Hexagon AB Class B

HEXA B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 213.00	Kgwyn	Lychrnqw

Hexagon: Initiating Coverage With No Moat Rating and SEK 108 Fair Value Estimate

Rob Hales

May 7, 2024

We’re initiating coverage of Sweden-based Hexagon with a no moat rating and fair value estimate of SEK 108. Our fair value estimate implies a fiscal 2024 enterprise value/EBITDA multiple of 12.5 times and a P/E multiple of 20 times. At current levels, the shares look fairly valued.

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