Addnode’s sales came in at SEK 534.5m, which was in line with our expectations of 540.3m. On the negative side, Q3 showed EBITA of SEK 24.3m compared to our expected SEK 40.8m. The lower earnings are mainly explained by impairment losses for customer projects in PLM and external acquisition costs. The acquisition activity has continued, and the company has announced three acquisitions. Even though Addnode’s Q3 report did not deliver in line with our expectations, we have confidence in Addnode’s ability to deliver in the coming quarters. Our Base case remains intact and yields a motivated value of 78 SEK per share. Moreover, we estimate a fair value range between a Bear case of 48 SEK and a Bull case of 97 SEK per share.