Hexagon Purus (Buy, TP: NOK22.00) - Growth story intact
The Q3 report was decent, with a strong consensus EBITDA beat. We particularly welcome the improved backlog visibility: the company has already secured purchase orders for ~65% of consensus 2023e revenues. We reiterate our BUY and NOK22 target price, based on our fundamental valuation, and consider the stock attractive, trading at a 52–61% discount to hydrogen equipment peers on 2022–2025e EV/sales.
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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