Hexagon Purus (Buy, TP: NOK29.00) - Preparing for higher activity
With solid backlog coverage, a capacity expansion programme progressing as planned, a strong balance sheet, and supplier agreements in place, we consider Hexagon Purus well positioned for a likely significant increase in activity. With limited changes to our estimates and a slightly higher peer group valuation, we reiterate our BUY and NOK29 target price. The stock is trading at a 45-50% discount to hydrogen equipment peers on 2023–2026e EV/sales – on our calculations the stock price would need to increase by 62% to trade in line with peers.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.