Hexpol (Buy, TP: SEK92.00) - Underestimated
Having analysed what drives Hexpol’s EBIT margin, we have concluded that consensus is underestimating its potential. We have raised our 2019–2021e EBIT by an average of 5%, and are 7% above consensus on 2021e EBIT, as we see significant synergy potential from recent acquisitions and favourable trends in raw material costs. We reiterate our BUY and have raised our target price to SEK92 (90).
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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