Addnode showed a stable start of the year. Both Sales and EBITA were in line with our estimates and came in at SEK 737m and SEK 66m, respectively. The company is steadily winning new business contracts confirming that Addnode is doing the right things. As a result of the steady growth in recurring revenues and the high demand for digital solutions, we have increased our assumptions, and the DCF-valuation indicates a value range of SEK 51-115 with a Base case of SEK 85 per share.