Cherry did, yet again, produce outstanding figures. The Group saw an organic uptake of 46% with a substantially increased profitability and beat our sales projection by 12% and EBIT (adjusted) by 16%. The main driver of outperformance was Online Gaming. Both Yggdrasil and Game Lounge continues to shine as well. We expect to increase our projections following the report and will therefore also likely make some positive valuation adjustments. Our current Base-case, before any forecast changes, amounts to 99 SEK per share. We continue to view Cherry as attractively valued.