Hexagon Composites ASA

OB:HEX Stock Report

Market Cap: NOK 9.6b

Hexagon Composites Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • 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 HEX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HEX (NOK45.75) is trading below our estimate of fair value (NOK211.29)

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

Key Valuation Metric

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

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

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

Price to Sales Ratio vs Peers

How does HEX's PS Ratio compare to its peers?

The above table shows the PS ratio for HEX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.9x
AUTO AutoStore Holdings
5.8x7.5%NOK 39.6b
TOM Tomra Systems
3x13.2%NOK 44.2b
CAMBI Cambi
2.2x8.8%NOK 2.4b
SCANA Scana
0.7x7.6%NOK 1.3b
HEX Hexagon Composites
1.8x15.3%NOK 9.6b

Price-To-Sales vs Peers: HEX is good value based on its Price-To-Sales Ratio (1.8x) compared to the peer average (2.9x).

Price to Sales Ratio vs Industry

How does HEX's PS Ratio compare vs other companies in the European Machinery Industry?

34 CompaniesPrice / SalesEstimated GrowthMarket Cap
HEX 1.8xIndustry Avg. 0.9xNo. of Companies58PS00.81.62.43.24+
34 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: HEX is expensive based on its Price-To-Sales Ratio (1.8x) compared to the European Machinery industry average (0.9x).

Price to Sales Ratio vs Fair Ratio

What is HEX'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.

HEX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.8x
Fair PS Ratio2.2x

Price-To-Sales vs Fair Ratio: HEX is good value based on its Price-To-Sales Ratio (1.8x) compared to the estimated Fair Price-To-Sales Ratio (2.2x).

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 HEX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 45.75
NOK 63.00
+37.7%
18.7%NOK 83.00NOK 54.00n/a4
Nov ’25NOK 42.05
NOK 52.00
+23.7%
9.0%NOK 60.00NOK 48.00n/a4
Oct ’25NOK 43.75
NOK 52.00
+18.9%
9.0%NOK 60.00NOK 48.00n/a4
Sep ’25NOK 40.55
NOK 47.75
+17.8%
12.4%NOK 56.00NOK 40.00n/a4
Aug ’25NOK 32.20
NOK 39.75
+23.4%
6.3%NOK 43.00NOK 36.00n/a4
Jul ’25NOK 29.95
NOK 39.75
+32.7%
6.3%NOK 43.00NOK 36.00n/a4
Mar ’25NOK 21.26
NOK 32.00
+50.5%
3.1%NOK 33.00NOK 31.00n/a2
Feb ’25NOK 24.20
NOK 33.50
+38.4%
1.5%NOK 34.00NOK 33.00n/a2
Jan ’25NOK 28.88
NOK 36.33
+25.8%
11.1%NOK 42.00NOK 33.00n/a3
Dec ’24NOK 26.40
NOK 36.33
+37.6%
11.1%NOK 42.00NOK 33.00n/a3
Nov ’24NOK 25.50
NOK 39.00
+52.9%
10.9%NOK 42.00NOK 33.00NOK 42.053
Oct ’24NOK 27.42
NOK 39.00
+42.2%
10.9%NOK 42.00NOK 33.00NOK 43.753
Sep ’24NOK 37.76
NOK 35.50
-6.0%
11.0%NOK 42.00NOK 32.00NOK 40.554
Aug ’24NOK 30.74
NOK 35.50
+15.5%
10.1%NOK 40.00NOK 30.00NOK 32.204
Jul ’24NOK 27.22
NOK 35.33
+29.8%
11.6%NOK 40.00NOK 30.00NOK 29.953
Jun ’24NOK 27.72
NOK 35.33
+27.5%
11.6%NOK 40.00NOK 30.00NOK 28.603
May ’24NOK 32.32
NOK 40.33
+24.8%
1.2%NOK 41.00NOK 40.00NOK 16.783
Apr ’24NOK 33.30
NOK 40.33
+21.1%
1.2%NOK 41.00NOK 40.00NOK 18.813
Mar ’24NOK 38.26
NOK 40.33
+5.4%
1.2%NOK 41.00NOK 40.00NOK 21.263
Feb ’24NOK 35.00
NOK 33.67
-3.8%
14.6%NOK 40.00NOK 28.00NOK 24.203
Jan ’24NOK 27.40
NOK 33.67
+22.9%
14.6%NOK 40.00NOK 28.00NOK 28.883
Dec ’23NOK 29.36
NOK 33.67
+14.7%
14.6%NOK 40.00NOK 28.00NOK 26.403
Nov ’23NOK 24.30
NOK 33.67
+38.5%
13.8%NOK 40.00NOK 29.00NOK 25.503

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.

Discover undervalued companies

Zaptec

NOK 773.3m

Engages in the development and sale of chargers, charging systems, and services for electric car charging in Norway, Sweden, Switzerland, Denmark, Iceland, rest of Europe, and internationally.

ZAP

NOK 8.86

7D

-16.7%

1Y

-52.6%

Veidekke

NOK 18.2b

Operates as a construction and property development company in Norway, Sweden, and Denmark.

VEI

NOK 134.60

7D

1.4%

1Y

34.1%

Nekkar

NOK 1.0b

Provides technologies, software, and automation solutions to offshore energy, renewables, and aquaculture industries.

NKR

NOK 10.10

7D

-3.8%

1Y

20.2%