Hexagon AB (Buy, TP: SEK130.00) - IES offsetting GES deceleration
Despite a consensus beat, the market’s reception of Ola Rollén’s 91st and final quarterly report as Hexagon’s CEO was lukewarm. We believe this was due to concerns about the company’s growth potential as we enter a downturn. With the 2023e demand environment and growth outlook dominating the investor debate, we still believe Hexagon can protect its margins and organic growth better than its capital goods peers as the cycle worsens. Having lowered our 2023e adj. EBIT by only 1%, we reiterate our BUY and SEK130 target price.
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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