We had expected a recovery in Q3 and a sales growth of 10 percent but instead sales fell -2 percent. As OPEX decreased 4 percent q/q we only missed the EBIT outcome of SEK 21 million by SEK 6 million though. In North America, Doro has failed to introduce a 4G phone in time, meaning the weakness in US & Canada will continue into H2’18. We also expect continuing negative EMEA growth as Doro is burdened by the import ban in Algeria. Our EBIT estimates for 2018-2019 drop -40 percent and our base case falls to SEK 73 per share (86). However, for now, we keep our long term estimates and the fair value range with our bear case of SEK 50 as we await the CMD in mid-November. We expect the CMD to focus on software and services and find it likely that there will be positive news related to the new strategy.