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Hexagon Purus As (HPUR) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Hexagon Purus As stock NOK 4.56, price NOK 3.80, upside +20.0%, quality 18 out of 100. Rating: fairly valued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Industrials NO · ISIN NO0010904923

HP Hexagon Purus As logo Thin data Nov 10, 2026

Hexagon Purus As

HPUR · OL
Fairly valued, weak quality

The stock costs 17% less than our calculation considers fair.

Fair value kr 4.56 · Fairly valued
Expensive Growth (revenue 5y +45.1 %/yr in NOK)
Negative equity (buybacks among others)
Revenue last quarter 43% below a year ago.
Quality 18/100
Loss-making · -109.1% net margin (TTM)
Negative free cash flow
Trails peers (2/7)
Narrow moat 9/100 · thin data
Thin data
Estimate
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

kr 415.00 kr 3.80 Fair Value kr 4.56 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range kr 3.80 – kr 415.00 · fair‑value band kr 3.42 – kr 5.70 · the kr 3.80 price screens below the kr 4.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Hexagon Purus ASA provides hydrogen and battery energy storage solutions in Norway, Europe, North America, Asia, and internationally.

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It operates in two segments, Hydrogen Mobility and Infrastructure (HMI); and Battery Systems and Vehicle Integration (BVI). The company offers hydrogen high-pressure type 4 cylinders, stationary storage, refueling and distribution systems and high-pressure gas bundles, as well as hydrogen fuel storage systems, battery systems, and vehicle integration services for fuel cell electric and battery electric vehicles.

It serves passenger vehicles, medium- and heavy-duty, light-duty, distribution systems, bus, stationary storage, maritime, rail, aerospace, aviation, off-highway vehicles, vehicle integration, and refueling system markets.

Hexagon Purus ASA was incorporated in 2017 and is headquartered in Oslo, Norway.

Stock analysis

Hexagon Purus As (HPUR) currently trades at kr 3.80, while our estimate is kr 4.56, so the stock looks roughly fairly valued today (gap 16.7%).

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: kr 3.42 (bear) to kr 5.70 (bull), the price of kr 3.80 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 18/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Hexagon Purus As reported revenue of 1.1B NOK in FY2025 versus 506M NOK in FY2021, a compound +22.6%/yr. Reported net income was −1.5B NOK in FY2025.

Key figures

Market cap 174M NOK (≈ $18.4M) Micro · P/S ratio 0.17 · EPS (TTM) kr −25.08 · Net margin −109% · Return on equity −274% · Return on assets (EBIT) −20.3% (5-year average) · Operating margin −86.8% · Revenue (TTM) 1.0B NOK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 9 out of 100 (low confidence).

What moves the price

The share trades about 80% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 20%, HPUR screens cheaper than that median.

Fair Value

Bear kr 3.42 Fair Value kr 4.56 Bull kr 5.70
Price kr 3.80 · Upside +20.0%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 18/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 8
How much profit the company makes from its sales and capital
Quality Growth 9
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 12
Debt, balance sheet and risk of trouble
Investment 62
Does it invest with discipline instead of growing at any price?
Low Volatility 14
How calm the share price moves, does not count
Price momentum 0
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 40
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−39.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+45.1%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+32.9%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−94.1% (2020) → −101.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Industrial Distribution · 112 stocks

Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 18 · Bottom 25%
Fair Value upside +20.0% · Above median
Profitability
Return on equity (12 months) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −42.8% · Bottom 25%
Net margin (12 months) −109.1% · Bottom 25%
Operating margin (12 months) −86.8% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −43.2% · Bottom 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Industrial Distribution median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months) 0.16× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)60 · sector 42
FUTURE (revenue growth)0 · sector 41
PAST (return on equity)0 · sector 37
HEALTH (low debt)0 · sector 93
DIVIDEND (yield)0 · sector 42

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Industrial Distribution stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Indutrade AB INDT kr 265.00 kr 293.92 +11% vs HPUR
Finning International Inc FTT C$89.08 C$74.26 −17% vs HPUR
Watsco, Inc WSO $311.47 $250.18 −20% vs HPUR
Fastenal Company FAST $54.84 $41.28 −25% vs HPUR
Applied Industrial Technologies, Inc AIT $298.92 $205.08 −31% vs HPUR
Toromont Industries Ltd TIH C$192.28 C$127.80 −34% vs HPUR
WESCO International, Inc WCC $316.70 $151.74 −52% vs HPUR
W.W. Grainger, Inc GWW $1,473 $634.60 −57% vs HPUR
Ferguson Enterprises Inc FERG $259.44 $32.54 −87% vs HPUR
QXO, Inc QXO $13.73 $1.62 −88% vs HPUR

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Hexagon Purus As: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Hexagon Purus As Fair Value". https://www.fairvalue-calculator.com/stock/HPUR

Frequently asked questions

Is Hexagon Purus As (HPUR) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is kr 4.56 versus a price of kr 3.80, about +20% upside (fairly valued).
What is the fair value of HPUR?
Our estimate for Hexagon Purus As is kr 4.56 (as of Nov 10, 2026), built from audited fundamentals. The current price: kr 3.80.
What is the quality score of HPUR?
Hexagon Purus As has a Quality Score of 18/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Hexagon Purus As (HPUR)?
Our calculated price target is the estimate of kr 4.56 (as of Nov 10, 2026). Cautious scenario kr 3.42, optimistic scenario kr 5.70. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Hexagon Purus As stock forecast for 2026?
Our estimate puts fair value at kr 4.56, about +20% upside versus a price of kr 3.80 (fairly valued). Cautious scenario kr 3.42, optimistic scenario kr 5.70. The calculation is refreshed regularly with new filings.
What is the revenue of Hexagon Purus As (HPUR)?
Hexagon Purus As reported trailing-twelve-month revenue of about 1.0B NOK (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Hexagon Purus As (HPUR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hexagon Purus As it is kr 4.56 per share (as of Nov 10, 2026), against a price of kr 3.80.
Is Hexagon Purus As stock overvalued or undervalued in 2026?
As of Nov 10, 2026, HPUR trades below its calculated fair value: price kr 3.80, fair value kr 4.56, a gap of about +20% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HPUR?
No. The price is what the market pays today (kr 3.80); the fair value is what the company's own numbers justify (kr 4.56). For Hexagon Purus As the two are kr 0.7600 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hexagon Purus As worth?
The market values Hexagon Purus As at about 174M NOK (market capitalisation, as of Nov 10, 2026). Per share that is kr 3.80; our models calculate a fair value of kr 4.56 per share.
What do the bullish and bearish scenarios say about HPUR?
Our models span a range for Hexagon Purus As: cautious scenario kr 3.42, base kr 4.56, optimistic kr 5.70 per share (as of Nov 10, 2026, price kr 3.80). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hexagon Purus As (HPUR)?
Balance-sheet figures for Hexagon Purus As (as of Nov 10, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 18/100, which measures business quality independently of the share price.
How far is HPUR from its 52-week high?
Hexagon Purus As trades at kr 3.80, about 80% below its 52-week high of kr 19.10 and at the low of kr 3.80 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of kr 4.56 is for.
Which stocks are comparable to Hexagon Purus As?
From the same area (Industrials) we also value W.W. Grainger, Inc, Fastenal Company, Ferguson Enterprises Inc, WESCO International, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Hexagon Purus As stock attractive at the current price?
The data as of Nov 10, 2026: price kr 3.80, calculated fair value kr 4.56 (+20%), Quality Score 18/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Hexagon Purus As currently trades 17% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Hexagon Purus As (HPUR)?
The closing price on Nov 10, 2026 was kr 3.80. Our estimate is kr 4.56, about +20% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hexagon Purus As right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of Hexagon Purus As

How large is the market capitalisation of Hexagon Purus As (HPUR)?
The market capitalisation of Hexagon Purus As is 174M NOK (≈ $18.4M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Hexagon Purus As (HPUR)?
The price-to-sales ratio of Hexagon Purus As is 0.17 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hexagon Purus As (HPUR)?
Earnings per share at Hexagon Purus As are kr −25.08. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Hexagon Purus As (HPUR)?
The net margin of Hexagon Purus As is −109% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Hexagon Purus As (HPUR)?
The return on equity (ROE) of Hexagon Purus As is −274% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Hexagon Purus As (HPUR)?
On an EBIT basis the return on assets of Hexagon Purus As is −20.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Hexagon Purus As (HPUR)?
The operating margin of Hexagon Purus As is −86.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hexagon Purus As (HPUR)?
Revenue at Hexagon Purus As is growing −43.2% versus a year earlier (3y avg +6.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Hexagon Purus As (HPUR) generate?
The free cash flow of Hexagon Purus As is −638M NOK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Hexagon Purus As (HPUR) carry?
The net debt of Hexagon Purus As is 1.5B NOK (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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