Hexpol (Hold, TP: SEK93.00) - Not changing our view
Hexpol reported a slightly soft Q2 report with EBIT 3% below consensus. Organic sales growth was 6% (our estimate: 6.5%) helped by increases in volume and price – sales in Asia rose an impressive 32% YOY boosted by automotive customers in China. However, Hexpol’s long-term struggles still remain as we believe it is having difficulty matching its strong M&A track record. HOLD and SEK93 target price reiterated.
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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