HNGE: We Like to Move It, Move It - Movement Conference / Investor Day Preview

Research evidence excerpt

HNGE: We Like to Move It, Move It - Movement Conference / Investor Day Preview

ise - the medium-term financial

52-Wk Range $63.62-$31.17 framework. Reiterate Buy, PT $79.

Market Cap ($M) $5,242

Setup Into the Event: Shares are reaching new highs heading into next week’s event. With ADTV 890,758

respect to the share price reaction post the event, while there is always a possibility of Shares Out (M) 82 a “sell-the-news” dynamic around events like these - particularly following strength

Short Interest Ratio/% Of Float 25.8% in the shares heading into the event - we believe such an outcome would likely be

Dividend/Yield $0.00/0.0% short-lived. Investor inbound interest has remained elevated following the Q1 print, with

Enterprise Value ($M) $5,036 several investors indicating their desire to own shares but “missing the boat.” As such, we

Cash & Equivalents ($M) $406 believe there remains incremental demand to purchase shares as the company continues to

Total Debt ($M) $0 deliver on its sustained momentum. Additional technical tailwinds include pending STOXX

Preferred Equity ($M) $200 index inclusion on June 22 (announced June 1).

What We Expect to Hear?

9 Page Document • Refreshed Medium-Term Financial Targets: The biggest investor debate over the last

few months has been whether management will use the event to formally raise medium-

term growth and margin targets. As highlighted in our post-NDR note from earlier this

Reasons for this report year, with the company's IPO-era targets already being achieved (in 4Q25), the updated

targets will be set at its Movement conference/Analyst day. HNGE sees LT opex targets

✓ Event Preview as R&D at 10-12% of revenues, sales and marketing gravitating below 30%, and G&A

at 7-8%.