Hexagon Composites ASA

Hexagon Composites is divided into three business segments. Co.'s Hexagon Ragasco segment manufactures low-pressue composite cylinders, such as cylinders for propane gas; and Co.'s Hexagon Lincoln/Hexagon Raufoss segment develops and supplies complete storage and transport systems for natural gas and hydrogen to the bus and automotive industry and for bulk transport of compressed gas. The Group's activities are divided into the following regions: Europe, North America, South-East Asia, Middle East and South America.
  • TickerHEX
  • ISINNO0003067902
  • ExchangeOslo Bors
  • SectorGeneral Industrials
  • CountryNorway
Ole-Andreas Krohn

Hexagon Composites (Buy, TP: NOK30.00) - Looking past the Q2e trough

Although we expect Q2 to be weaker than Q1, which was below our estimates, investors should increasingly look past 2020e – hit by Covid-19, a VW relocation and an oil price drop about to be reversed – to focus on 2021e. We reiterate our BUY and NOK30 target price.

Ole-Andreas Krohn

Hexagon Composites (Buy, TP: NOK30.00) - Expecting a mixed bag

Hexagon Composites will report its Q1 before open on 20 May. In addition to more information on the planned JV with CMIC, we expect investors to focus on how the lower oil prices are affecting revenues, gaining more visibility on the prospects for the light-duty segment, and the potential effects of the Covid-19 situation. We reiterate our BUY and NOK30 target price.

Karl-Johan Bonnevier ...
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Paul Harper
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Ole-Andreas Krohn

Hexagon Composites (Buy, TP: NOK30.00) - Triple hit bins 2020, focus on 2021

In addition to handling immediate direct and indirect effects from the coronavirus outbreak, Hexagon is facing challenges caused by the drop in oil prices and by mixed signals from its major client in the LDV segment. We have cut our target price to NOK30 (35); however, as we expect investors to shift focus to 2021e, we have upgraded the stock to BUY (HOLD).

Ole-Andreas Krohn

Hexagon Composites (Hold, TP: NOK35.00) - Agility solid and LDV challenges

While Q4 was above our estimates, management provided more muted short-term guidance. We expect a solid outlook for Agility to mitigate the valuation impact of a more challenging 2020e for Light-Duty going forward and reiterate our HOLD and NOK35 target price.

Karl-Johan Bonnevier ...
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

David Martinsson ...
  • Håkon Astrup
  • Helene Kvilhaug Brøndbo
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Huseby Karlsen
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Niclas Gehin
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mats Bye
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Jon Masdal
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Nicolas McBeath
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Increased risk weighs on HEXAGON COMPOSITES ASA, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of HEXAGON COMPOSITES ASA (NO), active in the Containers & Packaging industry. As regards its fundamental valuation, the title still shows 3 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date April 17, 2020, the closing price was NOK 27.40 and its target price was estimated at NOK 18.69.

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