Hexagon Composites ASA

DB:2HX Stock Report

Market Cap: €820.6m

Hexagon Composites Valuation

Is 2HX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2HX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2HX (€3.9) is trading below our estimate of fair value (€18.88)

Significantly Below Fair Value: 2HX is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2HX?

Key metric: As 2HX is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2HX. This is calculated by dividing 2HX's market cap by their current revenue.
What is 2HX's PS Ratio?
PS Ratio1.8x
SalesNOK 5.27b
Market CapNOK 9.59b

Price to Sales Ratio vs Peers

How does 2HX's PS Ratio compare to its peers?

The above table shows the PS ratio for 2HX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1x
MBH3 Maschinenfabrik Berthold Hermle
1.7xn/a€895.0m
STM Stabilus
0.7x5.7%€875.6m
MUB Mühlbauer Holding
1.1xn/a€516.6m
KSB KSB SE KGaA
0.4x4.4%€1.1b
2HX Hexagon Composites
1.8x15.3%€9.6b

Price-To-Sales vs Peers: 2HX is expensive based on its Price-To-Sales Ratio (1.8x) compared to the peer average (1x).

Price to Sales Ratio vs Industry

How does 2HX's PS Ratio compare vs other companies in the DE Machinery Industry?

5 CompaniesPrice / SalesEstimated GrowthMarket Cap
HDD Heidelberger Druckmaschinen
0.1x4.2%US$299.56m
SKB Koenig & Bauer
0.1x4.8%US$196.58m
SF3 STS Group
0.09x4.2%US$27.57m
GRF Greiffenberger
0.07xn/aUS$4.19m
2HX 1.8xIndustry Avg. 0.5xNo. of Companies10PS00.61.21.82.43+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 2HX is expensive based on its Price-To-Sales Ratio (1.8x) compared to the German Machinery industry average (0.5x).

Price to Sales Ratio vs Fair Ratio

What is 2HX's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2HX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.8x
Fair PS Ratio1.2x

Price-To-Sales vs Fair Ratio: 2HX is expensive based on its Price-To-Sales Ratio (1.8x) compared to the estimated Fair Price-To-Sales Ratio (1.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 2HX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€3.90
€5.39
+38.4%
18.7%€7.10€4.62n/a4
Nov ’25€3.51
€4.43
+26.3%
9.0%€5.12€4.09n/a4
Oct ’25€3.65
€4.43
+21.5%
9.0%€5.12€4.09n/a4
Sep ’25€3.45
€4.08
+18.2%
12.4%€4.78€3.42n/a4
Aug ’25€2.78
€3.47
+25.2%
6.3%€3.76€3.15n/a4
Jul ’25€2.58
€3.47
+34.7%
6.3%€3.76€3.15n/a4
Mar ’25€1.94
€2.83
+45.5%
3.1%€2.91€2.74n/a2
Feb ’25€2.14
€2.95
+37.9%
1.5%€3.00€2.91n/a2
Jan ’25€2.52
€3.07
+21.8%
11.1%€3.55€2.79n/a3
Dec ’24€2.24
€3.07
+37.0%
11.1%€3.55€2.79n/a3
Nov ’24€2.17
€3.41
+57.1%
10.9%€3.67€2.89€3.513
Oct ’24€2.50
€3.41
+36.5%
10.9%€3.67€2.89€3.653
Sep ’24€3.33
€3.08
-7.3%
11.0%€3.65€2.78€3.454
Aug ’24€2.78
€3.06
+10.2%
10.1%€3.45€2.59€2.784
Jul ’24€2.36
€3.01
+27.4%
11.6%€3.40€2.55€2.583
Jun ’24€2.31
€3.01
+30.2%
11.6%€3.40€2.55€2.553
May ’24€2.75
€3.57
+29.9%
1.2%€3.63€3.54€1.423
Apr ’24€2.98
€3.57
+19.9%
1.2%€3.63€3.54€1.563
Mar ’24€3.45
€3.69
+6.9%
1.2%€3.75€3.66€1.943
Feb ’24€3.16
€3.25
+2.6%
14.6%€3.86€2.70€2.143
Jan ’24€2.65
€3.25
+22.5%
14.6%€3.86€2.70€2.523
Dec ’23€2.91
€3.25
+11.5%
14.6%€3.86€2.70€2.243
Nov ’23€2.30
€3.27
+42.1%
13.8%€3.88€2.82€2.173

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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