Report
Viktor Trollsten
EUR 88.46 For Business Accounts Only

Hexpol (Hold, TP: SEK90.00) - Good cost control not enough

Following a solid Q3 report, we have downgraded the stock to HOLD (BUY) and reiterate our SEK90 target price, as we see limited triggers ahead. 2021e Adj. EBIT consensus has risen 8% since we initiated and even though we are 8% above, we believe the valuation now reflects the margin potential while the stock has closed the gap to its early cyclical peers.
Underlying
Provider
DnB Markets
DnB Markets

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.

 

Analysts
Viktor Trollsten

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