Price pressure – a broken record
Hexpol, once again, said that price pressure continued to be strong in all markets in Q3, where organic sales growth of 4% and EBIT of SEK470m were 4%-points and 4% below consensus, respectively. We reiterate our HOLD recommendation and SEK85 target price, as the recent strengthening of the USD offset the c30bp cut to our 2018–2019e EBIT margin.
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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