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Hexicon

0,159

 

SEK

 

+6,14 %

HEXI

First North Stockholm

Förnyelsebara energikällor

Energi

40 investerare följer bolaget.
+6,14%
−31,02%
−66,88%
−72,54%
−74,76%
−69,42%
−92,79%
-
−94,94%
www.hexicongroup.com

Hexicon är en projektutvecklare inom flytande vind som öppnar upp nya marknader i länder med djupt vatten. Bolaget är också teknikleverantör med TwinWind, en patenterad flytande vinddesign. Tekniken möjliggör utökat nyttjande av global vindkraft och kan därmed bidra till ökad tillgång till förnyelsebar energi. Hexicon verkar på flera marknader i Europa, Afrika, Asien och Nordamerika.

P/E (just.) (24e)
−0,33
EV/EBIT (adj.) (24e)
−6,22
P/B (24e)
−0,33
Direktavkastnings- % (24e)
-
Riktkurs
0.23 SEK
Rekommendation
Minska
Uppdaterad
10.10.2024
First North Stockholm
HEXI
Dagens lägsta / högsta pris
0,147 / 0,16 SEK
Börsvärde
57,84 mn SEK
Omsatt (värde)
82,6 tn SEK
Omsatt (antal)
534 tn
Business risk
Valuation risk
Current
Previous

Senaste analyserna

Hexicon: Financing risks overshadows potential rewards
10.10.2024
Hexicon Q2'24: Waiting for divestments to generate power
22.08.2024
Hexicon Q1'24: Focus is on the MunmuBaram project
30.05.2024

Extensive report

Inderes' extensive report is an investor's handbook on customer companies covered by our research.
The latest extensive report was released
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Analytiker

Lucas Mattsson
Lucas Mattsson
Analytiker

Senast publicerade videor

Hexicon Q2´24: Väntan på Munmubaram-projektet fortsätter
27.08.2024
Hexicon Q2´24: Ett mellanår med tanke på marknadssituationen
21.08.2024
Hexicon, Webcast, Q2'24
21.08.2024

Finansiell kalender

Delårsrapport
29.11.2024
Årsredovisning
19.02.2025
Delårsrapport
28.05.2025
Delårsrapport
20.08.2025

Största ägare
Källa: Millistream Market Data AB

ÄgareKapitalRöster
Ilija Batljan10,1 %10,1 %
Gulfstream Investment Group9,6 %9,6 %
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Mera information

Resultaträkning

20202021202220232024e2025e2026e2027e
Omsättning4,423,111,65,73,0384,7769,3902,6
tillväxt-%−55,7 %430,3 %−49,9 %−50,6 %−47,9 %12 829,6 %100,0 %17,3 %
EBITDA−17,8−45,7−125,6−159,9−98,3262,6635,6727,7
EBIT (adj.)−35,9−49,8−161,1−180,3−114,5227,8594,0673,7
EBIT−35,9−49,8−161,1−180,3−114,5227,8594,0673,7
Vinst före skatt−36,9−51,0−170,8−187,9−174,8162,3546,7659,1
Nettoresultat−36,9−51,2−166,9−187,3−174,6162,3546,7659,1
EPS (adj.)−0,19−0,16−0,46−0,51−0,480,451,501,81
tillväxt-%236,8 %20,6 %
Utdelning0,000,000,000,000,000,000,000,00
Utdelningskvot
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Lönsamhet och avkastning på kapital

20202021202220232024e2025e2026e2027e
EBITDA-%−409,0 %−197,9 %−1 085,1 %−2 798,5 %−3 303,4 %68,3 %82,6 %80,6 %
EBIT-%−824,1 %−215,3 %−1 391,8 %−3 156,0 %−3 849,7 %59,2 %77,2 %74,6 %
EBIT-%−824,1 %−215,3 %−1 391,8 %−3 156,0 %−3 849,7 %59,2 %77,2 %74,6 %
ROE−76,4 %−24,7 %−63,5 %−183,1 %204,4 %−177,2 %208,0 %76,1 %
ROI−74,3 %−23,9 %−52,4 %−53,8 %−26,6 %40,5 %80,7 %66,6 %
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Värdering

20202021202220232024e2025e2026e2027e
Pris per aktie (SEK)3,001,460,690,160,160,160,16
Aktier254,3363,8363,8363,8363,8363,8363,8363,8
Börsvärde1 090,7529,7251,857,857,857,857,8
Rörelsevärde803,0533,6510,3712,5674,7273,3−181,0
EV/S-34,846,189,3239,51,80,4-
EV/EBITDA-----2,60,4-
EV/EBIT (adj.)-----3,00,5-
EV/EBIT-----3,00,5-
P/E (just.)-----0,40,10,1
P/E-----0,40,10,1
P/B-3,42,6134,3--0,10,0
P/S-47,245,844,119,40,20,10,1
Direktavkastning
Soliditet77,9 %74,7 %44,1 %0,2 %−30,6 %−1,4 %50,3 %81,9 %
Skuldsättning−116,1 %−89,1 %2,0 %21 424,1 %−377,5 %−5 548,7 %40,2 %−20,0 %
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Kvartalsuppgifter

Q3/23Q4/232023Q1/24Q2/24Q3/24eQ4/24e2024eQ1/25e
Omsättning0,80,75,70,50,90,80,73,0
EBITDA−23,3−16,6−159,9−16,3−23,1−27,3−31,6−98,3
EBIT−27,6−22,3−180,3−19,9−26,7−31,4−36,5−114,5
Vinst före skatt−44,3−30,7−187,9−32,2−47,7−46,4−48,5−174,8
Nettoresultat−44,3−30,3−187,3−32,1−47,6−46,4−48,5−174,6
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VisarAlla typer av innehåll
Analytikerkommentar av
Lucas Mattsson

Swedish government rejects two of Hexicon’s projects

Hexicon has announced that the Swedish government has rejected the applications for two of its projects, Cirrus and Dyning, which together represent approximately 29% of its net portfolio. Given the significant size of these projects and the fact that our estimates include the assumption that the projects will be approved and progress positively towards Final Investment Decision (FID), we will revise our estimates, valuation and recommendation no later than in connection with the upcoming Q3'24 report on November 29.

Hexicon

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Analytikerkommentar av
Lucas Mattsson

Hexicon's MunmuBaram project reaches another milestone

Hexicon has announced that its South Korean project, MunmuBaram, has entered into a Transmission Service Agreement (TSA) that will facilitate the supply of electricity to the South Korean grid once the project is ready for commissioning. In our view, this marks another important milestone for the project and supports our estimates that development will continue to progress in the right direction, with a gradual divestment anticipated before reaching the Final Investment Decision (FID). However, as this news aligns with our expectations, we are not making any changes to our estimates or valuation at this time.

Hexicon
Hexicon: Financing risks overshadows potential rewards
Aktieanalys av
Lucas Mattsson

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
Analytikerkommentar av
Lucas Mattsson

Hexicon receives important approval for its MunmuBaram project

Hexicon has announced that one of its key projects, MunmuBaram, has received approval of its Environmental Impact Assessment (EIA) from the South Korean authorities. We believe this news marks an important milestone for the MunmuBaram project, as approval is required to participate in South Korea's new wind power auction system. While we view the news positively as it supports our view that the project will continue to make positive progress towards FID, we are not making any changes to our estimates or valuation at this time.

Hexicon
Hexicon Q2'24: Waiting for divestments to generate power
Aktieanalys av
Lucas Mattsson

Hexicon Q2'24: Waiting for divestments to generate power

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. As a result, we expect the establishment of a long-term ownership structure for the project, which could provide near-term financing and improve cash flow for project development, to be delayed until 2025. In addition, the immediate need for a cash infusion is forcing Hexicon to explore other financing options on uncertain terms. Against this backdrop, we believe that the near-term risk/reward profile is not favorable.

Hexicon
Hexicon Q2´24: Ett mellanår med tanke på marknadssituationen
Video av
Lucas Mattsson

Hexicon Q2´24: Ett mellanår med tanke på marknadssituationen

Ett stort fokus på situationen i Sydkorea och ett marknadsklimat som visar små små signaler på förbättring säger Hexicons VD Marcus Thor. Hexicon publicerade sin Q2 rapport 21/8 och det är just den som Inderes analytiker Lucas Mattsson och VD Marcus Thor behandlar. Hur är marknadsklimatet nu, utvecklingen i MunmuBaram samt finansiella positionen är ämnen som avhandlas.

Hexicon
Hexicon Q2’24 earnings preview: Project divestments continue to be in focus
Analytikerkommentar av
Lucas Mattsson

Hexicon Q2’24 earnings preview: Project divestments continue to be in focus

Hexicon will publish its Q2 report on Wednesday at 8:00 am CEST. We expect the company’s revenue to continue to be modest, driven mainly by consulting fees. However, we expect operating loss to decrease due to improved cost control. More broadly, we believe that project divestments will be the main growth drivers in the coming years. We therefore look forward to hearing more details on potential divestments, with a particular focus on the important MunmuBaram project.

Hexicon
Analytikerkommentar av
Lucas Mattsson

Positive news for Swedish offshore wind park

Hexicon has announced that the County Administrative Board in Västra Götaland has recommended, with certain modifications, that the Swedish Government approve Freja Offshore’s application to construct its offshore wind park, Mareld. This news marks a significant milestone for Hexicon’s Swedish project portfolio and supports our estimates that these early-stage projects will continue progressing positively and be gradually divested before reaching Final Investment Decision (FID). However, we do not make any changes to our estimates or valuation at this time.

Hexicon
Analytikerkommentar av
Lucas Mattsson

Extending credit facility until the end of the current year

Today, Hexicon announced an extension of the repayment and accrued interest on its current 75 MSEK credit facility until the end of 2024. While we view the news as positive, providing the company with greater flexibility regarding the timing of the important MunmuBaram divestment, we are not making any changes to our estimates or recommendation.

Hexicon