Hexatronic drops after long-time CEO resigns

Hexatronic AB

18/09/2024 09:43

** Shares in Hexatronic  HTRO.ST  fall around 10% after the
Swedish engineering group announced the resignation of its
long-standing President and CEO Henrik Larsson Lyon
    ** Larsson Lyon, who took reins at the company in 2014,
decided "to round off his operational career," Hexatronic says
    ** "Considering Larsson Lyon's track record, we understand
that some investors might take a more cautious approach to
Hexatronic," Redeye-analyst Fredrik Nilsson says
    ** Lyon has done "an astonishing job" with Hexatronic during
the last ten years, Nilsson adds
    ** "We view the share as materially undervalued and in that
context the reaction is overdone," Pareto-analyst Stefan Ward
says, seeing the fall in the stock as a buying opportunity
    ** Expectations profile ahead of Q3 looks conservative, Ward
adds
    ** The stock, which up to the previous session's close was
up 112.1% YTD, will see its worst day in nearly 10 months if
losses hold

 (Reporting by Tilla Sjaavaag)
 ((tilla.sjaavaag@thomsonreuters.com))