Hexagon AB (Buy, TP: SEK135.00) - Solid Q2 supports our view
We find Hexagon’s ability to report solid organic growth and expanding margins, despite tough YOY comparables, impressive. We believe its structural growth drivers, pricing power and earnings resilience from 40% recurring revenues position it well in an uncertain macro environment. We reiterate our BUY but have cut our target price to SEK135 (143) having reduced our 2022–2023e adj. EBIT by 1–3%.
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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