Hexatronic presented their report for the third quarter of 2019 this morning. Net sales grew slightly lower than estimates while the EBITA margin (boosted by ‘other operating income’) outperformed estimates. The deviation in net sales should mainly be explained by a slower CityFibre rollout than anticipated. We will probably only make minor short-term adjustments following the report and continue to have a positive view on Hexatronic and its international growth prospects – a journey that has just begun.