Hexagon AB – Betting on Short Memories

Author: Viceroy Research Published on: August 8, 2023 Published in: Hexagon AB STO:HEXAB

Hexagon fabricate a Divergent investment timeline, make increasingly poor disclosures, and are still stumped by the concept of corporate governance.

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August 8, 2023 – On July 19, 2023, Viceroy Research released a investigative report on Hexagon AB titled “Six Sides to Every Story” (the Report). It detailed wide concerns we had found within Hexagon, including:

Conflicts of interest, related party transactions & (the lack of) corporate governance
Discrepancies in Hexagon’s claimed organic growth & underperforming acquisitions
The poor level of Hexagon’s disclosures & aggressive accounting policies
The lack of cash flows, poor asset utilization, and comps discrepancies

Weeks later, on August 2, 2023, Hexagon published a 16 page response to our report (the Response). The Response was totally inadequate and failed to satisfactory address the concerns we highlighted. It illustrates everything that is wrong with Hexagon. This commentary calibrates the truth in relation to the Response.

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