Fund Manager Summary
The fund managers believe that Hansen Technologies Ltd presents a significant investment opportunity given its current share price of approximately $4.51. In their opinion, the recent 25% decline in share price is largely due to short-term challenges stemming from unmet expectations in the 1H24 results, particularly related to the costs associated with the German acquisition of powercloud GmbH. However, they assert that the market is undervaluing the management team’s ability to restructure and enhance the profitability of the powercloud subsidiary. Consequently, they foresee upside potential for FY25 and FY26 consensus estimates, bolstered by positive indications from their channel checks regarding the progress of the powercloud restructure. The fund managers remain optimistic about upcoming updates.
Source: Trading View
Commentary From The Managers
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Hayborough Investment Partners
29 Aug 2025
$5.96
Summary
- Hansen Technologies (ASX: HSN) is a software company serving utilities and communications sectors.
- The recent guidance for FY26 has caused some market confusion, presenting a potential opportunity.
- Hayborough Investment Partners believes the guidance is conservative.
- The management team possesses extensive experience in the industry.
- Hansen has tier-one clients and a proven track record of integrating acquisitions.
- The stock is trading at a reasonable multiple compared to the sector.
- Hayborough Investment Partners sees potential for higher earnings growth than current market expectations.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Hayborough Investment Partners
29 Aug 2025
$5.96
- Hansen Technologies (ASX: HSN) is a software company serving utilities and communications sectors.
- The recent guidance for FY26 has caused some market confusion, presenting a potential opportunity.
- Hayborough Investment Partners believes the guidance is conservative.
- The management team possesses extensive experience in the industry.
- Hansen has tier-one clients and a proven track record of integrating acquisitions.
- The stock is trading at a reasonable multiple compared to the sector.
- Hayborough Investment Partners sees potential for higher earnings growth than current market expectations.
Summary
Clime Investment Management
31 July 2025
$6.01
- Clime Investment Management sold their investment in Hansen Technologies (HSN.ASX) following recent strong performance.
- The sale was necessary to free up capital for several newly established positions in the portfolio.
- HSN outperformed in July due to an upgrade to FY25 guidance.
- Revenue guidance was slightly weaker because of timing of contracts pushed into FY26.
- The upgrade was attributed to improved operating efficiencies and disciplined cost management.
- There was a positive earnings contribution from the recent acquisition of Powercloud.
Summary
Blackwattle Investment Partners
31 July 2025
$6.01
- Blackwattle Investment Partners continues to hold an investment in Hansen Technologies Ltd.
- Hansen Technology is a global leader in software development, particularly in the Energy and Telecom sectors.
- Shares rose 20.7% in July following an upgrade in earnings expectations for FY25.
- The company is entering a strong growth phase, driven by above-trend organic growth.
- Customers are entering an upgrade cycle to adapt to increasingly complex energy grid systems.
- There is potential for strategic M&A, leveraging the pressure on private equity asset owners to exit assets in the sector.
Summary
Tyndall Asset Management
31 July 2025
$6.01
- Hansen Technologies has shown strong performance following a positive trading update.
- New contract wins have contributed to the company's success.
- Continued cost discipline has been a key factor in their performance.
- The turnaround of the acquired PowerCloud business is progressing ahead of schedule.
- This progress reinforces management’s original business case for the acquisition.
- Tyndall Asset Management continues to hold its position based on these developments.
Summary
QVG Capital
31 July 2025
$6.01
- Hansen Technologies experienced a significant rally in July, driven by a strong FY25 earnings update.
- The company announced several new contract wins, contributing to positive market sentiment.
- Following the mid-month earnings release, the stock surged by 20.6%.
- QVG Capital notes the raised underlying EBITDA guidance to $110-112m, up from $92-101m.
- Improved margins in the second half were attributed to cost discipline and operational efficiencies.
- The recently acquired PowerCloud business became profitable ahead of schedule.
- Efficiency gains were further enhanced by A.I.-driven initiatives.
- Momentum was bolstered by new multi-year contracts with notable clients, including Vattenfall, Entelios, Telefónica’s VMO2, and a US renewables operator.
Summary
Contact Asset Management
31 July 2025
$6.01
- Hansen Technologies (HSN) had a positive update in July, increasing EBITDA guidance to between A$110-$112 million.
- The new guidance is 9-11% above the previous top end range.
- This upgrade was driven by better-than-expected margins from productivity gains.
- Additionally, there was earnings growth attributed to the Powercloud (Germany) acquisition.
- HSN is led by the founding family, who maintain a long-term vision.
- The company has established a resilient business model with a high level of recurring revenue.
- HSN continues to benefit from M&A success.
Summary
Blackwattle Investment Partners
31 May 2025
$5.19
- Hansen was down just 5.7% in May, but the large position size and relative strength of the market made it a key detractor this month.
- Despite lagging the broader market, this was largely expected due to its defensive nature and recent outperformance.
- Blackwattle Investment Partners believes Hansen is entering a strong phase, supported by above-trend organic growth driven by necessary IT system modernisation of its utility client base.
- There is potential for strategic M&A, capitalising on the growing pressure faced by private equity asset owners to exit assets within the sector.
Summary
Clime Investment Management
31 May 2025
$5.19
- HSN underperformed in May following strong performance in April.
- Performance driven by the acquisition of CONUTI GmbH.
- Limited news was provided during the month.
- Clime remains positive on the company's outlook.
- Strengthened position in Germany.
- Attractive valuation supports continued interest.
Summary
Blackwattle Investment Partners
30 Apr 2025
$5.41
- Hansen Technologies rose +8.2% in the month, indicating the defensiveness of its earnings profile to economic instability.
- Hansen is likely entering a period of stronger organic growth, supported by its largest business development pipeline in several years.
- Blackwattle Investment Partners anticipates that Hansen will engage in M&A activity in 2025, following the successful integration of its Powercloud acquisition.
Summary
Endeavor Asset Management
31 July 2024
$4.51
- Endeavor Asset Management initiated a position in Hansen Technologies (HSN) in July, believing it offers attractive upside in the next 12-18 months.
- HSN specializes in billing systems software for the energy, utilities, and telecommunications sectors.
- The share price has seen a decline of around 25% in the last 6 months due to several negative factors.
- Key issues stem from 1H24 results falling short of expectations, largely due to increased costs from the German acquisition of powercloud GmbH.
- Endeavor believes the market is undervaluing the management's ability to restructure and make powercloud a profitable segment of Hansen's business.
- There is potential for upside risk to FY25 and FY26 consensus estimates.
- Through channel checks, it appears the powercloud restructure is on track, and further updates are highly anticipated.
Summary
QVG Capital
30 June 2024
$4.49
- Hansen Technologies faced challenges amid transition flows, impacting performance.
- Other small-cap managers are exiting the market, contributing to uncertainty.
- Market reluctance to address selling pressures may relate to critical license fee realizations in June.
- June is pivotal for half-yearly financial results, influencing investor sentiment.
- Ongoing management reshuffle adds complexity to the company's strategic direction.
- Uncertainty surrounds the timeline for achieving breakeven in the PowerCloud business.
- Concerns exist regarding the necessary investment to prepare PowerCloud's platform for smart meter rollouts.
- Despite being perceived as a 'boring' company, Hansen Technologies is navigating significant developments.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With a share price hovering around $4.51, it seems Hansen Technologies is poised for a turnaround, as the market underestimates the potential of its powercloud subsidiary. If management delivers, the next 12-18 months could surprise to the upside."
Last Updated: 29 Aug 2025
Query The Data
Frequently Asked Questions
Who is investing in Hansen Technologies Ltd (ASX:HSN)?
Fund managers including Endeavor Asset Management, QVG Capital, Blackwattle Investment Partners, Clime Investment Management, Contact Asset Management, Tyndall Asset Management and Hayborough Investment Partners have invested in Hansen Technologies Ltd (ASX:HSN).
Why do fund managers invest in Hansen Technologies Ltd?
Fund managers, including Endeavor Asset Management, are investing in Hansen Technologies Ltd due to its potential for significant upside within the next 12-18 months. Despite a recent 25% decline in share price attributed to unmet expectations from a recent acquisition, they believe the market undervalues the management's ability to restructure the powercloud subsidiary, which is expected to become increasingly profitable. Positive channel checks suggest the restructuring is on track, indicating potential growth for FY25 and FY26.
What happened to Hansen Technologies Ltd (ASX:HSN)?
Fund managers are investing in Hansen Technologies Ltd due to its strong performance and positive earnings outlook, highlighted by an upgraded EBITDA guidance of A$110-$112 million, surpassing previous estimates. The company benefits from improved margins driven by productivity gains and successful acquisitions, notably the PowerCloud business, which is turning profitable ahead of schedule. Additionally, Hansen's leadership, characterized by a long-term vision and high recurring revenue, positions it well for growth in the energy and telecom sectors, especially as clients upgrade to meet evolving grid complexities. The recent contract wins further reinforce investor confidence in its growth trajectory.