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Hexagon

90.78

 

SEK

 

-1.56 %

HEXA B

NASDAQ Stockholm

Hardware Manufacturer

Technology

126 following
-1.56%
-12.12%
-12.75%
-24.54%
-24.94%
-11.82%
-35.3%
+21.09%
+16,854.28%
investors.hexagon.com

Hexagon is a global provider of technology solutions. The company specializes in the development of information technology that is further used in geospatial and industrial applications. The company's solutions mainly integrate sensors, software, industrial knowledge, and customers' workflows into information ecosystems. Customers are found on a global level in various industries. Hexagon was founded in 1975 and is headquartered in Stockholm, Sweden.

P/E (adj.) (24e)
18.32
EV/EBIT (adj.) (24e)
15.15
EV/S (24e)
4.47
Dividend yield-% (24e)
1.79 %
Target price
115.00 SEK
Recommendation
Accumulate
Updated
28.10.2024
NASDAQ Stockholm
HEXA B
Daily low / high price
90.32 / 92.3 SEK
Market cap
245.6B SEK
Turnover
166.72M SEK
Volume
1.8M
Business risk
Valuation risk
Current
Previous

Latest research

Hexagon Q3'24: Spin-off could simplify company structure
2024-10-28
Hexagon Q2'24: Temporary weakness creates opportunity
2024-07-29
Lower market activity weighs on growth
2024-04-29

Extensive report

Inderes' extensive report is an investor's handbook on customer companies covered by our research.
The latest extensive report was released
Read the report

Analyst

Pauli Lohi
Pauli Lohi
Analyst

Latest videos

Hexagon Q3’24: Soft performance & potential spin-offs
2024-11-11
Hexagon Q2’24: Recurring revenue grows
2024-08-06
Hexagon Q1’24: Growth below estimates
2024-05-17

Financial calendar

Annual report
2025-01-31
Interim report
2025-04-30
General meeting
2025-05-05

Major Owners
Source: Millistream Market Data AB

OwnerCapitalVotes
Melker Schörling AB21.5 %42.6 %
State Street Bank and Trust Co, W9 8.2 %6.0 %
Swedbank Robur Funds6.4 %4.7 %
JPM Chase NA4.4 %3.2 %
Alecta Pensionsförsäkring, Ömsesidigt3.4 %2.5 %
AMF Försäkring och Fonder2.7 %2.0 %
Handelsbanken Fonder2.6 %1.9 %
J.P. Morgan Clearing Corp, W92.4 %1.7 %
BNY Mellon NA (Former Mellon), W92.0 %1.4 %
SEB Investment Management1.9 %1.4 %

Forum updates

Stay up-to-date with the latest talk about Hexagon
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New interview on hexagon with @pauli.lohi Inderes Hexagon Q2’24: Recurring revenue grows - Inderes Time: 2024-08-06 09:16 Hexagon suffered from cyclical headwinds in Q2 but also demonstrated strong underlying development with good growth in recurring revenue and improved efficiency. Analyst Pauli Lohi comments on this development and the company’s...
Pia Maljanen
8/6/2024, 7:34 AM💙 4
Q2 growth ended up weaker than we expected, which was also reflected in earnings, even if the relative profitability was rather strong. Sales came in 3% below our estimate and 4% below consensus. Adjusted EBIT was 2% below our estimate and 4.5% below consensus. Here you can find the division-specific organic sales growth figures (y/y). Large segments with material hardware sales, such as Manufacturing Intelligence and Geosystems, suffered due to cyclical headwinds in their certain important end-markets (automotive for MI and construction for Geosystems). However, recurring revenues, including software and services, grew by 8% year-over-year, indicating an improvement in the quality of revenue as expected. The gross margin reached an all-time high, and operational efficiency measures helped maintain the EBIT margin at a good level. This development signals good potential for earnings growth once the cyclical industries recover.
Pauli Lohi
7/26/2024, 6:26 AM💙 3
Hexagon reported today its earnings from Q1 2024. Organic growth was 3 % (our estimate was 5 %) Net sales came 3 % below our and consensus estimate Adjusted EBIT was 4 % below our estimate. Reported EBIT and EPS were 7 % below our estimate. Weakness in organic sales growth was rather broad-based. Only Manufacturing Intelligence reached the estimated level of growth. All other divisions grew less than we expected.
Pauli Lohi
4/26/2024, 6:28 AM💙 3
Ny analys om Hexagon ute nu. Inderes Low risk, low reward - Inderes Q4 earnings provided a small positive surprise. Earnings will most likely continue to improve in 2024-25, but the pace of growth is likely to slow after a strong cycle in 2021-23. Organic growth...
Jesper Hagman
2/2/2024, 8:30 AM💙 3
Discussed Hexagon with @pauli.lohi last week!
Sara Antonacci
1/30/2024, 12:51 PM💙 3
Ny intervju med analytiker Pauli Lohi om Hexagon på engelska
Pia Maljanen
11/12/2024, 7:15 AM💙 2
Very interesting read about Hexagon and Vaisala! Inderes Hexagon and Vaisala: Quality companies are the ones to buy, especially in... How do you find good buying opportunities in growing quality companies such as Vaisala and Hexagon, which almost always look expensive relative to their near-term performance? We believe these companies should be bought when the market fears the...
Jesper Hagman
9/4/2024, 10:26 AM💙 2

Income statement

20202021202220232024e2025e2026e2027e
Revenue3,764.44,341.15,160.55,435.25,406.65,713.26,063.16,375.6
growth-%-3.7 %15.3 %18.9 %5.3 %-0.5 %5.7 %6.1 %5.2 %
EBITDA1,321.21,588.71,753.71,779.01,984.42,138.82,334.22,456.2
EBIT (adj.)1,009.51,269.61,517.81,596.71,596.41,726.81,851.41,955.4
EBIT787.01,009.81,286.71,216.01,429.41,558.81,705.81,827.8
Profit before taxes759.6983.61,248.01,060.71,260.41,418.81,590.81,727.8
Net income618.1801.61,007.6858.91,011.81,133.61,274.51,363.3
EPS (adj.)0.310.390.440.430.430.470.520.55
growth-%-1.2 %25.3 %14.2 %-2.2 %-1.6 %10.7 %9.7 %5.4 %
Dividend0.090.110.120.130.140.150.160.17
Dividend ratio38.6 %37.1 %32.0 %40.6 %37.1 %35.5 %33.7 %33.5 %

Profitability and return on capital

20202021202220232024e2025e2026e2027e
EBITDA-%35.1 %36.6 %34.0 %32.7 %36.7 %37.4 %38.5 %38.5 %
EBIT-% (adj.)26.8 %29.2 %29.4 %29.4 %29.5 %30.2 %30.5 %30.7 %
EBIT-%20.9 %23.3 %24.9 %22.4 %26.4 %27.3 %28.1 %28.7 %
ROE10.3 %10.9 %10.9 %8.7 %9.8 %10.3 %10.7 %10.7 %
ROI9.2 %9.9 %10.1 %8.7 %10.0 %10.7 %11.6 %12.4 %

Valuation

20202021202220232024e2025e2026e2027e
Share price (EUR)74.7214.089.799.137.827.827.827.82
Shares366.92,705.52,689.72,684.32,684.32,684.32,684.32,684.3
Market cap27,415.138,094.526,345.024,505.820,985.420,985.420,985.420,985.4
Enterprise value29,665.640,560.329,654.727,913.124,181.623,477.622,624.421,720.1
EV/S7.99.35.75.14.54.13.73.4
EV/EBITDA22.525.516.915.712.211.09.78.8
EV/EBIT (adj.)29.431.919.517.515.113.612.211.1
EV/EBIT37.740.223.023.016.915.113.311.9
P/E (adj.)241.136.322.121.118.316.515.114.3
P/E310.545.726.128.520.718.516.515.4
P/B4.64.42.72.42.01.81.71.6
P/S7.38.85.14.53.93.73.53.3
Dividend yield0.1 %0.8 %1.2 %1.4 %1.8 %1.9 %2.1 %2.2 %
Equity ratio55.6 %62.2 %59.9 %59.5 %62.5 %66.3 %70.8 %75.6 %
Gearing ratio37.8 %28.1 %34.3 %35.2 %29.8 %21.7 %13.3 %5.5 %

Quarter data

Q4/232023Q1/24Q2/24Q3/24Q4/24e2024eQ1/25eQ2/25e
Revenue1,435.35,435.21,299.91,353.41,299.81,453.55,406.6
EBITDA565.31,779.0470.7497.1474.9541.71,984.4
EBIT390.61,216.0335.9360.5334.4398.61,429.4
Profit before taxes341.31,060.7293.2318.4290.2358.61,260.4
Net income277.2858.9237.8258.0235.2280.81,011.8
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Analyst Comment by
Pauli Lohi

Hexagon: CEO to change in conjunction with a big strategic shift

Hexagon is in the process of replacing the company’s CEO. We believe that the change stems from a disappointment in the company’s recent results and the Board’s desire to boost growth going forward. The timing of the CEO change coincides with the proposed splitting of Hexagon group into two separate entities with the aim of improving the company’s growth potential through more focused strategies.

Hexagon

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Hexagon Q3'24: Spin-off could simplify company structure
Research by
Pauli Lohi

Hexagon Q3'24: Spin-off could simplify company structure

Cyclical headwinds continued in Q3, and a material recovery might not yet take place in Q4. We estimate growth to rebound in 2025-26 as the relatively low comparison figures and lower interest-rates increasingly supporting industrial activity.

Hexagon
Hexagon Q2’24: Recurring revenue grows
Video by
Pauli Lohi, Pia Maljanen

Hexagon Q2’24: Recurring revenue grows

Hexagon suffered from cyclical headwinds in Q2 but also demonstrated strong underlying development with good growth in recurring revenue and improved efficiency. Analyst Pauli Lohi comments on this development and the company’s outlook.

Hexagon
Hexagon Q2'24: Temporary weakness creates opportunity
Research by
Pauli Lohi

Hexagon Q2'24: Temporary weakness creates opportunity

Q2 performance suffered from cyclical headwinds, but Hexagon also demonstrated strong underlying development such as good growth in recurring software revenue and improved efficiency. A cyclical recovery is not yet in sight in the near term, but we expect the underlying positive development to be increasingly reflected in earnings in Q4 and 2025.

Hexagon