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Redeye: Hexatronic Group - A Criticial Business

Redeye reiterates its positive long-term stance on Hexatronic on the back of solid Q1-figures, the key take-away of which was the strong order book growth 35% y/y. While the potential near-term fallout from the corona crisis is difficult to gauge, we believe investors should look to the company’s underlying momentum in its strategic growth markets. Read more and download the research update: https://bit.ly/3ceqWGn Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered

Redeye: Hexatronic Group - International Outlook Remains Highly Positive

Redeye trims short-term estimates but stays firmly behind the case following somewhat soft Q4’19 financial results. The outlook remains favourable, in our view, and we look for steady increases of the top- and even more so bottom line during this year, despite traditional question marks about ’Sweden’. Read more and download the research update: http://bit.ly/HTRO2 Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered Investment Banking. https://www.redeye.se/about/

Redeye: Hexatronic Group - Just the beginning

The report for the first quarter of 2019 showed small deviations to our projections. The organic growth increased compared to the two previous quarters and marked a trend shift according to us. We saw a strong performance for “Other Europe” during Q1, driven in part by delivery to CityFibre but also from an increased sales to other UK players. The market ”outside” of CityFibre is significant with almost 10 million premises planned by the end of 2022; we dig into some interesting data for the UK fiber market in this report. We have only made some minor forecast, and see an attractive

Redeye: Hexatronic Group - International expansion on its way

2018 has not been without challenges for Hexatronic, primarily due to a harsh market in Sweden. Despite this fact, the company ended the year in high-fashion. The big news that was presented in conjunction with the release of the report was the deal with CityFibre, something we discuss in greater depths in this research report. We have adjusted our projections and valuation upwards. The international expansion for Hexatronic Group is undoubtedly on its way.  Read more and download the research update: http:

Redeye: Hexatronic Group - M&A master class

The Q3 figures came in almost exactly as expected, the earlier acquisitions in full drove the growth during the quarter. We believe the market continues to focus on Sweden, but that will change as the company will show organic growth in their main Nordic country during the next year. We find that BDI is a perfect example of Hexatronic’s strong M&A capabilities. We continue to believe that the market misses the significant opportunity that lies in the growth regions and puts too much focus on the short-term weakness in the Swedish market. We view the latest acquisition of Opternus in Germany

Redeye: Hexatronic Group - Short-term pressure creates an opportunity

We continue to believe that the true opportunity lies in the expansion into new markets like the USA, the UK, and Germany, where one operator can be many times larger than the whole Swedish market. During Q2 we saw increasing system sales volumes in the USA and after the period ended Hexatronic landed a milestone deal in the UK. We have made some forecast adjustments which leads to a slightly lowered Base-case and valuation range. Read more and download the research update: http://bit.ly/2LveG5Y Start following companies at Redeye to receive the latest equity research within Life

Redeye: Hexatronic Group - Outperformance in the USA

The reported figures during the first quarter beat our projections on all accounts. As anticipated the Nordic market was softer regarding volumes, but the company expects to see a pick-up in the coming months as the peak-season approaches. We continue to view Hexatronic as an attractive quality growth company riding on strong secular growth trends. Read more and download the Research Update: https://www.redeye.se/company/hexatronic-group/580039/hexatronic-group-outperformance-usa Start following companies at Redeye to receive the latest equity research within Life Science and

Redeye: Hexatronic Group - The opportunity abroad

The performance during the last quarter of 2017 was adversely affected by a slowdown in the Swedish market, and the reported figures came in below our projections. Read more and download the Research Update: https://www.redeye.se/company/hexatronic-group/579487/hexatronic-group-opportunity-abroad Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered Investment Banking. https://www.redeye.se/about/

Redeye: News from across the Atlantic in Hexatronic

One of the most exciting news in the report, at least according to us, was that Hexatronic’s MATRIX system is now approved by a major US telecom operator. Our estimated Fair Value, in Base-case, is adjusted upwards with 8 SEK per share, due to higher assumed future long-term margins and reduced NWC requirement projections. Continue reading at: https://goo.gl/Kc19kA  Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered Investment Banking. https://www.redeye.se 

Redeye: The high demand continues in Hexatronic

Compared to last year Hexatronic grew their sales by 26%, of which 13% was organic. The sales figures were almost spot on to our estimates. A favorable sales mix with submarine cable deliveries and scale advantages lead to an impressive EBITDA margin of 14.2%. A large order book at the end of June indicates a strong quarter to come. We have adjusted our long-term estimates of growth and margins slightly upwards. Our new base case value amounts to 64 (57) SEK per share. Continue reading at: https://goo.gl/h49CvY Start following companies at Redeye to receive the latest equity research

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 Group: högsäsongen närmar sig

Hexatronics rapport för det andra kvartalet av det brutna räkenskapsåret 2015/16 var i stort sett i linje med våra förväntningar. Bolaget omsatte 173 MSEK och EBITDA uppgick till 2 MSEK. Vi hade räknat med ett kvartal med låga marginaler på grund av säsongsmönstret på den nordiska marknaden. Högsäsongen närmar sig. Vi förväntar oss att se en stark tillväxt, både organisk och förvärvsdriven, med EBITDA marginal norr om 12 % under det kommande kvartalet. Hexatronic fortsätter att investera i både personal och marknadsaktivitet utomlands. Långsiktigt tror vi att en ökad internationell närvaro

Redeye - Hexatronic – Stark tillväxt konfirmerad, men fortfarande undervärderad

Hexatronic’s Q1-rapport visade sig ligga långt över våra estimat. Nettoomsättningen blev 224 MSEK (53 % tillväxt, varav 20 % organisk) och EBITDA hamnade på 22 MSEK (estimerat 18 MSEK). På en justerad basis rapporterade Hexatronic en EBITDA marginal på 10,1 % (förra året 6,9 %). Volymökningen är den största drivkraften bakom marginalexpansionen. Det är troligt att det starka drivet i försäljningen kommer att fortsätta under kommande kvartal. Att Hexatronic expanderar i morgondagens tillväxtmarknader så som USA och UK (senast genom förvärv av OpticReach) är positivt. Vi har höjt våra

Redeye - Hexatronic – Organisk tillväxt att förvänta

Det var få överraskningar i Hexatronics Q4-rapport. Kvartalets försäljning uppgick till 169 MSEK och ett EBITDA på 18 MSEK. Justerat för engångseffekter kom EBITDA-marginalen in på 9 procent, vilket var i linje med våra estimat. Vi förväntar oss att se organisk tillväxt i nästa kvartal då resultatet av investeringarna bör synas. De stora befintliga investeringarna av svenska telekom operatörer fortsätter och vi ser inga indikationer på att det kommer att minska; tvärtom ser vi de långsiktiga tillväxtmöjligheterna för fibermarknaden som attraktiva drivet av en strukturell tillväxt. Läs mer i

Redeye - Hexatronic broadens its presence in the fiber market

Hexatronic Group has acquired Tele och Datanät Fiberoptik i Örebro AB (TD Fiber) for 80 MSEK. The stated yearly revenue of the company is about 125 MSEK with an EBITDA margin of 12%. With the acquisition Hexatronic broadens its presence in the fiber optical equipment industry. Hexatronic finances the acquisition through a credit from Nordea, a non-cash offer and a rights issue. Our fair value estimate (Base-case scenario) is revised downwards. The main reason for the lower fair value is the new capital structure and dilution effect. The share is trading in the lower end of our valuation

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