The ultra-high tech and ambitions of FPC are impressive. FPC claims that it will launch an in-display solution based on ultrasound. If FPC can deliver on this promise it will succeed where the giant Qualcomm so far has failed despite a head start of several years and a significantly larger R&D budget. The smartcard progress also looks solid with recent pilot orders and partnerships. However, there is sadly no news regarding the problems in the bread and butter smartphone vertical. Following some short and mid-term estimate adjustments our new base case is SEK 24 (27). In our reasonably pessimistic scenario we estimate a fair value of SEK 10 per share. As we have said several times before, a share price turnaround requires turnaround figures as well.