Hexpol (Buy, TP: SEK98.00) - BUY the dip
We believe the sharp drop in the share price following Hexpol’s weak Q4 was overdone. We find the valuation attractive at a 2019–2022e adj. EPS CAGR of 7% and a 2020e P/E of 15.8x (11% below its 3-year average and 12% below the sector). As a result, we have upgraded the stock to BUY (HOLD). Our estimates are broadly unchanged and we reiterate our target price of SEK98.
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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