Hexagon AB (Buy, TP: SEK550.00) - Confirming our positive view
Although Hexagon’s Q1 report was on the soft side, we believe it supports our positive case. The softness was essentially related to a temporary issue in an isolated part of the business (guided to stabilise in Q2 and return to growth in H2). The CEO stressed his confidence in the company’s continued growth and profitability despite uncertainty regarding the global economy. We keep our BUY and have raised our target price to SEK550 (535).Hexagon is engaged in the provision of integrated design, measurement and visualization technologies. Co. has two segments: measurement technologies, which consist of Geosystems that captures, processes and stores position-related information, Metrology, which provides manufacturing evaluation, process qualification and final parts inspection, and Technology, which provides engineering software as well as geospatially powered solutions; and Other Operations, which focuses on the transportation industry in the car and heavy vehicle segments. The Other Operations conducts its business in the Nordic region.
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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