Hexpol (Buy, TP: SEK75.00) - Moving up a gear
We believe Hexpol will benefit from a near-term cyclical bounce, but that consensus is still overlooking the positive geographical mix. We are well above the market on Q3e organic growth and adj. EBIT (and 7% above on 2020–2021e adj. EBIT), and see consensus coming up in H2. After a change of analyst, we have upgraded Hexpol to BUY (HOLD). We have also raised our target price to SEK75 (70), factoring in 12% potential upside if the stock’s decoupling from our peer index reverses.
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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