Hexatronic presented a Q2 report mostly in-line with our estimates, still the reported organic growth was slightly lower than we had expected. We have made some adjustments to our estimates for the next quarter and the full year. We have revised down our full year estimated revenue with about -5% and we expect a EBITDA margin in the region of 10% for the full year 2014/15. Our estimate revision affects our fair value negatively, however we have also made some rating adjustments affecting our WACC positively. Thus, our estimated fair value is unchanged at 20.7 SEK per share. We regard the share as attractively priced with too low expectation of future value creation priced in at current levels. Current EV only reflects a multiple of 7x to our EBITDA estimate for 2014/15, adjusted for the new capital structure.