.We reiterate our Buy recommendation and increase our target price to NOK54/share (from NOK48/sh.). The increased target price is mainly a result of a mark-to-market adjustment of the value of HEX’ ownership stake in HPUR, which is currently worth ~NOK32/share vs. ~NOK 20/share at the time of our last update. We now include a 15% holding discount to the market value of HPUR as the market always prices the ownership stake at a significant discount, meaning that our new HPUR SOTP value equals NOK27/share.