2025 Q4 -tulosraportti
44 päivää sitten
‧18 min
Tarjoustasot
First North Sweden
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Osto
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Myynti
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| Aika | Hinta | Määrä | Ostaja | Myyjä |
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| - | - | - | - |
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Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q1 -tulosraportti 29.5. |
| Menneet tapahtumat | ||
|---|---|---|
2025 Q4 -tulosraportti 31.3. | ||
2025 Q3 -tulosraportti 28.11.2025 | ||
2025 Q2 -tulosraportti 29.8.2025 | ||
2025 Q1 -tulosraportti 30.5.2025 | ||
2024 Q4 -tulosraportti 28.2.2025 |
Asiakkaat katsoivat myös
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
·2 t sittenAnyone else here puzzled by the kpi-en? According to q1, $20m was confirmed for the start of April. Bitcoin has gone from approx $68k to $77k, so the dollar value of AUM that is in basis+ btc should almost alone account for the 10% reported as an increase? At the same time, they have a third deposit from SWF. Is this the 20, and if so, are they invested in something other than the 2/20 products?
·6 t sitten · MuokattuUpdated assessment of Hilbert Group – May 2026 (AI-supported) Based on the KPI updates for January–April 2026, I believe Hilbert Group is starting to move from a speculative crypto-case to a scalable asset manager with significant operating leverage. Key figures * Current AUM: 110 MUSD * Pipeline: 340 MUSD * Estimated conversion of pipeline: 60 % * Expected addition to AUM: ~204 MUSD * Potential total AUM: ~314 MUSD * Annual costs: 7–9 MUSD Why is the cost level important? The most interesting thing in the case is not today's AUM alone, but how little the cost base seems to increase relative to the growth in assets under management. If Hilbert can operate the platform with annual costs of only 7–9 MUSD, while AUM grows towards 300+ MUSD, the company gets very strong operating leverage. This means that: * new capital inflows can largely fall directly to the bottom line * the company can become cash flow positive without massive dilution * the market can start to price Hilbert as a real asset manager, not just a high-risk crypto-bet Revenue model: Scenario 1 – conservative model If Hilbert primarily earns: * management fees of 1.75–2 % At 314 MUSD AUM, this yields: * approx. 5.5–6.3 MUSD in annual revenues Then the company is approximately breakeven or moderately profitable with today's cost base. Scenario 2 – more realistic alternative asset manager Hilbert does not, however, operate as a traditional index fund. The company has exposure to: * quant strategies * structured products * performance fees * treasury/market-making-like activities In such a scenario, it is realistic to assume: * effective monetization of 3–5 % of AUM in strong markets At 314 MUSD AUM, this yields: * approx. 9–16 MUSD in annual revenues With costs of 7–9 MUSD, this corresponds to: * approx. 2–8 MUSD EBITDA ⸻ Valuation Bear case If: * pipeline does not materialize * crypto market weakens * capital raising stops ...the stock can remain in the area of: * 4–6 SEK ⸻ Base case If: * 60 % of pipeline converts * KPI trend continues through 2026 * recurring fee revenues become visible * the company avoids major dilution ...I believe fair value is around: * 12–18 SEK per share ⸻ Bull case If: * institutional capital continues to come in * AUM scales towards 1 billion USD+ * operating leverage becomes clear * performance fees start to contribute significantly ...the market can start to price Hilbert as a high-growth alternative asset manager. Then I see potential for: * 25–40 SEK per share ⸻ Most important observations going forward What the market will follow most closely in the coming quarters is: 1. Whether the pipeline actually converts to deployed capital 2. Whether monthly KPIs show stable net inflows 3. Whether recurring management fees grow steadily 4. Whether the cost level remains relatively stable 5. Whether the company manages growth without major dilution ⸻ Conclusion With today's information, I believe the market still prices Hilbert relatively conservatively compared to the potential scaling picture. If: * pipeline converts as expected * cost level remains around 7–9 MUSD * KPI trend continues throughout the year ...I believe today's market value still looks low relative to the company's potential earnings power over the next 12–24 months.·6 t sittenIn the valuation, it is only share price and development in companies based on Tradfi asset management: I.e.: Xapo, Nordark, Enigma and Syntetika are set to zero, and income from the aforementioned comes on top. Costs for operating these parts are included, and deliberately set high at 7-9 MUSD- ·21 t sittenHow many do we know who have leveraged positions on Avanza? Trying to make a rough estimate of how much this liquidation of leveraged positions with leverage up to 30% has contributed to the somewhat strange price drop. Why fall beyond fear breeding fear? HIlbert delivers on the key points: AUM up 100% last 6 months. Pos performance all months in 2026. Will we get a solid rebound 20/5? The day after all leveraged positions must be closed out or shares are dumped at lower and lower prices. So again: Do we think the Avanza situation is about a large number of shares? I guess this is the main driver for the fall.
·2 päivää sitten · MuokattuI guess now must be the right time to enter HILB. - Near ATL for the last couple of years - Claims they will be cash positive in q2 (maybe q3?) - New central bank chief in USA is crypto positive - BTC is slowly rising after the fall and varying, - which is good for trading platforms. -Thinks the latest KPI figures were positive. - In the press generally, there is less and less negative talk about crypto and heavy institutions are moving in. I believe the next months can be very positive as long as the world doesn't end.
·1 päivä sittenWaiting is the game. If Hilbert maintains its current pace with solid results and stable growth in assets under management (AUM), it's only a matter of time before we see a rebound. Sooner or later, both the company and the market will be ready for the launch of Syntetika. Should Bitcoin also break above 100k, it will provide a significant contribution to this momentum. The rebound is coming, and once it hits, I believe it will happen quickly..
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.
Uutiset
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.
2025 Q4 -tulosraportti
44 päivää sitten
‧18 min
Uutiset
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
- ·2 t sittenAnyone else here puzzled by the kpi-en? According to q1, $20m was confirmed for the start of April. Bitcoin has gone from approx $68k to $77k, so the dollar value of AUM that is in basis+ btc should almost alone account for the 10% reported as an increase? At the same time, they have a third deposit from SWF. Is this the 20, and if so, are they invested in something other than the 2/20 products?
- ·6 t sitten · MuokattuUpdated assessment of Hilbert Group – May 2026 (AI-supported) Based on the KPI updates for January–April 2026, I believe Hilbert Group is starting to move from a speculative crypto-case to a scalable asset manager with significant operating leverage. Key figures * Current AUM: 110 MUSD * Pipeline: 340 MUSD * Estimated conversion of pipeline: 60 % * Expected addition to AUM: ~204 MUSD * Potential total AUM: ~314 MUSD * Annual costs: 7–9 MUSD Why is the cost level important? The most interesting thing in the case is not today's AUM alone, but how little the cost base seems to increase relative to the growth in assets under management. If Hilbert can operate the platform with annual costs of only 7–9 MUSD, while AUM grows towards 300+ MUSD, the company gets very strong operating leverage. This means that: * new capital inflows can largely fall directly to the bottom line * the company can become cash flow positive without massive dilution * the market can start to price Hilbert as a real asset manager, not just a high-risk crypto-bet Revenue model: Scenario 1 – conservative model If Hilbert primarily earns: * management fees of 1.75–2 % At 314 MUSD AUM, this yields: * approx. 5.5–6.3 MUSD in annual revenues Then the company is approximately breakeven or moderately profitable with today's cost base. Scenario 2 – more realistic alternative asset manager Hilbert does not, however, operate as a traditional index fund. The company has exposure to: * quant strategies * structured products * performance fees * treasury/market-making-like activities In such a scenario, it is realistic to assume: * effective monetization of 3–5 % of AUM in strong markets At 314 MUSD AUM, this yields: * approx. 9–16 MUSD in annual revenues With costs of 7–9 MUSD, this corresponds to: * approx. 2–8 MUSD EBITDA ⸻ Valuation Bear case If: * pipeline does not materialize * crypto market weakens * capital raising stops ...the stock can remain in the area of: * 4–6 SEK ⸻ Base case If: * 60 % of pipeline converts * KPI trend continues through 2026 * recurring fee revenues become visible * the company avoids major dilution ...I believe fair value is around: * 12–18 SEK per share ⸻ Bull case If: * institutional capital continues to come in * AUM scales towards 1 billion USD+ * operating leverage becomes clear * performance fees start to contribute significantly ...the market can start to price Hilbert as a high-growth alternative asset manager. Then I see potential for: * 25–40 SEK per share ⸻ Most important observations going forward What the market will follow most closely in the coming quarters is: 1. Whether the pipeline actually converts to deployed capital 2. Whether monthly KPIs show stable net inflows 3. Whether recurring management fees grow steadily 4. Whether the cost level remains relatively stable 5. Whether the company manages growth without major dilution ⸻ Conclusion With today's information, I believe the market still prices Hilbert relatively conservatively compared to the potential scaling picture. If: * pipeline converts as expected * cost level remains around 7–9 MUSD * KPI trend continues throughout the year ...I believe today's market value still looks low relative to the company's potential earnings power over the next 12–24 months.·6 t sittenIn the valuation, it is only share price and development in companies based on Tradfi asset management: I.e.: Xapo, Nordark, Enigma and Syntetika are set to zero, and income from the aforementioned comes on top. Costs for operating these parts are included, and deliberately set high at 7-9 MUSD
- ·21 t sittenHow many do we know who have leveraged positions on Avanza? Trying to make a rough estimate of how much this liquidation of leveraged positions with leverage up to 30% has contributed to the somewhat strange price drop. Why fall beyond fear breeding fear? HIlbert delivers on the key points: AUM up 100% last 6 months. Pos performance all months in 2026. Will we get a solid rebound 20/5? The day after all leveraged positions must be closed out or shares are dumped at lower and lower prices. So again: Do we think the Avanza situation is about a large number of shares? I guess this is the main driver for the fall.
- ·2 päivää sitten · MuokattuI guess now must be the right time to enter HILB. - Near ATL for the last couple of years - Claims they will be cash positive in q2 (maybe q3?) - New central bank chief in USA is crypto positive - BTC is slowly rising after the fall and varying, - which is good for trading platforms. -Thinks the latest KPI figures were positive. - In the press generally, there is less and less negative talk about crypto and heavy institutions are moving in. I believe the next months can be very positive as long as the world doesn't end.·1 päivä sittenWaiting is the game. If Hilbert maintains its current pace with solid results and stable growth in assets under management (AUM), it's only a matter of time before we see a rebound. Sooner or later, both the company and the market will be ready for the launch of Syntetika. Should Bitcoin also break above 100k, it will provide a significant contribution to this momentum. The rebound is coming, and once it hits, I believe it will happen quickly..
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
First North Sweden
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Välittäjätilasto
Dataa ei löytynyt
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q1 -tulosraportti 29.5. |
| Menneet tapahtumat | ||
|---|---|---|
2025 Q4 -tulosraportti 31.3. | ||
2025 Q3 -tulosraportti 28.11.2025 | ||
2025 Q2 -tulosraportti 29.8.2025 | ||
2025 Q1 -tulosraportti 30.5.2025 | ||
2024 Q4 -tulosraportti 28.2.2025 |
2025 Q4 -tulosraportti
44 päivää sitten
‧18 min
Uutiset
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: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q1 -tulosraportti 29.5. |
| Menneet tapahtumat | ||
|---|---|---|
2025 Q4 -tulosraportti 31.3. | ||
2025 Q3 -tulosraportti 28.11.2025 | ||
2025 Q2 -tulosraportti 29.8.2025 | ||
2025 Q1 -tulosraportti 30.5.2025 | ||
2024 Q4 -tulosraportti 28.2.2025 |
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·2 t sittenAnyone else here puzzled by the kpi-en? According to q1, $20m was confirmed for the start of April. Bitcoin has gone from approx $68k to $77k, so the dollar value of AUM that is in basis+ btc should almost alone account for the 10% reported as an increase? At the same time, they have a third deposit from SWF. Is this the 20, and if so, are they invested in something other than the 2/20 products?
- ·6 t sitten · MuokattuUpdated assessment of Hilbert Group – May 2026 (AI-supported) Based on the KPI updates for January–April 2026, I believe Hilbert Group is starting to move from a speculative crypto-case to a scalable asset manager with significant operating leverage. Key figures * Current AUM: 110 MUSD * Pipeline: 340 MUSD * Estimated conversion of pipeline: 60 % * Expected addition to AUM: ~204 MUSD * Potential total AUM: ~314 MUSD * Annual costs: 7–9 MUSD Why is the cost level important? The most interesting thing in the case is not today's AUM alone, but how little the cost base seems to increase relative to the growth in assets under management. If Hilbert can operate the platform with annual costs of only 7–9 MUSD, while AUM grows towards 300+ MUSD, the company gets very strong operating leverage. This means that: * new capital inflows can largely fall directly to the bottom line * the company can become cash flow positive without massive dilution * the market can start to price Hilbert as a real asset manager, not just a high-risk crypto-bet Revenue model: Scenario 1 – conservative model If Hilbert primarily earns: * management fees of 1.75–2 % At 314 MUSD AUM, this yields: * approx. 5.5–6.3 MUSD in annual revenues Then the company is approximately breakeven or moderately profitable with today's cost base. Scenario 2 – more realistic alternative asset manager Hilbert does not, however, operate as a traditional index fund. The company has exposure to: * quant strategies * structured products * performance fees * treasury/market-making-like activities In such a scenario, it is realistic to assume: * effective monetization of 3–5 % of AUM in strong markets At 314 MUSD AUM, this yields: * approx. 9–16 MUSD in annual revenues With costs of 7–9 MUSD, this corresponds to: * approx. 2–8 MUSD EBITDA ⸻ Valuation Bear case If: * pipeline does not materialize * crypto market weakens * capital raising stops ...the stock can remain in the area of: * 4–6 SEK ⸻ Base case If: * 60 % of pipeline converts * KPI trend continues through 2026 * recurring fee revenues become visible * the company avoids major dilution ...I believe fair value is around: * 12–18 SEK per share ⸻ Bull case If: * institutional capital continues to come in * AUM scales towards 1 billion USD+ * operating leverage becomes clear * performance fees start to contribute significantly ...the market can start to price Hilbert as a high-growth alternative asset manager. Then I see potential for: * 25–40 SEK per share ⸻ Most important observations going forward What the market will follow most closely in the coming quarters is: 1. Whether the pipeline actually converts to deployed capital 2. Whether monthly KPIs show stable net inflows 3. Whether recurring management fees grow steadily 4. Whether the cost level remains relatively stable 5. Whether the company manages growth without major dilution ⸻ Conclusion With today's information, I believe the market still prices Hilbert relatively conservatively compared to the potential scaling picture. If: * pipeline converts as expected * cost level remains around 7–9 MUSD * KPI trend continues throughout the year ...I believe today's market value still looks low relative to the company's potential earnings power over the next 12–24 months.·6 t sittenIn the valuation, it is only share price and development in companies based on Tradfi asset management: I.e.: Xapo, Nordark, Enigma and Syntetika are set to zero, and income from the aforementioned comes on top. Costs for operating these parts are included, and deliberately set high at 7-9 MUSD
- ·21 t sittenHow many do we know who have leveraged positions on Avanza? Trying to make a rough estimate of how much this liquidation of leveraged positions with leverage up to 30% has contributed to the somewhat strange price drop. Why fall beyond fear breeding fear? HIlbert delivers on the key points: AUM up 100% last 6 months. Pos performance all months in 2026. Will we get a solid rebound 20/5? The day after all leveraged positions must be closed out or shares are dumped at lower and lower prices. So again: Do we think the Avanza situation is about a large number of shares? I guess this is the main driver for the fall.
- ·2 päivää sitten · MuokattuI guess now must be the right time to enter HILB. - Near ATL for the last couple of years - Claims they will be cash positive in q2 (maybe q3?) - New central bank chief in USA is crypto positive - BTC is slowly rising after the fall and varying, - which is good for trading platforms. -Thinks the latest KPI figures were positive. - In the press generally, there is less and less negative talk about crypto and heavy institutions are moving in. I believe the next months can be very positive as long as the world doesn't end.·1 päivä sittenWaiting is the game. If Hilbert maintains its current pace with solid results and stable growth in assets under management (AUM), it's only a matter of time before we see a rebound. Sooner or later, both the company and the market will be ready for the launch of Syntetika. Should Bitcoin also break above 100k, it will provide a significant contribution to this momentum. The rebound is coming, and once it hits, I believe it will happen quickly..
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
First North Sweden
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Välittäjätilasto
Dataa ei löytynyt