The Q4 report offered few surprises. Hexatronic reported net sales of 169 MSEK and EBITDA of 18 MSEK. Adjusted for the non-recurring/operative effects the EBITDA-margin came in at 9%, same as our estimate. We expect to see organic growth in the next quarter as the market investments starts to pay off. The large investments by the Swedish telecom operators continue and we see no signs of a market slowdown; on the contrary, we regard the long-term prospects for the fiber optical equipment industry as highly attractive with many years of structurally driven growth to come. We reiterate our fair value estimate of 18 SEK per share in our Base-case scenario. We still find the share attractively priced, especially compared to international peers who trade at more than the double valuation multiples that Hexatronic does.