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    HEX   NO0003067902

HEXAGON COMPOSITES ASA

(HEX)
  Report
Real-time Oslo Bors  -  10:25 2022-09-26 am EDT
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09/16Hexagon Purus receives second follow-on order for hydrogen distribution systems and mobile refueling stations from ZE PAK Group
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09/15Hexagon Composites Asa : Mandatory notification of trade - Provisional award of RSUs
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09/15Hexagon Composites Asa : Mandatory notification of trade – Provisional award of RSUs
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Hexagon Composites : 2Q 2020 Presentation

08/13/2020 | 04:08am EDT

1

Disclaimer and important notice

This company presentation (the "Presentation") has been prepared by Hexagon Composites ASA ("Hexagon" or the "Company").

The Presentation has not been reviewed or registered with, or approved by, any public authority, stock exchange or regulated market place. The Company makes no representation or warranty (whether express or implied) as to the correctness or completeness of the information contained herein, and neither the Company nor any of its subsidiaries, directors, employees or advisors assume any liability connected to the Presentation and/or the statements set out herein. This presentation is not and does not purport to be complete in any way. The information included in this Presentation may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or its advisors or any of their parent or subsidiary undertakings or any such person's affiliates, officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company and its advisors assume no obligation to update any forward-looking statements or to conform these forward-looking statements to the Company's actual results. Investors are advised, however, to inform themselves about any further public disclosures made by the Company, such as filings made with the Oslo Stock Exchange or press releases. This Presentation has been prepared for information purposes only. This Presentation does not constitute any solicitation for any offer to purchase or subscribe any securities and is not an offer or invitation to sell or issue securities for sale in any jurisdiction, including the United States. Distribution of the Presentation in or into any jurisdiction where such distribution may be unlawful, is prohibited. This Presentation speaks as of 12 August 2020, and there may have been changes in matters which affect the Company subsequent to the date of this Presentation. Neither the issue nor delivery of this Presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed, and the Company does not intend, and does not assume any obligation, to update or correct any information included in this Presentation. This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo City Court as exclusive venue. By receiving this Presentation, you accept to be bound by the terms above.

2

3

Agenda

  • Company update & market overview
  • Summary Group highlights and financials
  • Outlook
  • Q & A
  • Appendix: Segment financials & other material

4

COVID- 19 Impact

  • As of August 11, 2020
    • 14 Cases YTD
      • 3 recovering
      • 11 recovered
      • 0 work related
  • Business impact
    • No major supplier disruptions
    • Several segments impacted in Q2, but high market activity points towards recovery from Q3

5

COVID-19: Moving from containment to recovery

"Governments have a once-in-a-

lifetime opportunity to reboot their economies and bring a wave of new employment opportunities while accelerating the shift to a more resilient and cleaner energy

future."

Dr. Fatih Birol,

IEA Executive Director

IEA Sustainable Recovery Plan

Over 3 years:

  • Invest USD 1 trillion annually
  • Produce 1.1 percent global economic growth annually
  • Create 9 million jobs each year
  • Reduce annual energy emissions by 4.5 billion tons

Funding the shift to clean energy

  • EU Recovery plan for Europe
  • US Department of Energy's - H2@Scale
  • Germany allocated $10 billion of its recovery budget to "green hydrogen"
  • Italy has implemented an "ecobonus" program
  • France has pledged €15bn of "new" green funding
  • The California Air Resources Board (CARB) has adopted a first-in-the-worldrule
  • China's 'new infrastructure' concept
  • Australia has adopted eight future of hydrogen international standards
  • Korea's "New Deal" and "Hydrogen Law"

Hexagon is well positioned to capture the opportunities

g-mobility

e-mobility

LOW EMISSION

ZERO EMISSON

Compressed

Biogas / Renewable

Liquefied

Hybrids

Battery Electric

Hydrogen

Natural Gas

natural gas

petroleum gas

9

Hexagon is well positioned to capture the opportunities

g-mobility

e-mobility

LOW EMISSION

ZERO EMISSON

Compressed

Biogas / Renewable

Liquefied

Hybrids

Battery Electric

Hydrogen

Natural Gas

natural gas

petroleum gas

10

Multifaceted approach to low-carbon/no-carbon fuel adoption

"Trucking and logistics

companies are incrementally

adopting clean fuel

technologies that reduce

tailpipe pollutants and

greenhouse gas emissions."

Mike Roeth, Executive director for the

North American Council for Freight

Efficiency (NACFE)

11

G-mobility is in the fast lane

More than

23 million Natural Gas Vehicles on roads worldwide

today

In 2019, 25% of UPS natural gas deployment was renewable - by next year, 50%

Cummins

The Climate Pledge -

commits to

commitment by

reducing

Amazon to have net

emissions from

zero carbon across

new products by

their business by

25%

2040

*Sources: The Natural & Bio Gas Vehicle Association in America (NGVAmerica) and Freightwaves.com

12

Hexagon is well positioned to capture the opportunities

g-mobility

e-mobility

LOW EMISSION

ZERO EMISSON

Compressed

Biogas / Renewable

Liquefied

Hybrids

Battery Electric

Hydrogen

Natural Gas

natural gas

petroleum gas

13

Global leader in Type 4 cylinder technology

Light-weight

High-

Durable

Non-

pressure

corrosive

We deliver storage systems and e-drive integration

eAxle

Battery system

Hydrogen system

System

integration

Complete Vehicle Integration

Software

Other vehicle systems

From

vision to

reality

Part of Toyota's fuel cell heavy- duty truck proof-of- concept

Several ongoing H2 bus projects

Delivered 700 bar

tanks to

Mercedes GLC-

FCELL

19

Highest capacity distribution module worldwide

1st hydrogen

vessel in

the U.S

Photo: Switch Marine

World's 1st

hydrogen

powered regional

train

1st hydrogen

refueling station

in Western

Canada

In the push to decarbonize, hydrogen is ready for scale

Average CO2

emission need to decrease by 70% per passenger km

Hydrogen powered FCEV make up 20% of total vehicle fleet

Hydrogen

locomotives

replace 20% of

diesel

locomotives

* Targets by 2050

24

Source: «Path to hydrogen competitivness. A cost perspective». Hydrogen Council 01-20

Strong growth in FCEVs and hydrogen infrastructure expected in China over the next decade

750,000

25%

FCEVs in 2030

of new car sales

to be zero-

emissions by

2025

3,000

H2 refueling

stations in 2030

EU H2 Strategy: Aims to be world leading region in Hydrogen

6GW of renewable

H2 integrated into

Hydrogen

hydrogen

energy system.

deployed at a

electrolysers

40GW of renewable

large scale

H2

across all hard-

1 million tons of

to-decarbonize

renewable H2

10 million tons

sectors

renewable H2.

Today - 2024

2025-2030

2030-

3 June:

Hexagon Purus

awarded contract by Toyota for hydrogen powered electric heavy-duty trucks

18 July:

Hexagon Purus

receives first contract to provide hydrogen transport modules in the US

21 July:

Hexagon granted funding by the U.S Department of Energy

29

29 July:

Hexagon Purus to

produce

high-pressure

cylinders for a major

new aerospace

customer

Photo: iStockphoto. For illustration purposes only

Hexagon Purus is well positioned to benefit from the growth of zero-emission mobility

Leading

Trusted

product

customer

competence

relationships

Global leader in Type

Established and

4 pressure vessel

successful

technology

collaborations

with major OEMs

Established

Extensive

operational

track

footprint

record

Engineering centers

Decades of

and serial production

experience in

facilities in EU and N.

pressure vessels and

America

clean fuel systems

31

FINANCIAL UPDATE

IMPACTS OF COVID-19

32

COVID - 19 Impacts

Company position update

  • Deeper financial impacts in Q2
    • Reduced Transit bus volumes in North America especially and Europe
    • Mobile Pipeline being project based also impacted
    • LPG so far robust though activities in Bangladesh are delayed
  • Difficult to assess or predict with precision the future broad effects of COVID-19 and the actual ongoing impact will depend on many factors beyond a company's control and knowledge
    • Can expect overall negative impact to full year results in 2020
    • Do not expect any material impairments within balance sheet
  • Liquidity is good and Hexagon remains financially robust. As of Q2 we have:
    • Undrawn committed facilities of NOK 655m (includes NOK 400m of acquisition facilities)
    • NOK 128m in cash
    • Adjusted Net Interest-bearing debt of NOK 1.32bn* = ~16% of market cap*
  • Flexible arrangements with our principal financier
    • Provides headroom for continual investment in e-mobility through challenging 2020
  • We have access to relevant government stimulus programs in Norway, Germany and USA

* As of Aug 7th, 2020

33

2nd

QUARTER 2020

FINANCIALS

34

Highlights from Q2 2020

  • Lower revenues and EBITDA for Agility due to impacts of COVID-19
    • Major new customer secured in logistics sector
  • Weak Mobile Pipeline volumes impacted by COVID-19
    • USD 7.3m order received in quarter
  • Low Purus CNG Light-Duty Vehicle volumes
    • Mainly due to planned production relocation of major customer
  • Heated Purus e-mobility market
    • Awarded contract on latest Toyota fuel cell electric truck
    • Signed term sheet with CIMC Enric for Chinese market entry
    • Strong international focus on hydrogen green-technology
  • Strong LPG sales volumes
    • Sales to Europe, Middle East, Africa and South America

35

Financial highlights Q2 2020

Hexagon Composites Group

Revenue

NOKm

-199

882

(-23%)

683

Q2'19

Q2'20

  • C-19impacts Group revenues negatively
  • LPG revenues remained strong

EBITDA

NOKm

62

(7%)

-43.0

19

(3%)

Q2'19Q2'20

  • Temporary C-19 driven top-line weakness mitigated significantly by cost control
  • e-mobilityramp-up effect NOK -17m(-30m)

Profit after tax

NOKm

-50

(+185%)

-27

-77

Q2'19

Q2'20

  • Y-o-Yeffects of depreciation NOK -6m; mark to market charges on swap NOK +19m; interest NOK +1m; FX NOK -25m; tax NOK +4m

36

H1 2020 | e-mobility & g-mobility financials*, NOKm

Solid base with profitable g-mobility business, supports major future growth in e-mobility

e-mobility

PURUS HYDROGEN

REVENUE

EBITDA

ZERO EMISSION

PURUS BEV

2

174M

-68M

PURUS MASTERWORKS

PURUS CNG LDV

-39% MARGIN

H1 GROUP

HEXAGON HAS SOLUTIONS ACROSS THE ENTIRE CLEAN

FUELS SPECTRUM

g-mobility

AGILITY

LOW EMISSION

REVENUE

EBITDA

MOBILE PIPELINE

1,381M

126M

9% MARGIN

RAGASCO

REVENUE: 1,508M

H1 GROUP EBITDA: 56M (4%)

(AFTER

ELIMINATIONS/OTHER)

* On aggregation of segments basis after internal reorganisations effective 1.1.20

37

Balance sheet | Q2 2020 vs Q1 2020

Adjusted* Net Interest Bearing Debt NOK 1,316m (Unadjusted 1,380m) & Equity Ratio 43%

Assets

Liabilities & Equity

NOKm

NOKm

6 000

5 498

6 000

5 498

5 000

115

5 161

5 000

856

5 161

624

128

CASH AND CASH

526

EQUIVALENT

771

NOK 128m (NOK 115m)

881

405

363

4 000

863

4 000

325

325

3 000

3 000

1 539

1 508

2 000

3 878

3 644

2 000

Cash

1 000

Receivables

1 000

2 373

2 194

Inventory

Fixed assets

0

31.03.2020

30.06.2020

0

31.03.2020

30.06.2020

X

ADJ.* NET INTEREST

BEARING DEBT:

NOK 1, 316m (1,251m)

EQUITY RATIO:

43% (43%)

Other current liabilities Other long term liabilities

Lease liabilities from right of use assets Interest bearing debt

Equity

Strong balance sheet

*The bond was raised in NOK and remains ultimately an obligation to be settled in NOK, however the company entered into a currency swap hedging arrangement effectively converting the

38

instrument to USD and is therefore accounted for as USD and subject to non-cash FX translation movements; such movements on the bond in total were NOK 64 million in the period

OUTLOOK

39

Agility Fuel Solutions

Medium and Heavy-Duty Vehicles

40

Increased activity in Heavy and Medium-Dutyg-mobility

  • Heavy-DutyTruck business picks up in second- half of 2020
    • Additional orders expected in Q3
    • Large number of deliveries to major logistics supplier to be made in Q3 - and additional orders received
  • European bus business expected to become stronger in second half of year - mainly due to ramp up after COVID-19
    • Slower year expected in transit bus sector for North America

Source: Amazon

41

Hexagon Purus

e-mobility

42

Distribution

  • Signed first contract for hydrogen transport modules in the US
    • X-STOREtransport modules to major US H2 fuel supplier and refueling station operator
    • Estimated value: USD 4.8 million (approx. NOK 45 million)
    • Includes additional purchase options - if exercised, will bring the total value to approx. USD 7 million (approx. NOK 65 million)

Example of the X-STORE transport module where the hydrogen tanks are stored

43

Battery Electric Vehicle Systems in demand

  • Toyota Motor North America doubles order for hydrogen systems for its prototype hydrogen- powered heavy-duty fuel cell electric trucks
    • Increased from 1 million to 1.9 million USD
  • Battery electric drivetrain deliveries continue to

major OEMs in Q3:

- Daimler Innovation Fleet successfully exceeded 300,000 miles

- Electric HINO XL7 prototype on the road

Freightliner announced that its eCascadias and eM2 trucks have accumulated more than 300,000 miles in real-world operation

44

CNG Light-Duty Vehicles

  • VW production line ramp up starting in Q3 as expected
    • Supply levels returning to normal with call-offs to end of year
    • Run rate in 2H of the year estimated somewhat lower than 2019 level (due to COVID-19)

For illustration purposes. Credit:Volkswagen AG

45

Diversified hydrogen project pipeline

LIGHT-DUTY

MEDIUM & HEAVY

DISTRIBUTION

GROUND STORAGE,

OTHER

VEHICLES

DUTY

MOBILE REFUELING,

MARITIME & RAIL

More than 50 projects

High number of hydrogen development projects across all segments

46

Hexagon Mobile Pipeline

47

Focusing on opportunities in new segments

  • Continued COVID-19 and oil related impacts expected in Q3
    • Low activity in onshore oil and gas sector in North America and general risk of project delays due to capital constraints
  • New opportunities with MicroCNG
    • Awarded X-Store module order for new segment in Indonesia
  • Healthy development expected in mobile refueling business
    • Awarded SmartStore order with new customer, additional orders expected
  • Additional orders for Virtual interconnect expected in Q3
    - Titan53 deliveries scheduled for Q4
  • Positive trend for power generation business in Latin American market

48

Hexagon Ragasco

LPG

LPG demand for leisure use increases

  • Significant increase in orders from markets where LPG is used for leisure purposes - mainly Northern and Central Europe
  • Expect delays in orders for domestic use to countries significantly impacted by pandemic
  • Orders for cylinders from new market in the Caribbean expected

50

Outlook summary

  1. COVID-19related disruption may have a negative impact to earnings for Q3 2020
    Barring any unforeseen COVID-19 developments, we expect a stronger market outlook in the second half of the year
  2. Strong liquidity and business resilience
  3. Moving from containment to recovery - e-mobilityand g-mobilitydrivers are visibly strengthened, and Hexagon is well positioned to capture these opportunities

51

52

APPENDIX

53

Q2 2020 and YTD 2020 Group income statement

NOK MILLION

Revenue

Operating expenses

Earn-out obligation reversal /

gain on transaction

EBITDA

Depreciation on tangibles

Amortisation and impairment

EBIT

Share of profit/(loss) from associates

Other financial items (net)

Profit/(loss) before tax

Tax expense

Profit/(loss) after tax

QUARTER

YEAR TO DATE

1

Q2 2020

Q2 2019

Variance

YTD 2020

YTD 2019

Variance

682,9

882,1

(199,2)

1 508,0

1 703,9

(195,9)

(664,1)

(820,2)

156,1

(1 452,5)

(1 561,0)

108,6

0,0

0,0

0,0

0,0

69,4

(69,4)

18,8

62,0

(43,1)

55,6

212,3

(156,7)

(48,4)

(44,8)

(3,6)

(94,4)

(87,6)

(6,8)

(16,4)

(14,3)

(2,1)

(31,1)

(29,5)

(1,6)

(45,9)

2,9

(48,9)

(69,9)

95,2

(165,1)

(0,1)

(0,3)

0,1

(0,6)

(0,7)

0,1

(39,0)

(34,0)

(5,1)

66,5

(59,7)

126,2

(85,1)

(31,3)

(53,8)

(4,0)

34,8

(38,7)

8,0

4,0

3,9

(11,1)

6,3

(17,4)

(77,1)

(27,3)

(49,9)

(15,0)

41,1

(56,2)

FULL YEAR FY 2019

3 416,1 (3 126,0)

69,6

359,7

(182,2)

(57,4)

120,1

(0,7)

(8,1)

111,2

(3,8)

107,5

EBITDA %

EBIT %

Profit/(loss) after tax %

2,8 %

7,0 %

3,7 %

12,5 %

10,5 %

-6,7 %

0,3 %

-4,6 %

5,6 %

3,5 %

-11,3 %

-3,1 %

-1,0 %

2,4 %

3,1 %

54

Revenue by segment Q2 2020 | BeforeGroup eliminations*

Revenue Q2'19 (Proforma after internal reorganizations**)

Revenue Q2'20

NOKm, before group eliminations

NOKm, before group eliminations

175

174

NOK

121

931*

458

NOK

723*

56

million

177

84

million

409

Agility Fuel Solutions (Heavy and Medium-Duty)

Agility Fuel Solutions (Heavy and Medium-Duty)

Hexagon Purus (e-mobility & CNG Light-Duty Vehicles)

Hexagon Purus (e-mobility & CNG Light-Duty Vehicles)

Hexagon Mobile Pipeline & Other

Hexagon Mobile Pipeline® & Other

Hexagon Ragasco LPG

Hexagon Ragasco LPG

**Preliminary unaudited pro-forma figures after adjusting for reorganizations of e-mobility business units

55

Segment financial highlights Q2 2020 | (1/3)

Agility Fuel Solutions*

Hexagon Purus* (e-mobility, incl. MW & CNG LDV)

NOKm

Revenue

-49

458

(-11%)

409

Q2'19

Q2'20

EBITDA

-22

46

(-48%)

(10%)

24

(6%)

Q2'19

Q2'20

NOKm

Revenue

-93

177

(-52%)

84

Q2'19

Q2'20

EBITDA

-21

(+211%)

-10

(-6%)

-31

(-36%)

Q2'19

Q2'20

  • Positive FX movements partly offsetting YoY decline
  • Medium-Duty(UPS contract) continues to contribute positively, albeit quarter is overshadowed by significant COVID-19 impacts in Transit segment
  • Lower call-offs from VW Group following relocation of CNG vehicle assembly line coupled with COVID-19 shutdowns hit revenues in the CNG LDV segment
  • Higher proportion of commercial hydrogen distribution revenues in Q2'20
  • Please see separate CNG and e-mobility figures on next slide

*2019: preliminary unaudited pro-forma figures after adjusting for reorganizations of e-mobility business units; 2020: segment reported

56

Segment financial highlights Q2 2020 | (2/3)

Hexagon Purus CNG-LDV*

NOKm

Revenues

EBITDA

129

124

100

39

41

22

22

14

-2

-14

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

  • Q2'20 revenues for CNG LDV was adversely impacted by lower calls-off from VW Group due to relocation of its CNG vehicle assembly line, in addition to effects from COVID-19

Hexagon Purus Hydrogen*

NOKm

Revenues

EBITDA

71

47

57

51

43

-32

-21

-29

-35

-16

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

  • Higher proportion of commercial hydrogen distribution revenues lifts profitability somewhat
  • Furloughing and other cost initiatives implemented in the quarter

*2019: preliminary unaudited pro-forma figures after adjusting for reorganizations of e-mobility business units; 2020: segment reported

57

Segment financial highlights Q2 2020 | (3/3)

Hexagon Mobile Pipeline & Other*

Hexagon Ragasco (LPG)

NOKm

Revenue

EBITDA

-22

-65

1

(N/A)

(-54%)

121

(1%)

56

-21

(-37%)

Q2'19

Q2'20

Q2'19

Q2'20

NOKm

Revenue

-1

(-1%)

175

174

Q2'19

Q2'20

EBITDA

6

(+19%)

41

35

(24%)

(20%)

Q1'19

Q1'20

  • Macro impacts from COVID-19 & onshore US oil & gas slowdown had negative impact to sales of new modules in
    Q2'20
  • FX impacts revenue but marginally hits EBITDA, which distorts margin
  • Favourable FX movements in the quarter
  • Solid YoY margin accretion on unchanged revenue driven by geographic market mix

*2019: preliminary unaudited pro-forma figures after adjusting for reorganizations of e-mobility business units; 2020: segment reported

58

Group cash Q2 2020

Stripping out effects of FX translations

Cash

NOKm

+13.0

140

128

24

120

115

-46

13

100

-9

80

-33

88

60

40

-5

-19

20

0

Start of Q2'20 Underlying Ops

Operating

From

Capex (net of

Product

Interest paid

Drawings

All FX

End of Q2'20

working capital

Operations

FX effects)

Development

from Treasury

translations

changes (net

excluding

identified

of FX effects)

OPWC

Drawing on liquidity to counter negative impacts of COVID-19

59

Disclaimer

Hexagon Composites ASA published this content on 13 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 August 2020 08:07:14 UTC


© Publicnow 2020
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Financials
Sales 2022 4 744 M 441 M 441 M
Net income 2022 -349 M -32,5 M -32,5 M
Net Debt 2022 1 475 M 137 M 137 M
P/E ratio 2022 -13,3x
Yield 2022 -
Capitalization 4 826 M 456 M 449 M
EV / Sales 2022 1,33x
EV / Sales 2023 1,11x
Nbr of Employees 1 505
Free-Float 55,7%
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Last Close Price 23,08 NOK
Average target price 40,00 NOK
Spread / Average Target 73,3%
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Managers and Directors
Jon Erik Engeset Chief Executive Officer
David Bandele Chief Financial Officer
Salman Alam Director-Finance & Corporate Initiatives
Knut Trygve Flakk Chairman
Richard Rashilla Senior VIce President-Research & Development
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