Hexpol (Hold, TP: SEK87.00) - Our view remains intact
Our underlying assumptions remain broadly intact following the slightly soft Q3 results, which held few surprises. We reiterate our HOLD, but have cut our target price to SEK87 (102) on valuation to reflect the recent market sell-off. Our target price corresponds to a 2019e EV/EBIT of c12x, and is based on a 10% premium valuation compared to the Nordic Capital goods sector.
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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