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Redeye - Hexatronic Group: Investing to fuel growth

Hexatronic’s report for the third quarter of the split financial year of 2015/16 was strong and exceeded our expectations, primarily on the revenue levels.The organic growth amounted to an impressive 42% during the quarter. Hexatronic has invested heavily in production personnel to be able to handle the substantial demand; this dampens the current profitability levels but enhances the prospect of a future margin expansion. We have adjusted our growth forecast because of; strong revenue momentum and the acquisition in New Zealand. The new assumptions generate an increased fair value

Redeye - Hexatronic : Untapped growth potential

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

Redeye - Another piece of the puzzle for Hexatronic

Hexatronic presented a Q2-report mostly in-line with our estimates, still the reported organic growth was slightly lower than we had expected. We have made some adjustments to our estimates for the next quarter and the full year. We have revised down our full year estimated revenue with about -5% and we expect a EBITDA-margin in the region of 10% for the full year 2014/15. Our estimate revision affects our fair value negatively, however we have also made some rating adjustments affecting our WACC positively. Thus, our estimated fair value is unchanged. We regard the share as attractively

Redeye - Hexatronic in an international perspective

Hexatronic delivered a good report. The turnover was almost in line with our estimate but fell a bit short on the margin levels. Overall the company delivered on their financial goals of an EBITDA margin of 10%. The share price has declined after report with almost -14%, this reaction is not justified as the long term prospects are still intact. Comparing to other international fiber companies the multiple valuation is low. Peers trade at EV/EBITDA (TTM) of about 12.6x and Hexatronic at EV/EBITD2014/15E of 8.3x. Our estimated fair value is revised to to a small degree; the value is affected

Redeye - Continued strong performance from Hexatronic

Hexatronic continues its strong performance in Q4, exceeding our expectations. The company reported revenue of 140 MSEK and EBIT of 15 MSEK, compared to our estimate of 105 MSEK and 8 MSEK, respectively. The company has within a year gone from a turnover level of about 70 MSEK to almost 500 MSEK, with improved profitability. We continue to see good growth prospects going forward. We have adjusted our estimate of future CAPEX and future net working capital levels. Our fair value estimate for the company is marginally revised upwards. We find that the share has a potential upside of 34 % to

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