I have been looking at mostly the xlrd and openpyxl libraries for Excel file manipulation. However, xlrd currently does not support formatting_info=True for .xl
import openpyxl
wb = openpyxl.load_workbook('yourfile.xlsm')
ws = wb['Sheet1']
# This will fail if there is no hyperlink to target
print(ws.cell(row=2, column=1).hyperlink.target)