Hexagon AB (Buy, TP: SEK143.00) - Positive trends set to continue
We believe Hexagon will continue to show strong organic growth with expanding margins in its seasonally important Q2 results. Due to its structural growth drivers, pricing power and earnings resilience based on 40% recurring revenues, we believe Hexagon should be a relative outperformer in this uncertain macro and inflationary environment. We reiterate our BUY but have lowered our target price to SEK143 (155).
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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