2026 Q2 -tulosraportti
9 päivää sitten
‧16 min
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 2 808 | - | - | ||
| 3 578 | - | - | ||
| 631 | - | - | ||
| 5 741 | - | - | ||
| 225 | - | - |
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
·8 t sittenSome slightly more informal thoughts about Hilbert after the presentation and stock drop. At 2 kroner, the company is valued at around SEK 260 million. This is actually quite an interesting valuation, because it can appear both high and low depending on what one believes will happen in the next quarters. If one only looks at today's fee paying AUM of USD 79.5 million, Hilbert is not particularly cheap. The company is still losing significant amounts, the cost level is high, and today's ongoing management fees are far from covering the costs. Then one pays quite a lot for faith, hope, and love.... At the same time, it's easy to underestimate how much the economy can change if AUM actually increases. Hilbert has already built large parts of the organization, strategies, and infrastructure. If more capital comes in without costs increasing proportionally, an ever-larger share of revenues goes straight to the bottom line. This is the operational gearing one is actually buying! But there is an important detail in the break-even estimate of USD 165 to 200 million that perhaps not everyone grasps. It is based on 18 percent gross return and thus significant performance fees. At USD 200 million in AUM and weak or flat returns, Hilbert is still not close to break-even. Management fees alone are not enough. The company therefore needs both more AUM and satisfactory returns. This also means that a higher btc price can help in several ways simultaneously. The value of btc denominated mandates increases, fees become higher measured in dollars, existing customers gain greater risk appetite, and the pipeline can become easier to convert. But this, of course, works both ways if the crypto market weakens/crashes. The difference between fee paying AUM of USD 79.5 million and contracted AUM of USD 110.2 million is also important. The HR lady said at the Q&A that contracted represents legally binding obligations. That is something completely different from a loose pipeline.... But the capital also generates no revenue until the accounts are established and the assets are actually transferred. Tax, custody, compliance, and internal approvals can significantly delay this. One should be much more cautious with the pipeline of USD 292 million. Only 29 percent is in a late stage, while the rest is still in the intermediate or early stage. Pipeline is not AUM, and it cannot be valued krone for krone. Nevertheless, it is large enough relative to today's AUM that even moderate conversion can change the entire equation. The most underestimated risk point is the costs. Hilbert is going from USD 2.7 million in Q2 to USD 1.5 to 1.9 million per quarter in Q4. That is a hefty cut. At the same time, a large part of the new cost base consists of fees. With legal structure, custody, funds, regulatory requirements, reporting, acquisitions, it is not given that all these costs can be reduced as quickly as planned. A runway of around 12 months is therefore both reassuring + a little worrying. If costs become USD 2.0 to 2.2 million instead of USD 1.5 to 1.9 million, and AUM stops around USD 100 to 120 million, the market can quite quickly start pricing in a new emission. At today's price, it could become expensive for existing shareholders. It is not very easy to just turn off costs as they hint at in "their "let's start monetizing" appeal..." Have you heard of companies that don't spend money on further development of tech and operations....? The new platforms are also difficult to value. Hilbert Finance, Enigma, and Syntetika can become real revenue sources and strategically valuable distr. channels. For now, I still think they should be treated as options. Before we see actual revenues, margins, and capital requirements, we don't know if they will be value-creating or new cost holes... today's 2 kroner? In my assessment, the price factors in that Hilbert survives, converts parts of contracted AUM and pipeline, and eventually approaches break-even. It does not factor in full success, but it also does not factor in that growth stops completely. If fee paying AUM remains around USD 100 to 120 million and costs are higher than guided, the stock can still become significantly cheaper!!type halve itself again. If AUM passes USD 200 million, costs come down, and strategies generate performance fees, today's valuation starts to look more interesting. If AUM continues towards USD 250 to 300 million without significant dilution, the result can change very quickly. Then Hilbert goes from being valued on runway and hope to being valued as a growing asset manager. That is why I believe the case now is less about the big pipeline headline and more about three very specific questions: how quickly does contracted AUM become fee paying? / how low will the actual cost base be? / does Hilbert reach break-even? If we get positive answers to all three, 2 kroner could prove to be cheap. Weakness on just one.....
·9 t sittenToo much goodwill and optimism have obviously been priced into Hilbert. But there's no doubt that there can be significant upside from here. What has disappointed me is that we haven't seen significant insider buying when the stock has been crushed. I'm holding off on further purchases until I see insiders loading up or updates that demonstrably contain news that moves the case forward. Hope and faith belong in church. But I'm keeping the shares as a potent option. There are values and not least a significant option upside, but it's completely fair that some throw in the towel when what they present is far, far from what they previously projected.
·11 t sittenAnother thing I want to comment on with today's valuation of 250M SEK is that during the major acquisitions that were made (including the performance-based bonuses to Nordark), 170M SEK was paid to acquire Nordark, Enigma, and LRC. Given that those prices still represent the value of these entities, we are valuing the rest of the company, Syntetika, synergies, and future earnings at 80M SEK... It simply doesn't make sense considering the potential.
- ·11 t sittenIt is a collaboration with Royco where one can choose which risk profile one wants for the basis+ fund. Not direct news, they have been open about this for a few weeks now. They are live and already have AUM running in these different risk classes.
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 | 1 075 205 | 1 075 205 | 0 | 0 |
Myyneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 1 075 205 | 1 075 205 | 0 | 0 |
2026 Q2 -tulosraportti
9 päivää 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
- ·8 t sittenSome slightly more informal thoughts about Hilbert after the presentation and stock drop. At 2 kroner, the company is valued at around SEK 260 million. This is actually quite an interesting valuation, because it can appear both high and low depending on what one believes will happen in the next quarters. If one only looks at today's fee paying AUM of USD 79.5 million, Hilbert is not particularly cheap. The company is still losing significant amounts, the cost level is high, and today's ongoing management fees are far from covering the costs. Then one pays quite a lot for faith, hope, and love.... At the same time, it's easy to underestimate how much the economy can change if AUM actually increases. Hilbert has already built large parts of the organization, strategies, and infrastructure. If more capital comes in without costs increasing proportionally, an ever-larger share of revenues goes straight to the bottom line. This is the operational gearing one is actually buying! But there is an important detail in the break-even estimate of USD 165 to 200 million that perhaps not everyone grasps. It is based on 18 percent gross return and thus significant performance fees. At USD 200 million in AUM and weak or flat returns, Hilbert is still not close to break-even. Management fees alone are not enough. The company therefore needs both more AUM and satisfactory returns. This also means that a higher btc price can help in several ways simultaneously. The value of btc denominated mandates increases, fees become higher measured in dollars, existing customers gain greater risk appetite, and the pipeline can become easier to convert. But this, of course, works both ways if the crypto market weakens/crashes. The difference between fee paying AUM of USD 79.5 million and contracted AUM of USD 110.2 million is also important. The HR lady said at the Q&A that contracted represents legally binding obligations. That is something completely different from a loose pipeline.... But the capital also generates no revenue until the accounts are established and the assets are actually transferred. Tax, custody, compliance, and internal approvals can significantly delay this. One should be much more cautious with the pipeline of USD 292 million. Only 29 percent is in a late stage, while the rest is still in the intermediate or early stage. Pipeline is not AUM, and it cannot be valued krone for krone. Nevertheless, it is large enough relative to today's AUM that even moderate conversion can change the entire equation. The most underestimated risk point is the costs. Hilbert is going from USD 2.7 million in Q2 to USD 1.5 to 1.9 million per quarter in Q4. That is a hefty cut. At the same time, a large part of the new cost base consists of fees. With legal structure, custody, funds, regulatory requirements, reporting, acquisitions, it is not given that all these costs can be reduced as quickly as planned. A runway of around 12 months is therefore both reassuring + a little worrying. If costs become USD 2.0 to 2.2 million instead of USD 1.5 to 1.9 million, and AUM stops around USD 100 to 120 million, the market can quite quickly start pricing in a new emission. At today's price, it could become expensive for existing shareholders. It is not very easy to just turn off costs as they hint at in "their "let's start monetizing" appeal..." Have you heard of companies that don't spend money on further development of tech and operations....? The new platforms are also difficult to value. Hilbert Finance, Enigma, and Syntetika can become real revenue sources and strategically valuable distr. channels. For now, I still think they should be treated as options. Before we see actual revenues, margins, and capital requirements, we don't know if they will be value-creating or new cost holes... today's 2 kroner? In my assessment, the price factors in that Hilbert survives, converts parts of contracted AUM and pipeline, and eventually approaches break-even. It does not factor in full success, but it also does not factor in that growth stops completely. If fee paying AUM remains around USD 100 to 120 million and costs are higher than guided, the stock can still become significantly cheaper!!type halve itself again. If AUM passes USD 200 million, costs come down, and strategies generate performance fees, today's valuation starts to look more interesting. If AUM continues towards USD 250 to 300 million without significant dilution, the result can change very quickly. Then Hilbert goes from being valued on runway and hope to being valued as a growing asset manager. That is why I believe the case now is less about the big pipeline headline and more about three very specific questions: how quickly does contracted AUM become fee paying? / how low will the actual cost base be? / does Hilbert reach break-even? If we get positive answers to all three, 2 kroner could prove to be cheap. Weakness on just one.....
- ·9 t sittenToo much goodwill and optimism have obviously been priced into Hilbert. But there's no doubt that there can be significant upside from here. What has disappointed me is that we haven't seen significant insider buying when the stock has been crushed. I'm holding off on further purchases until I see insiders loading up or updates that demonstrably contain news that moves the case forward. Hope and faith belong in church. But I'm keeping the shares as a potent option. There are values and not least a significant option upside, but it's completely fair that some throw in the towel when what they present is far, far from what they previously projected.
- ·11 t sittenAnother thing I want to comment on with today's valuation of 250M SEK is that during the major acquisitions that were made (including the performance-based bonuses to Nordark), 170M SEK was paid to acquire Nordark, Enigma, and LRC. Given that those prices still represent the value of these entities, we are valuing the rest of the company, Syntetika, synergies, and future earnings at 80M SEK... It simply doesn't make sense considering the potential.
- ·11 t sittenIt is a collaboration with Royco where one can choose which risk profile one wants for the basis+ fund. Not direct news, they have been open about this for a few weeks now. They are live and already have AUM running in these different risk classes.
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 |
|---|---|---|---|---|
| 2 808 | - | - | ||
| 3 578 | - | - | ||
| 631 | - | - | ||
| 5 741 | - | - | ||
| 225 | - | - |
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 | 1 075 205 | 1 075 205 | 0 | 0 |
Myyneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 1 075 205 | 1 075 205 | 0 | 0 |
2026 Q2 -tulosraportti
9 päivää 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
- ·8 t sittenSome slightly more informal thoughts about Hilbert after the presentation and stock drop. At 2 kroner, the company is valued at around SEK 260 million. This is actually quite an interesting valuation, because it can appear both high and low depending on what one believes will happen in the next quarters. If one only looks at today's fee paying AUM of USD 79.5 million, Hilbert is not particularly cheap. The company is still losing significant amounts, the cost level is high, and today's ongoing management fees are far from covering the costs. Then one pays quite a lot for faith, hope, and love.... At the same time, it's easy to underestimate how much the economy can change if AUM actually increases. Hilbert has already built large parts of the organization, strategies, and infrastructure. If more capital comes in without costs increasing proportionally, an ever-larger share of revenues goes straight to the bottom line. This is the operational gearing one is actually buying! But there is an important detail in the break-even estimate of USD 165 to 200 million that perhaps not everyone grasps. It is based on 18 percent gross return and thus significant performance fees. At USD 200 million in AUM and weak or flat returns, Hilbert is still not close to break-even. Management fees alone are not enough. The company therefore needs both more AUM and satisfactory returns. This also means that a higher btc price can help in several ways simultaneously. The value of btc denominated mandates increases, fees become higher measured in dollars, existing customers gain greater risk appetite, and the pipeline can become easier to convert. But this, of course, works both ways if the crypto market weakens/crashes. The difference between fee paying AUM of USD 79.5 million and contracted AUM of USD 110.2 million is also important. The HR lady said at the Q&A that contracted represents legally binding obligations. That is something completely different from a loose pipeline.... But the capital also generates no revenue until the accounts are established and the assets are actually transferred. Tax, custody, compliance, and internal approvals can significantly delay this. One should be much more cautious with the pipeline of USD 292 million. Only 29 percent is in a late stage, while the rest is still in the intermediate or early stage. Pipeline is not AUM, and it cannot be valued krone for krone. Nevertheless, it is large enough relative to today's AUM that even moderate conversion can change the entire equation. The most underestimated risk point is the costs. Hilbert is going from USD 2.7 million in Q2 to USD 1.5 to 1.9 million per quarter in Q4. That is a hefty cut. At the same time, a large part of the new cost base consists of fees. With legal structure, custody, funds, regulatory requirements, reporting, acquisitions, it is not given that all these costs can be reduced as quickly as planned. A runway of around 12 months is therefore both reassuring + a little worrying. If costs become USD 2.0 to 2.2 million instead of USD 1.5 to 1.9 million, and AUM stops around USD 100 to 120 million, the market can quite quickly start pricing in a new emission. At today's price, it could become expensive for existing shareholders. It is not very easy to just turn off costs as they hint at in "their "let's start monetizing" appeal..." Have you heard of companies that don't spend money on further development of tech and operations....? The new platforms are also difficult to value. Hilbert Finance, Enigma, and Syntetika can become real revenue sources and strategically valuable distr. channels. For now, I still think they should be treated as options. Before we see actual revenues, margins, and capital requirements, we don't know if they will be value-creating or new cost holes... today's 2 kroner? In my assessment, the price factors in that Hilbert survives, converts parts of contracted AUM and pipeline, and eventually approaches break-even. It does not factor in full success, but it also does not factor in that growth stops completely. If fee paying AUM remains around USD 100 to 120 million and costs are higher than guided, the stock can still become significantly cheaper!!type halve itself again. If AUM passes USD 200 million, costs come down, and strategies generate performance fees, today's valuation starts to look more interesting. If AUM continues towards USD 250 to 300 million without significant dilution, the result can change very quickly. Then Hilbert goes from being valued on runway and hope to being valued as a growing asset manager. That is why I believe the case now is less about the big pipeline headline and more about three very specific questions: how quickly does contracted AUM become fee paying? / how low will the actual cost base be? / does Hilbert reach break-even? If we get positive answers to all three, 2 kroner could prove to be cheap. Weakness on just one.....
- ·9 t sittenToo much goodwill and optimism have obviously been priced into Hilbert. But there's no doubt that there can be significant upside from here. What has disappointed me is that we haven't seen significant insider buying when the stock has been crushed. I'm holding off on further purchases until I see insiders loading up or updates that demonstrably contain news that moves the case forward. Hope and faith belong in church. But I'm keeping the shares as a potent option. There are values and not least a significant option upside, but it's completely fair that some throw in the towel when what they present is far, far from what they previously projected.
- ·11 t sittenAnother thing I want to comment on with today's valuation of 250M SEK is that during the major acquisitions that were made (including the performance-based bonuses to Nordark), 170M SEK was paid to acquire Nordark, Enigma, and LRC. Given that those prices still represent the value of these entities, we are valuing the rest of the company, Syntetika, synergies, and future earnings at 80M SEK... It simply doesn't make sense considering the potential.
- ·11 t sittenIt is a collaboration with Royco where one can choose which risk profile one wants for the basis+ fund. Not direct news, they have been open about this for a few weeks now. They are live and already have AUM running in these different risk classes.
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 |
|---|---|---|---|---|
| 2 808 | - | - | ||
| 3 578 | - | - | ||
| 631 | - | - | ||
| 5 741 | - | - | ||
| 225 | - | - |
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
Välittäjätilasto
Ostaneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 1 075 205 | 1 075 205 | 0 | 0 |
Myyneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 1 075 205 | 1 075 205 | 0 | 0 |