Clavister released their report for the second quarter of 2017 this morning. The company reported a Q2 operating loss of SEK -23.6m (exp. SEK -20m) and sales amounted to SEK 21.4m (exp. SEK 21m) – corresponding to a year over year growth of 23 percent. Overall the report was in line with our expectations and we do not expect to make any larger adjustments to our estimates following the report. Our DCF-valuation indicates a value range of SEK 12-89 with a base case of SEK 41 per share.