Hexagon Composites (Buy, TP: NOK30.00) - LPG and MP visibility in demand
Hexagon Composites is due to report Q2 results before the market open on 15 August. Following what we expect to be solid divisional revenues and segment margins, our focus will be on the visibility into H2 2018 for the Low Pressure and Mobile Pipelines divisions, and to what extent Light-Duty earnings are able to mitigate margin pressure for Hydrogen. We expect Agility to contribute positively to EPS and reiterate our BUY recommendation and NOK30 target price.Hexagon Composites is divided into three business segments. Co.'s Hexagon Ragasco segment manufactures low-pressue composite cylinders, such as cylinders for propane gas; and Co.'s Hexagon Lincoln/Hexagon Raufoss segment develops and supplies complete storage and transport systems for natural gas and hydrogen to the bus and automotive industry and for bulk transport of compressed gas. The Group's activities are divided into the following regions: Europe, North America, South-East Asia, Middle East and South America.
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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