Clavister reported a solid fourth quarter with record revenues, but even more important, the long-term investment case is continuing to develop in the right direction. We arrive at a marginally lower valuation when adjusting for minor estimate changes, anticipated dilution, the new cash position and a lower WACC (ownership score raised from 4 to 5 points). Our DCF-valuation indicates a value range of SEK 11-85 (12-89) with a base case of SEK 39 (41) per share.