Pauli has published a new company report on Hexagon after Q3. 
Organic growth continued its gradual recovery in Q3, although the company’s profitability is under pressure. Hexagon has initiated extensive measures to grow the potential of the decentralized technology group through strategic division and a cost-saving program. We expect a clear turnaround in growth and profitability to materialize in 2026-27, which, however, is not enough to make the valuation attractive at current share prices. We reiterate our reduce recommendation and a target price of SEK 110 for the share.