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Hexicon AB (HEXI) Fair Value & Analysis

Industrials · SE · Market cap 48.4M SEK

HA Hexicon AB HEXI · ST
Pricekr 0.1245
Fair Valuekr 0.1100
Upside-11.7%
Quality30/100
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Expensive Growth
Thin margins · 0.0% net margin
Negative equity (buybacks among others) · negative free cash flow
Trails peers (3/9)
Narrow moat 12/100
Evidence: Low Range kr 0.0800 – kr 0.1300 Share as image

Fair value as of: Jun 23, 2026

From 3 valuation models · updated 48 days ago

Share price −6.4% over the past month.

Below-average quality, and screening another 12% overvalued on our models.

What matters now

  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
  • Our model range runs from kr 0.0800 (bear) to kr 0.1300 (bull), base kr 0.1100. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 30/100 (below-average quality) with low evidence: read the verdict with care.
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Price vs Fair Value (5 years)

kr 3.14 kr 0.1115 Fair Value kr 0.1100 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jun 23, 2026.

How to read this chart

60‑month range kr 0.1115 – kr 3.14 · fair‑value band kr 0.0800 – kr 0.1300 · the kr 0.1245 price screens above the kr 0.1100 fair value. Dashed = 300-day average. As of Jun 23, 2026.

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Analysis

Hexicon AB (HEXI) currently trades at kr 0.1245, while our model-based Fair Value estimate is kr 0.1100, implying the stock looks roughly 11.7% overvalued today. The Quality Score stands at 30/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Trailing-twelve-month revenue stands at 90.1M SEK. Revenue declined 87.5% year over year. Net debt stands at 976M SEK. Fundamentals as of Jun 23, 2026

Our scenario range runs from kr 0.0800 (bear case) to kr 0.1300 (bull case); at kr 0.1245, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 57% below its 52-week high and 25% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -12%, HEXI screens cheaper than that median.

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Key figures & financial health

Revenue (TTM) 90.1M SEK
Revenue growth (YoY) -87.5%
Return on equity -305%
Free cash flow −45.0M SEK FY2025
Operating margin -1,871%
EPS (TTM) kr -1.38
More key figures
Net debt 976M SEK FY2025

Figures from reported company fundamentals · as of Jun 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 30/100

Of which business quality 27 · Market factors (momentum, volatility) 15

Profitability 0
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 5
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 35
Calm price path (market factor)
Momentum 7
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Hexicon AB (publ) develops floating offshore wind power projects in Sweden and Asia. The company also provides TwinWind, patented platform for floating offshore wind with two turbines to optimize the use of sea surface and increase electricity generation. Hexicon AB (publ) was incorporated in 2009 and is headquartered in Stockholm, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hexicon AB reported revenue of kr 19.2M in FY2025 versus kr 23.1M in FY2021, a compound −4.5%/yr. Reported net income was −kr 327M in FY2025.

Growth Quality 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
19.2M SEK
Latest YoY
+95.9%
Avg. growth/yr (3Y) 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.
+18.4%
Avg. growth/yr (5Y) 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.
+34.5%
Avg. growth/yr (6Y) 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.
+11.8%
Revenue −4.5%/yr
FY21 kr 23.1M
FY22 kr 11.6M
FY23 kr 5.7M
FY24 kr 9.8M
FY25 kr 19.2M
Net income
FY21 −kr 50.9M
FY22 −kr 170M
FY23 −kr 187M
FY24 −kr 258M
FY25 −kr 327M

HEXI screens 12% overvalued. Compare with Larsen & Toubro Limited →

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Cite: Fair Value Calculator (2026). "Hexicon AB Fair Value". https://www.fairvalue-calculator.com/stock/HEXI

Peer Group

Engineering & Construction · 839 stocks

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.

Quality Score 30 · Bottom 25%
Fair Value upside −12% · Above median
Return on assets 1% · Below median
Net margin (TTM) 0% · Below median
Revenue growth -88% · Bottom 25%

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/S (TTM) 0.06× · Cheaper than 75% of peers
EV/EBITDA 25.5× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 18 · sector 16
FUTURE 0 · sector 17
PAST 0 · sector 26
HEALTH 100 · sector 94
DIVIDEND 0 · sector 33

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jun 23, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is Hexicon AB (HEXI) overvalued or undervalued?
As of Jun 23, 2026, our model estimates a fair value of kr 0.1100 versus a price of kr 0.1245, about −12% (overvalued).
What is the fair value of HEXI?
Our model-based fair value for Hexicon AB is kr 0.1100 (as of Jun 23, 2026), built from audited fundamentals. The current price is kr 0.1245.
What is the quality score of HEXI?
Hexicon AB has a Quality Score of 30/100. 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 revenue of Hexicon AB (HEXI)?
Hexicon AB reported trailing-twelve-month revenue of about 90.1M SEK (latest available figure, as of Jun 23, 2026).
What is the net profit margin of HEXI?
The net profit margin of Hexicon AB is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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