Hexagon Purus - Initiation of coverage - Hitting the gas
With a strong legacy from the Hexagon group, we consider Hexagon Purus a leading provider of hydrogen fuel and distribution systems, well positioned for industrial success. We expect a majority of medium-term growth to come from hydrogen infrastructure, which needs to be in place prior to the commercialisation of hydrogen-based transportation. We initiate coverage with a BUY and NOK22 target price, with the stock trading attractively at a 60–65% 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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