Hexagon Purus (Buy, TP: NOK7.50) - Awaiting US clarity
With the key numbers pre-announced, there was limited news in the Q3 report. A key focus on the conference call was increased uncertainty in the US after comments by Donald Trump about curbing funding for green energy and electric-/hydrogen-fuelled vehicles, relaxing transport emissions allowances, and introducing 25% import tariffs, all of which could affect the company negatively. We reiterate our BUY and NOK7.5 target price, with the stock still trading at a 21–30% discount to hydrogen equipment peers on 2025–2026e EV/sales.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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