Cherry reported a Q3 which delivered well-above expectation of 154 million kronor (estimate 143 million kronor). Adjusted EBIT came in significantly stronger than expected at 10.4 (estimated 5.2) exclusive the extraordinary acquisition costs and deducting the minority interest. The online casino, achieved excellent performance amounting to 107.6 million kronor (expected 96.9) in revenues and significantly improved profitability. Almor has several initiatives to further enhance the growth and profitability rate for Cherry in the future. Yggdrasil grew approximately 160 percent QoQ showcasing its quality games and associated popularity among operators. The staff has increased substantially by over 50 percent to 40 people which signifies the established traction and willingness to expand. It reported revenues of SEK 4.1 (expectation 4.0 MSEK) before internal revenues versus last quarter 1.6 million signifying the projected high-growth trajectory of this entity. The restaurant casino continued to act as a cash-flow generator with revenues of 42.5 MSEK (estimated 42.4 MSEK). Our SOTP and DCF intrinsic value increased to SEK 140 per share (Previously: SEK 120) because of the de-risking both financially and operationally by Yggdrasil along with outperformance by the online casino. There are several significant short and long-term catalysts that are ready to progressively close the gap between the price and intrinsic value. The bear and bull case are unchanged being SEK 60 and 200 per share respectively. Operationally, the company is emerging to our bull case scenario.