contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


swedish-government-rejects-two-of-hexicons-projects

__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Lucas Mattsson

Hexicon is a project developer in floating wind that opens up new markets in countries with deep water. The company is also a technology supplier with TwinWind, a patented floating wind design. The technology enables increased use of global wind power and can thus contribute to increased access to renewable energy. Hexicon operates in several markets in Europe, Africa, Asia and North America.

Hexicon

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.

<p>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&apos;24 report on November 29.</p>
<p>The Swedish government recently rejected 13 applications for offshore wind farms in the Baltic Sea, south of the &#xc5;land Sea, which includes Hexicon&#x2019;s Cirrus and Dyning projects. As a result, Hexicon&#x2019;s joint venture company, Freja Offshore, will discontinue work on these two projects. The government has stated that the primary reason for the rejection is that offshore wind farms in these locations would pose challenges to Sweden&#x2019;s defense operations. It also appears that the decision is final and cannot be appealed.</p>
<h2>Negative impact on Hexicon&apos;s project portfolio</h2>
<p>The Cirrus and Dyning projects represented approximately 2,250 MW of Hexicon&#x2019;s active project portfolio, or around 29% of its net capacity. In addition to Cirrus and Dyning, Hexicon has another major project in the Swedish market, Mareld, located off the west coast of Sweden. In June, the County Administrative Board of V&#xe4;stra G&#xf6;taland County issued a recommendation for the Mareld project, and it is currently under review by the Swedish government. Our initial assessment is that the recent decision should not affect the Mareld project, as it is situated outside the sensitive areas identified by the Ministry of Defense. Nevertheless, our previous estimates assumed that all these three early-stage projects would continue to progress positively and eventually be divested before reaching FID. Therefore, based on the current information, we initially view the news as negative for Hexicon and will update our current estimates and valuation.</p>

	2023	24e	25e
Revenue	5.7	3.0	384.7
growth-%	-50.6 %	-47.9 %	12,829.6 %
EBIT (adj.)	-180.3	-114.5	227.8
EBIT-% (adj.)	-3,156.0 %	-3,849.7 %	59.2 %
EPS (adj.)	-0.51	-0.48	0.45
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	-	-	0.6
EV/EBITDA	-	-	2.7

Swedish government rejects two of Hexicon’s projects

Negative impact on Hexicon's project portfolio

Hexicon

Key Estimate Figures10.10.2024