Hexagon Purus (Sell, TP: NOK2.90) - The worst could be yet to come
We consider Thursday’s profit warning on the negative side, but believe the worst could still be ahead. We believe the company will be hampered by an even more challenged US market for zero-emission vehicles, with President Trump aiming to relax emission standards, curb subsidies and introduce import tariffs. We have lowered our 2025–2026e EBITDA by 40–82% to reflect the higher risk, but believe there is a broad scope of potential outcomes. As a result, the company is likely to need fresh capital in 2026, even without further capacity investments. With lower estimates and hydrogen peer group pricing, we have cut our target price to NOK2.9 (7.5) and downgraded the stock to SELL (BUY).
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