Anoto Q2 EBIT came in at SEK +7 million, compared to our estimates of SEK -13 million, making Q2 the second profitable quarter ever in the Company’s history. The difference was due to the substantially lower cost structure from going from 182 employees to 43 but adjusted for the Neolab one-time license revenue the underlying EBIT amounted to SEK -1 million. Expectedly, the black figures made the stock rally. We have increased our earnings estimates due to the low OPEX and therefore raise our base case valuation by 57 percent to SEK 382 million. Our P/E multiple for 2018E is 15x but the insecurity is high as we on today’s information cannot properly value the ADNA segment.