Hexagon Composites ASA

Hexagon Composites is divided into three business segments. Co.'s Hexagon Ragasco segment manufactures low-pressue composite cylinders, such as cylinders for propane gas; and Co.'s Hexagon Lincoln/Hexagon Raufoss segment develops and supplies complete storage and transport systems for natural gas and hydrogen to the bus and automotive industry and for bulk transport of compressed gas. The Group's activities are divided into the following regions: Europe, North America, South-East Asia, Middle East and South America.
  • TickerHEX
  • ISINNO0003067902
  • ExchangeOslo Bors
  • SectorGeneral Industrials
  • CountryNorway

Analysts

Ole-Andreas Krohn

Hexagon Composites (Hold, TP: NOK41.00) - Q1 miss, with a balanced outlook

While Hexagon’s underlying Q1 results were below expectations, the reported figures were in line due to one-offs. Q1 revenues below our estimates, limited H2 visibility for Mobile Pipeline, and soft guidance for Low Pressure were balanced by a supportive outlook for Light Duty Vehicles and Agility. We reiterate our HOLD and NOK41 target price.

Christoffer Wang Bjørnsen ...
  • Håkon Astrup
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Ole-Andreas Krohn

Hexagon Composites (Hold, TP: NOK41.00) - Q1 miss, with a balanced outlook

While Hexagon’s underlying Q1 results were below expectations, the reported figures were in line due to one-offs. Q1 revenues below our estimates, limited H2 visibility for Mobile Pipeline, and soft guidance for Low Pressure were balanced by a supportive outlook for Light Duty Vehicles and Agility. We reiterate our HOLD and NOK41 target price.

Ole-Andreas Krohn

Hexagon Composites (Buy, TP: NOK36.00) - More to go as focus turns to Agility

While Low Pressure fell short of our forecasts for Q4, Mobile Pipeline, Light Duty vehicles and Agility all provided support for our raised estimates. A solid outlook for H1 2019 and investor attention turning to Agility should support the valuation, short-term. After limited changes to 2019–2020e we have slightly raised our target price to NOK36 (35) and reiterate BUY.

Ole-Andreas Krohn

Hexagon Composites (Buy, TP: NOK35.00) - Back on track and more to come

Back on track and more to come Hexagon Composites is due to report Q4 results before market open on 13 February. After a soft Q3, we expect QOQ growth for all segments with the exception of a seasonally slow quarter for Low Pressure. Our main focus will be on the 2019–2020 outlook for Agility and Mobile Pipelines, indications of a re-started ramp-up in Light Duty Vehicles and traction for service revenues in all divisions. We will also look for updates on the Hydrogen business, including underlying sales, milestones and expected dilutive impact going forward. We reiterate our BUY and NOK35 t...

Ole-Andreas Krohn

Hexagon Composites (Buy, TP: NOK35.00) - Taking full ownership of Agility

We see the announced acquisition of Agility as supportive for Hexagon’s equity story. The terms are in our view attractive on a stand-alone basis and we also expect increased investor focus on a positive news flow from the sector going forward. We reiterate our BUY and have lifted our target price to NOK35 (27).

Ole-Andreas Krohn

Hexagon Composites (Buy, TP: NOK27.00) - Light Duty relief, Low Pressure lid

Q3 results were below our expectations and consensus due to seasonally lower sales in Low Pressure, as well as a high dilutive impact from Hydrogen and the temporary halt in Light Duty. Reported EBITDA was above our estimate due to NOK50m in reversals. We have made limited changes to our 2019–2020e estimates and expect a solid outlook for Q4 to support valuation short-term. We reiterate BUY and our target price of NOK27.

1 director bought

A director at Hexagon Composites Asa bought 100,000 shares at 23.000NOK and the significance rating of the trade was 50/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The nam...

Christoffer Wang Bjørnsen ...
  • Håkon Astrup
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Joachim Gunell
  • Jon Berggren
  • Martin Arnell
  • Niclas Gehin
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Christer Magnergård
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Stefan Gauffin

Northern Lights

Alexander Aukner ...
  • Antti Kansanen
  • Jørgen Lian
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin

Northen Lights

Alexander Aukner ...
  • Antti Kansanen
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jon Berggren
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar

Northern Lights

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