Addnode’s Q1 report was as solid as ever and beat our forecast in almost all accounts; the strong organic development surprised us the most. Johan Andersson now takes the helm as CEO and Staffan Hanstorp was elected as the Chairman of the Board at the AGM. During the quarter Addnode acquired infostrait, with headquarters in the Netherlands. The company continues its advance in the markets outside of the Nordics, something we find as clearly positive. We have made some forecast adjustments following the strong organic development. Our Fair value in Base-case increase to 78 (64) SEK per share. Our valuation range with Bear- and Bull-case corresponds to 48-92 SEK per share.