Hexagon Purus (Buy, TP: NOK7.50) - Still bumps in the road
We expect Q3 to be a non-event after key financials were pre-announced. With the much-awaited capital raise completed, focus should be on the company’s progress in its journey to profitability and positive cash flow generation. The guidance of becoming cash flow positive in 2026 could be feasible, but we see risks related to US clean transportation with the change in presidency. We reiterate our BUY, but have cut our target price to NOK7.5 (10), reflecting a 15% risking to our fair value estimate on higher uncertainty in the US.
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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