AVTECH reported a Q2 below our expectations, with a total revenue of SEK 2.7 million (our estimates were SEK 3.9 million). EBIT was SEK -2.6 million which was in line with our estimates of SEK -2.3 million. During the quarter two important catalysts were fulfilled. Cost of goods sold were lowered from 50 percent to 30 percent and the deployment of Aventus Nowcast with EasyJet, one of the largest low-cost airlines in Europe, started. Our fair value range indicates a value of SEK 4.5-15 per share with a fair value of SEK 7 in our base case. Due to inertia in the industry we will continue to be conservative in our financial projections.