Hexpol (Buy, TP: SEK110.00) - America flying the flag
Set for a strong recovery in 2021 and with sector-leading exposure to the US (which looks well ahead of Europe and China in the vaccine rollout), we have upgraded Hexpol to BUY (HOLD) and raised our target price to SEK110 (96). Consensus appears to be overlooking Hexpol’s growth prospects in the coming quarters that, given a low cost base, we expect to boost margins in the next few years. We have raised our 2021–2022e adj. EBIT by 5%, leaving us 10% above 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.
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