Hexpol (Buy, TP: SEK120.00) - Expecting consensus to come up
Following a solid Q1 report, we reiterate our BUY and have raised our target price to SEK120 (110), as margins remained impressive for a third consecutive quarter and confidence is growing in the M&A story. We are 11–13% above consensus on 2021–2022e adj. EBIT, and believe Q2 could offer a share-price trigger, as consensus is for a 10% sales decline QOQ while weighted LVP production indicates a 3% increase, fully consolidated M&A and higher prices are set to be a growth-driver QOQ.
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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