Hexicon

0.184

SEK

+5.03 %

Less than 1K followers

HEXI

First North Stockholm

Renewable

Energy

Overview

Financials & Estimates

Ownership

+5.03%

+5.39%

+40.95%

+21.56%

-30.9%

-61.06%

-91.9%

-

-94.15%

Hexicon is a project developer in floating wind that opens up new markets in countries with deep water. The company is also a technology supplier with TwinWind, a patented floating wind design. The technology enables increased use of global wind power and can thus contribute to increased access to renewable energy. Hexicon operates in several markets in Europe, Africa, Asia and North America.

Market cap

66.87M SEK

Turnover

2.38K SEK

P/E (adj.) (25e)

3.33

EV/EBIT (adj.) (25e)

6.21

P/B (25e)

-0.25

EV/S (25e)

3.21

Dividend yield-% (25e)

-

Coverage

Recommendation

Sell

Target price

0.14 SEK

Updated

2025-02-20

Lucas Mattsson

Analyst

Latest research

Latest analysis report

Released: 2025-02-20

Latest extensive report

Released: 2024-04-30

Revenue and EBIT-%

Revenue M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar

28/5

2025

Interim report Q1'25

20/8

2025

Interim report Q2'25

19/11

2025

Interim report Q3'25

Risk

Business risk

Valuation risk

Low

High

All

Research

Webcasts

Press releases

3rd party

ShowingAll content types

Hexicon Q4'24: Delays in divestments extend funding uncertainty

Research2/20/2025, 7:43 AM by

Hexicon Q4'24: Delays in divestments extend funding uncertainty

Hexicon’s Q4 report contained no major surprises. In the context of a challenging operating environment, the company continues to experience long divestment processes and negotiations. As a result, we expect the establishment of a long-term ownership structure for the MunmuBaram project, which could provide near-term financing and improve cash flow for project development, to be delayed until around summer 2025. In our view, the company needs additional capital in the coming months, forcing Hexicon to explore other financing options on uncertain terms. Against this backdrop, we believe the near-term risk/reward is unfavorable.

Hexicon Q4´24: Fokus i Sydkorea ligger på att etablera ny ägarstruktur

Video2/19/2025, 1:27 PM by

Hexicon Q4´24: Fokus i Sydkorea ligger på att etablera ny ägarstruktur

Hexicon har idag publicerat sin Q4 rapport som bekräftar att 2024, likt 2023, var ett utmanande år. Men trots en utmanande marknadsmiljö har Hexicon sett positiva framsteg under året. Analytiker Lucas Mattsson intervjuar VD Marcus Thor som diskuterar framstegen i projektet Munmubaram, varför marknaden har blåst åt fel håll under året samt den finansiella utvecklingen under kvartalet.

Hexicon, Webcast, Q4'24

Webcast2/19/2025, 9:00 AM

Hexicon, Webcast, Q4'24

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Regulatory press release2/19/2025, 7:00 AM

Hexicon AB (publ) releases its interim report for Q4 2024

Regulatory press release2/19/2025, 7:00 AM

Hexicon AB (publ) publicerar sin delårsrapport för det fjärde kvartalet 2024

Hexicon Q4’24 preview: It’s all about divestments

Analyst Comment2/14/2025, 6:52 AM by

Hexicon Q4’24 preview: It’s all about divestments

Hexicon will publish its Q4 results on Wednesday, February 19, at 8:00 am CET. We expect the company’s revenue to continue to be modest, driven mainly by consulting fees. In the bigger picture, we believe that project divestments will be the main growth driver in the coming years. We therefore look forward to hearing more details on potential divestments, with a particular focus on the important MunmuBaram project.

Regulatory press release2/5/2025, 2:10 PM

Inbjudan till presentation av Hexicons bokslutskommuniké för 2024 den 19 februari

Regulatory press release2/5/2025, 2:10 PM

Invitation to the presentation of Hexicon’s year-end report for 2024 on the 19th of February

Analyst Comment1/2/2025, 7:42 AM by

Hexicon extends its current credit facility

Hexicon has announced that it has signed an agreement to extend its current credit facility of 75 MSEK until June 30, 2025. In our view, the terms of the extension appear reasonable at first glance and the extended credit facility allows Hexicon to focus on its planned divestments. However, given that the credit facility is only extended for six months and the structure of potential divestments remains uncertain, we cannot rule out the possibility of an equity issue in the next six months to secure at least mid-term financing. As a result, we are not making any immediate changes to our valuation or recommendation, but we will update our view on the company's valuation at the latest in connection with its Q4 report.

Regulatory press release12/31/2024, 1:00 PM

Hexicon förlänger kreditfacilitet

Regulatory press release12/31/2024, 1:00 PM

Hexicon extends credit facility

Hexicon Q3'24: Divestments and financing risks still in focus

Research12/2/2024, 7:40 AM by

Hexicon Q3'24: Divestments and financing risks still in focus

Recent developments in Hexicon’s project portfolio have been mixed, in our view. While the MunmuBaram project finally received regulatory approval, the Swedish Government rejected two key projects, affecting the valuation negatively. Furthermore, Hexicon is still in need of immediate cash infusion, and we believe it will be difficult for the company to overcome the downward pressure from the expected equity issue, the high cash burn, and the remaining question marks concerning the structure of the MunmuBaram divestment. Against this backdrop, we believe that the near-term risk/reward profile is unfavorable. Consequently, we revise our recommendation to Sell (was Reduce) and lower our target price to SEK 0.14 (was 0.23), reflecting the negative impact of the reduced net capacity in the project portfolio and aligning with our SOTP valuation.

Hexicon Q3´24: Fortsatt fokus på Sydkorea

Video11/29/2024, 1:00 PM by

Hexicon Q3´24: Fortsatt fokus på Sydkorea

Hexicons VD Marcus Thor intervjuas av analytiker Lucas Mattsson om Q3 rapporten från Hexicon som publicerades idag. Marcus sammanfattar det tredje kvartalet, pratar om åtgärdsplanen och även hur regeringsbeslutet i Sverige kom som en överraskning.

Hexicon, Webcast, Q3'24

Webcast11/29/2024, 9:00 AM

Hexicon, Webcast, Q3'24

Regulatory press release11/29/2024, 7:00 AM

Hexicon AB (publ) - delårsrapport tredje kvartalet 2024

Regulatory press release11/29/2024, 7:00 AM

Hexicon AB (publ) - interim report Q3 2024

Analyst Comment11/28/2024, 7:59 AM by

Hexicon obtains regulatory approval for MunmuBaram

Hexicon has announced that the South Korean Electricity Regulatory Commission (KOREC) has approved the transfer of two out of three Electricity Business Licenses (EBLs) for the MunmuBaram project. This approval allows Hexicon to establish a long-term ownership structure for the project and move it forward towards auction. While we view this development as very positive, it is in line with our expectations, and we therefore maintain our current estimates and valuation.

Regulatory press release11/28/2024, 6:15 AM

Regulatoriskt godkännande erhållet för transaktion i Sydkorea

Regulatory press release11/28/2024, 6:15 AM

Regulatory Approval Obtained for South Korean Transaction

Hexicon Q3’24 preview: Divestments and financing in focus

Analyst Comment11/27/2024, 4:15 PM by

Hexicon Q3’24 preview: Divestments and financing in focus

Hexicon will publish its Q3 results on Friday at 8:00 am CET. We are interested in any updates on potential divestments, with a particular focus on the important MunmuBaram project. In addition, we are looking for the company's comments on how the recent news that the Swedish government has rejected applications for two of Hexicon's projects affects the value of the project portfolio and the company's other project in Sweden.

Forum discussions

@lucas.mattsson och @JesperHagman diskuterade Hexicons andra kvartal med fokus på Munmubaram-projektet. Inderes Hexicon Q2´24: Väntan på Munmubaram-projektet fortsätter - Inderes Time: 2024-08-27 14:30 Hexicons Q2 rapport kom inte med någon stor överraskning. Analytiker Lucas ber...

8/27/2024, 10:16 PM

by börsen84

4

Ett av Hexicons viktigaste projekt, MunmuBaram, har uppnått ytterligare en viktig milstolpe! Läs kommentaren här: Hexicon's MunmuBaram project reaches another milestone - Inderes Jag svarar gärna på era frågor!

10/11/2024, 7:23 AM

by Lucas Mattsson

3

Hexicon har meddelat att ett av deras nyckelprojekt, MunmuBaram, har fått godkännande av sin miljökonsekvensbedömning (EIA) från de sydkoreanska myndigheterna. Vi anser att denna nyhet markerar en viktig milstolpe för MunmuBaram-projektet. Även om vi ser positivt på nyheten gör vi...

8/29/2024, 6:52 AM

by Jesper Hagman

3

Ny analys efter Hexicons Q2 rapport igår 21/8: Inderes Hexicon Q2'24: Waiting for divestments to generate power - Inderes Hexicon's Q2 report contained no major surprises. The company is still awaiting regulatory approvals for the transfer of ownership of the key MunmuBaram project...

8/22/2024, 6:34 AM

by Jesper Hagman

3

Rekommendationen för Hexicon är fortfarande “minska”, och aktiens riktkurs har sänkts på grund av svaga marknadsförhållanden samt förseningen i godkännandet av ägarförändringen i MunmuBaram-projektet. Detta ökar de operativa riskerna. Fallet i aktiekursen har ökat finansieringsriskerna...

10/10/2024, 10:11 AM

by börsen84

2

Hur är marknadsklimatet nu, utvecklingen i MunmuBaram samt finansiella positionen är ämnen som avhandlas i denna intervju efter Hexicons Q2 rapport som publicerades idag. Inderes Hexicon Q2´24: Ett mellanår med tanke på marknadssituationen - Inderes Time: 2024-08-21 13:06 Ett stort...

8/21/2024, 11:43 AM

by Jesper Hagman

2

Hexicon har meddelat att Länsstyrelsen i Västra Götaland har rekommenderat, med vissa ändringar, att den svenska regeringen godkänner Freja Offshores ansökan om att uppföra sin havsbaserade vindkraftspark Mareld. Läs hela analytikerkommentaren här: Inderes Positive news for Swedish...

6/14/2024, 6:40 AM

by Jesper Hagman

2

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