Post-Q3 drop gives buying opportunity in Link and Pexip

Airthings (Buy, TP: NOK2.80) - Still-upbeat despite Q3 misses

Q3 was on the weak side, with misses on sales, the gross margin and EBITDA. On a more positive note, the Q4 sales guidance of USD9.5m–12m was in line with consensus at the mid-point, although it could potentially include a one-off product recall headwind of USD1.2m. We thus remain on the optimistic side as radon and air quality awareness seems to be continuing to grow, at the same time as the execution of cost initiatives appears to be leaving Airthings on track for profitability in H2 2025e. We reiterate our BUY and NOK2.8 target price.

On track for positive EBITDA in 2025

November web-activity insights

Web-activity data points to a significant uptick in trading MOM in November for Avanza and Nordnet, driven by higher activity during and after the US election. We see upside potential on Avanza’s transaction-related commissions, thanks to higher FX fees from likely elevated cross-border trading. The platforms are due to release their November statistics on 4 December.

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.

Limited effect of higher gas prices

European gas prices have doubled from February troughs to USD14/mmbtu (USD80/boe), and near-term fundamentals appear supportive for still-elevated prices throughout the winter. However, with high prices likely isolated to 2025–2026e, we see a limited valuation effect on our NCS coverage. Moreover, Equinor and Vår Energi have outperformed peers by ~10–20% since August, and we believe their valuations suggest higher gas prices are well reflected, despite the upside potential to consensus.