Hexagon AB (Hold, TP: SEK567.00) - Easier China comparables
We maintain a neutral view on Hexagon and reiterate our HOLD ahead of the Q2 results; we are 4% above consensus on adj. EBIT. Our positive underlying sales and adj.EBIT revisions of 2–5% for 2020–2022e are broadly offset by negative FX moves. However, we have raised our target price to SEK567 (490), having rolled over our valuation base from 2021e to 2022e and on the back of peer re-ratings.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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