Hexatronic’s report for the second quarter of the split financial year of 2015/16 was largely in-line with our estimates. The company reported net sales of SEK 173m and EBITDA of SEK 2m. We had anticipated a quarter with low margins, due to the seasonal pattern of infrastructure installations in the Nordic market. The peak season approaches. We expect to see strong growth, both organic and acquisition driven, with EBITDA margins north of 12% in the coming quarter. Hexatronic continues to invest in personnel and market activity abroad. Long-term we believe an increased international presence will generate higher sustainable margins throughout the fiscal year, due to more optimal capacity utilization of Hexatronic’s producing units. We have adjusted our long-term margin assumption slightly upwards; this generates a new higher estimate fair value, in Base-case, of 25 (23) SEK per share. Despite a strong share price performance, over the last couple of months Hexatronic still trades at about half the valuation levels of international fiber peers, signaling a definite valuation potential.