As expected, Hexatronic reported a dampened sales growth (in comparison with earlier quarters of 2019) of 4.5% y/y (we forecast 5.5%). Order book at the beginning of Q1’20 was in line with the corresponding time last year, suggesting a soft start to the new year. Q4 EBITA, adjusted for the patent dispute, was slightly lower than expectations. We will probably only make minor short-term adjustments following the report