Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Haypp Group AB operates as a leading e-commerce platform specializing in smoke-free alternatives and nicotine products across multiple markets. The company distributes a diverse portfolio of products including vaping devices, heated tobacco products, nicotine pouches, and related accessories through its online brands positioned in seven countries. Haypp Group serves as a bridge between traditional smoking consumers and modern smoke-free alternatives, leveraging digital commerce to reach customers seeking reduced-risk nicotine products. The company's business model focuses on direct-to-consumer sales through branded e-commerce platforms, emphasizing convenience, product variety, and accessibility. By operating across multiple geographies and product categories within the smoke-free alternatives sector, Haypp Group addresses the evolving preferences of adult consumers transitioning away from conventional cigarettes. Founded in 2009 and headquartered in Sweden, the company has established itself as a significant player in the growing global market for smoke-free nicotine delivery systems.
kr 11.64
kr 0.08 (-0.68%)
EOD Jun 23, 2026 · Twelve Data
Operating margin is thin at 1.55%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 4.6%, steady but not accelerating. Free cash flow declined 43% despite revenue growth, conversion is weakening.
Free cash flow declined 43% versus the prior year, cash generation momentum has weakened.
22.4x earnings, 4.3x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
kr 4.03B
▲ +4.6% YoY
Net Income (TTM)
kr 17M
▼ -5.6% YoY
Op. Margin
0.89%
▼ -0.2pp YoY
ROIC
6.41%
▲ +0.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
kr 85M
▼ -43.2% YoY
Op. Cash Flow (TTM)
kr 101M
▼ -35.8% YoY
Net Debt
kr 132M
Cash & Equiv.
kr 57M
3Y CAGR: +14.0%
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At a P/E of 22.4 and a price-to-free-cash-flow of 4.3, Haypp Group AB (publ) (HAYPP.XSTO) trades below a two-stage DCF intrinsic value of about SEK 133.37 per share, so at SEK 11.64 the stock looks undervalued (1,045.8% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Haypp Group AB (publ) scores 68/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about SEK 133.37 per share for HAYPP.XSTO, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around SEK 100.03. At today's SEK 11.64, that puts the stock about 1,045.8% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Haypp Group AB (publ) scores 68 out of 100 on Intrinsiqq's quality score, passing 4 of 8 checks, which makes it a solid business on these measures. Recent fundamentals include a 0.9% operating margin and a 6.4% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full check-by-check breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. HAYPP.XSTO currently trades below its estimated intrinsic value and scores 68/100 on quality (solid). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.