little to "catch them on" legally. Words like «target», «pipeline», «interest», «contracted», «working towards» and «by design» give a lot of leeway. But overall, the communication is not very reassuring. To put it mildly! I therefore strongly disagree that «the case has not changed». When AUM, which was supposed to be the main engine, does not convert at the promised pace while the group continues to burn significant capital, both the timeline and the financing risk have changed. Let's discuss.I greatly appreciate your constructive and informative posts @Danlars_1982. You are a very important counterweight both with knowledge and a realistic approach to the case. Hope the engagement continues 😊
- ·2 t sittenHoping for a concrete statement from management regarding the revenue side and what development they envision in the quite near future. The top line is still vanishingly small. Whether management was completely disconnected from reality to begin with, or if the bear market stagnation came as a surprise, we don't know. What we do know is that in Q2 it stopped. Many amusing comments in here like "the case is still alive", "a quarter more or less doesn't matter" etc.. Indeed, the time aspect is a central part for a case in its early stages! Costs are running and Hilbert currently has almost no revenues to cover this. Q&A will be exciting! If the company itself believes that the case is intact, revenues are just around the corner and that this is business as usual, then the shareholder base needs a confirmation of this and preferably an insider purchase or three.I would say that we have a better / stronger foundation than before if one now gets HF, Syntetika, Nordark, higher btc price etc. going, but of course IF. !
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