Hexagon Purus (Buy, TP: NOK29.00) - Expect a neutral Q1 report
We expect EBITDA of NOK-115m in Q1, in line with consensus. With a Q1 revenue forecast of NOK266m (9% below consensus of NOK294m), this corresponds to an EBITDA margin of -43%. We estimate a cash position of NOK1.4bn at quarter-end, 76% above consensus, which we believe does not fully reflect recent capital injections. We reiterate our BUY, but have lowered our target price to NOK29 (32) on a combination of a lower peer group valuation and a greater dilutive effect with a lower share 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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