Hexatronic is up roughly 120% since my original BUY recommendation in December 2025, from around SEK 21 to SEK 46. When I called Q1 an inflection point, the case was fairly simple. Fiber Solutions needed to stabilise, the cost programme needed to lift margins and Data Center needed to become a larger part of the group. Q3 provides the strongest evidence so far that this is happening. US demand and better factory utilisation are now lifting Fiber Solutions, while Data Center keeps growing. I want to see how much of the recovery is already in the price, and whether there is still enough upside to buy.
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