The Q2 EBIT of SEK 19 million came in as we expected, adjusting for restructuring costs of SEK 2 million. We find such an earnings level solid in relation to net sales of SEK 446 million equal to a -6 percent growth, compared to our estimate of +3 percent. Excluding the negative US & Canada growth of -66 percent net sales actually grew 6 percent. H2’17 offers substantially better comparables, meaning the stock price dive following the report to us seems like an overreaction, especially as cost levels, gross margins and cash flows all remained solid. We have not changed our base case valuation of SEK 86 per share or our reasonably pessimistic scenario of SEK 50. Thus, the advantageous margin of safety remains.