This is a short update following the launch of iPhone X and Monday’s press release from FPC stating that Q3 sales will only be SEK 800-840 million – almost half of consensus at the time. In short, our investment case did not play out. iPhone X and the non-existent recovery despite normalized inventory represent major, negative events adding to an already high insecurity. We have lowered our EBIT estimates for 2017-2019 by on average 67 percent and we see no alternative but to revise our long term estimates as well since we were completely wrong. Our new base case is SEK 27 (52) and in our reasonably pessimistic scenario we estimate a fair value of SEK 10 per share (22).