Hexagon Purus (Buy, TP: NOK29.00) - Capex phase intensifies
We forecast Q2 EBITDA of NOK-117m, 4% below consensus. With the capacity expansion programme underway, some remaining payments for Wystrach, payments to Panasonic due during the quarter, continued investments in Cryoshelter and a weak NOK, we expect an uptick in capex, and forecast a quarter-end net cash position of NOK1.0bn, 6% below consensus. The stock is trading at a discount of almost 60% to hydrogen equipment peers on 2023–2026e EV/sales, which we consider unwarranted. We reiterate our BUY and NOK29 target price.
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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