Hexatronic’s report for the third quarter was in line with our estimates. The company reported revenues of 182 MSEK and an EBITDA of 17 MSEK. The acquisition of TD Fiberoptik has delivered results that are above both ours and the company’s expectations. Hexatronic now have an expanded product range approved by Skanova, this is an untapped growth potential and will likely drive the organic growth going onward. We have revised our margin expectations slightly downwards as the underlying margins, adjusted for non-reccuring effects, have been lower than expected the last quarters. Our fair value estimate (in a Base-case) is revised to 18 (21) SEK per share indicating a potential of 65% from today’s share price levels. We find the share as attractively valued with low expectations of future value creation imbedded by the current share price, creating a good risk reward opportunity.