Hexagon (Buy, TP: SEK133.00) - Get your calculators out
We believe the Q3 results were light, but see potent triggers in our re-rating case as: 1) investors shift focus towards an earnings momentum story building from 5% organic sales growth YOY and 13% adj. EPS growth YOY in 2025e; 2) the possible spin-off of ‘NewCo’ (ALI division, ~20% of EBIT) could remove its conglomerate discount and crystallise values; and 3) the valuation remains in trough territory on absolute and relative bases. We reiterate our BUY and have raised our target price to SEK133 (130) using 2025e as our new valuation base.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.