Hexagon Purus (Hold, TP: NOK8.00) - Set for high Q2 cash outflow
We expect another quarter with increased activity QOQ and forecast EBITDA of NOK-103m, 1% above consensus. Q2 looks set for substantial cash outflow (we expect the cash position to halve versus Q1), driven by continued operating losses and working capital build, as well as various capital expenditures. We reiterate our HOLD, but have raised our target price to NOK8 (7). After performing better than hydrogen equipment peers, the stock is trading ~15% below on 2024–2026e EV/sales but ~6% above on consensus.
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.