Cherry started 2017 in the same way as they ended 2016, at a high phase. Net sales for Q1’17 was in line with our high expectations and the profitability outperformed. Game Lounge saw a significant pick-up in revenues; Yggdrasil continues to deliver and signed ten new customers during the period. Come On! (earlier Cherry iGaming) grew heavily and XCaliber signed their first client. Cherry continues to impress us and following the strong report we have made some positive forecast adjustment. We continue to see further margin expansion as Cherry’s increase their presences throughout the value chain. Our forecast and rating adjustment leads to an increased estimated Fair Value, in Base-case, of 408 (382) SEK per share. We believe that the market continues to underestimate Cherry’s long-term prospects.