Hexpol (Hold, TP: SEK98.00) - Limited potential upside
With consensus now broadly in line with our 2020–2021 estimates and the recent re-rating leaving little potential upside, we have downgraded Hexpol to HOLD (BUY). We are 4% below consensus on Q4e adj. EBIT, and forecast another decline in organic growth. We have lowered our 2020–2021e adj. EBIT by c2%, primarily for FX. We reiterate our SEK98 target price.
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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