Hexagon AB (Hold, TP: SEK150.00) - 5% above consensus Q3e adj. EBIT
We expect still-strong organic volume momentum in Q3 in most of Hexagon’s end-markets that, together with a richer product mix, leaves us 5% above Infront consensus on Q3e adj. EBIT. We also believe Hexagon is poised to present ambitious new medium-term targets at its CMD on 30 September, but that the bar is already high. We reiterate our HOLD but have raised our target price to SEK150 (145) after edging up our 2022e EBIT by 2%, to which we apply an EV/EBIT of 30x.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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