Hexpol (Sell, TP: SEK72.00) - Lifted by FX
In Q1 results, due at 12:00 CET on 24 April, we believe the push-through of higher raw material costs will have fueled 5.5% organic growth, but that price pressure, although easing somewhat, will have remained, adding continued pressure to the margin. Hexpol is a clear winner of the recent USD strengthening, which explains the majority of our 5–7% increase in 2018–2020e EBIT and increased target price to SEK72 (65). SELL 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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