MoatScopeOctave Intelligence plcOCTV
Spin-off from Hexagon AB (HEXA-B) · May 22, 2026 · Nasdaq Stockholm (US OTC line)
one Octave ordinary share for every ten Hexagon Class B shares (Class A holders received Octave Class A shares pro rata)
Documents
Both companies today
Not in MoatScope's coverage yet — numbers appear once the shares trade and the first filings land.
Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.
What is being separated
Octave Intelligence combines Hexagon's Asset Lifecycle Intelligence, Safety, Infrastructure & Geospatial, ETQ and Bricsys software businesses — engineering, asset-management and design software — as a Stockholm-listed company with a US over-the-counter line. Hexagon keeps its measurement technologies: metrology, reality capture and positioning.
Stated rationaleHexagon says the two businesses will be better positioned to pursue their own missions, adapt to market dynamics and form partnerships as separate companies.
The four questions
Indiscriminate selling
StrongManagement incentives
PartialThe hidden jewel
PartialLeverage
PartialThe write-up
Hexagon AB distributed Octave Intelligence on May 22, 2026, one Octave ordinary share for every ten Hexagon Class B shares, listing the new company on Nasdaq Stockholm with a US over-the-counter line. Octave combines Hexagon's former Asset Lifecycle Intelligence, Safety, Infrastructure & Geospatial, ETQ and Bricsys businesses — engineering and asset-information software for process industries, quality and safety applications, and the BricsCAD design platform. It generated $398 million of revenue in the second quarter of 2026 and $387 million in the first, against $413 million and $383 million a year earlier, at a 77% gross margin, with $115 million to $126 million of operating cash flow a quarter. It carries $621 million of debt against $304 million of cash, and it recorded a $2.1 billion goodwill impairment in the second quarter as the businesses were revalued for the listing. On MoatScope's framework Octave carries a Narrow moat; its quality score and fair value estimate await the first annual statements.
Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months. Write-up dated Sep 8, 2026.