Hexagon Purus (Buy, TP: NOK10.00) - Hit by market headwinds
We have lowered our 2025–2026e revenues by 26–22% to account for the cancelled contract with Daimler, as well as generally softer markets for heavy-duty trucks and hydrogen. After having traded at a discount to hydrogen equipment peers for a while, the company is now trading ~50% above on 2025–2026e EV/sales, hence we no longer see upside potential based on near-term peer group valuation, despite what we view as a strong long-term business case. Due to the latter, we reiterate our BUY, but have cut our target price to NOK10 (14).
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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