Rankings Autos & parts Hexagon Composites
Hexagon Composites
57
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Capital allocation−8
- Margin−7
- Multiples vs own history and peers−7
Strengths
- Raised forecast+3
- New end market and record order+2
How the score is built
From 100 to 57, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 11.11 NOK
- Median analyst target
- 20.00 NOK
- Upside to median
- +80.0%
- Analysts
- 4
- Target range
- 16.00 – 24.00 NOK
- 52-week change
- +22%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−24 of −30
- −7MarginEBITDA margin 6% and EBIT margin −1.1% over the last 12 months; Q2 2026 showed progress to an 11% EBITDA margin (NOK 69m) after a cost programme, but the level is still low for an industrial niche producer.
- −6Quality of growthRevenue fell 39% in 2025 (NOK 4,862 → 2,954m) and again 18% in H1 2026 (1,296 vs 1,586m); Mobile Pipeline fell from 2,153m (2024) to 577m TTM.
- −3MoatLeading in type 4 composite cylinders for CNG/RNG, but faces competition from Worthington, Luxfer and Asian producers, and demand depends on gas prices and road transport policy.
- −8Capital allocationRepeated issues: the share count has risen from about 214 m (2024) to 333 m (+56%), most recently 68.75 m shares at 8 NOK in May 2026 (550 m NOK); at the same time the Purus holding has been written down from 1,219 to 182 m NOK.
Price
Today's multiples against the company's own history and its peers. · 1 finding−7 of −35
- −7Multiples vs own history and peersEV/EBITDA about 18 on the 2026 forecast (EV NOK 5.4bn / about 300m) vs Luxfer 11.4 and Worthington 22; EV/Sales 1.99 vs 1.19 (2025), 2.20 (2024) and 1.66 (2023) after a price rise of about 70% since the turn of the year.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−13 of −35
- −5Dependence on the RNG truck marketFuel Systems (1,786 m NOK TTM, about 2/3 of revenue) depends on the adoption of gas-powered heavy trucks in the USA, which disappointed in 2025.
- −4Lumpy Mobile pipeline and customer concentrationMobile Pipeline was subdued in H1 2026, and the turnaround rests on one large order (approx. USD 100m from Certarus for data centre power); the H2 acceleration has not yet been delivered.
- −4DebtNet debt NOK 1,157m, approx. 7x EBITDA TTM (approx. 3.9x on the 2026 forecast), and negative interest cover (−0.6) over the last 12 months.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Raised forecastThe EBITDA forecast for 2026 was raised from over 200 to about NOK 300m; the cost programme delivered over NOK 260m, of which 120m structural.
- +2New end market and record orderLargest order ever (about USD 100m) for Mobile Pipeline for powering data centres opens a new end market; FCF was +NOK 205m TTM.
Caveats
What the score does not capture, or where the data is weak.
Norwegian producer of composite tanks (Hexagon Agility: Fuel Systems, Mobile Pipeline and Aftermarket) with a residual stake in Hexagon Purus. NOT the same company as Hexagon AB or Hexagon Purus (own JSON files). Market cap calculated by us: 332.98m shares × NOK 12.78 = NOK 4,255m ≈ DKK 2,926m. Nordnet's DKK 1,339m is outdated/wrong (based on a far lower share count); the share count is confirmed by the Financial Supervisory Authority's short register (3.32m shares = 0.99%). The directed issue in May 2026 gave 320.8m shares; the last approx. 12m shares are assumed to stem from a subsequent repair issue (not checked). Net result (-NOK 646m TTM) is dominated by losses and write-downs on the Purus stake (545m). Industry set to 'Cars & car parts' because Fuel Systems (tank systems for trucks and buses) is the largest segment.
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