Anoto’s Q2 figures with sales and EBIT of SEK 40 and -24 million respectively did not impress us (exp. SEK 61 and -9 million). However, the order intake of SEK 759 million (incl. minimum volumes from the TStudy exclusivity agreement) did so. In addition, the achievements in the partnerships adds a much more intriguing touch to Anoto than the Q2 numbers. The last 3 months have been a rollercoaster ride for the share that is now down 25 percent from the top of SEK 1.52 as the HP announcement appears to be a “buy the rumour sell the news”-case. Large volumes at the top indicates that many investors are now in the red, which is a bad omen. We have lowered our short-term estimates and have a new fair value of SEK 0.68 (0.74) due to the HP delays and the increased OPEX but our long-term optimistic view of Anoto is unchanged.