Hexicon: Financing risks overshadows potential rewards
Given the ongoing weak market conditions, which have slowed the pace of divestment processes, and the continued lack of news regarding regulatory approval for the change of control of the key MunmuBaram project, we believe that operational risks have increased. In addition, the falling share price has increased financing risks (equity issue 1-2x current market cap expected in the next ~3-6 months) and is starting to cause uncomfortably high volatility in expected returns and dilution, and we wait for these risks to subside.
Hexicon
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.
Read more on company pageKey Estimate Figures10/10
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 5.7 | 3.0 | 384.7 |
growth-% | -50.64 % | -47.93 % | 12,829.60 % |
EBIT (adj.) | -180.3 | -114.5 | 227.8 |
EBIT-% (adj.) | -3,155.99 % | -3,849.71 % | 59.23 % |
EPS (adj.) | -0.51 | -0.48 | 0.45 |
Dividend | 0.00 | 0.00 | 0.00 |
Dividend % | |||
P/E (adj.) | - | - | 0.40 |
EV/EBITDA | - | - | 2.60 |