Hexagon AB B

Hexagon is engaged in the provision of integrated design, measurement and visualization technologies. Co. has two segments: measurement technologies, which consist of Geosystems that captures, processes and stores position-related information, Metrology, which provides manufacturing evaluation, process qualification and final parts inspection, and Technology, which provides engineering software as well as geospatially powered solutions; and Other Operations, which focuses on the transportation industry in the car and heavy vehicle segments. The Other Operations conducts its business in the Nordic region.
  • TickerHEXA B
  • ISINSE0000103699
  • ExchangeNasdaq Nordic Stockholm
  • SectorSoftware & Computer Services
  • CountrySweden

Analysts

Mattias Holmberg

Hexagon AB (Hold, TP: SEK480.00) - Dented growth story

Hexagon’s preliminary Q2 results have lowered our confidence in the resilience of the company’s near-term growth, leading us to downgrade to HOLD (BUY). We have cut our 2019–2021 adj. EBIT estimates by an average of 3% and also believe that the poor near-term visibility and slower growth warrant a de-rating, and have therefore cut our target price to SEK480 (550).

Jimi Lehtonen ...
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Jesper Ingildsen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole-Andreas Krohn

Northern Lights

Mattias Holmberg

Hexagon AB (Buy, TP: SEK550.00) - Focus on resilience in growth

We expect Q2 organic sales growth of 3.4% YOY and believe consensus (4.5%) fails to fully reflect tough YOY comparable figures in GES. We will focus on: 1) any changes to the CEO’s earlier comments of continued growth and profitability despite global economic uncertainty; 2) S&I beginning to recover as guided; and 3) resilience in MI given a challenging end-market. BUY and SEK550 target price reiterated.

Karl-Johan Bonnevier

Full focus on technology

Quarterly updates and short-term valuations form the basis for a raft of equity research. In our view, however, this is only the starting point, and our value gap analysis tries to bridge this by looking at three key value drivers (internal efficiency, M&A, and financial re-engineering). In our second value gap piece, we showcase Dometic, Hexagon, HMS Networks, Husqvarna, Momentum Group and Securitas, having identified long-term value creation potential ranging from 50% to 120%.

Mattias Holmberg

Hexagon AB (Hold, TP: SEK480.00) - Dented growth story

Hexagon’s preliminary Q2 results have lowered our confidence in the resilience of the company’s near-term growth, leading us to downgrade to HOLD (BUY). We have cut our 2019–2021 adj. EBIT estimates by an average of 3% and also believe that the poor near-term visibility and slower growth warrant a de-rating, and have therefore cut our target price to SEK480 (550).

Mattias Holmberg

Hexagon AB (Buy, TP: SEK550.00) - Focus on resilience in growth

We expect Q2 organic sales growth of 3.4% YOY and believe consensus (4.5%) fails to fully reflect tough YOY comparable figures in GES. We will focus on: 1) any changes to the CEO’s earlier comments of continued growth and profitability despite global economic uncertainty; 2) S&I beginning to recover as guided; and 3) resilience in MI given a challenging end-market. BUY and SEK550 target price reiterated.

Karl-Johan Bonnevier

Full focus on technology

Quarterly updates and short-term valuations form the basis for a raft of equity research. In our view, however, this is only the starting point, and our value gap analysis tries to bridge this by looking at three key value drivers (internal efficiency, M&A, and financial re-engineering). In our second value gap piece, we showcase Dometic, Hexagon, HMS Networks, Husqvarna, Momentum Group and Securitas, having identified long-term value creation potential ranging from 50% to 120%.

Mattias Holmberg

Hexagon AB (Buy, TP: SEK550.00) - Confirming our positive view

Although Hexagon’s Q1 report was on the soft side, we believe it supports our positive case. The softness was essentially related to a temporary issue in an isolated part of the business (guided to stabilise in Q2 and return to growth in H2). The CEO stressed his confidence in the company’s continued growth and profitability despite uncertainty regarding the global economy. We keep our BUY and have raised our target price to SEK550 (535).

Mattias Holmberg

Hexagon AB (Buy, TP: SEK535.00) - No room for disappointment

We see little room for error in the Q1 results with the shares up 18% YTD (7%-points better than OMXS 30) and the CEO’s optimistic outlook in Q4. We expect Q1 organic growth of 3.7% YOY and believe consensus (4.8%) fails to reflect Safety & Infrastructure’s weak performance and Manufacturing Intelligence’s slower growth. We reiterate our BUY, but have raised our target price to SEK535 (510).

1 director sold

A director at Hexagon Ab sold 2,981,702 shares at 465.018SEK and the significance rating of the trade was 68/100. 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 names of board...

Jimi Lehtonen ...
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Jesper Ingildsen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole-Andreas Krohn

Northern Lights

Frank Maaø ...
  • Håkon Astrup
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Mats Bye
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen
  • Viktor Trollsten

Northern Lights

Alexander Aukner ...
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Jon Masdal
  • Mattias Holmberg
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Thanks to a better fundamental star rating, HEXAGON AB sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to HEXAGON AB (SE), active in the Software industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as moderately risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date January 18, 2019, the closing price was SEK 447.10 and its expected value was estimated at SEK 422.62.

Ford Equity International Rating and Forecast Report

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Summary Marketline's Dassault Systemes SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Dassault Systemes SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage...

Expert Corporate Governance Service (ECGS)

Hexagon

In general, Hexagon is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 12, approval is sought for the (re-)election of the board of directors and the statutory auditor. Since ECGS does not approve of the (proposed) composition of the board of directors as well as the current term in office of the statutory auditor it recommends to vote OPPOSE. Under ITEM 13, it is proposed to establish a(n) (external) nomination committee. Like several  institutional investors, ECGS has concerns over the bundled form under which...

Hexagon – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Stick with leadership: U.S., EM, and Hong Kong Amid the continued heightened volatility and consolidation, global support levels continue to hold and our long-term bullish outlook remains intact. Stick with outperforming markets: U.S., EM, and Hong Kong. • MSCI ACWI internals remain healthy. The MCSI ACWI price and advance-decline (A-D) line uptrends remain intact. This positive breadth signal helps support our bullish outlook... see below • Hong Kong and EM remain leadership, maintain overweights; Within EAFE, favor small-caps. EM relative strength is advancing to yet another new high vs. ...

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