During 2018, the parent company – i.e. Fortnox’ software offering – has taken over as the lead ARPC-contributor from the subsidiaries, essentially Fortnox Finance. As we previously estimated that the ARPC growth generated from the software modules was to be minor going forward, we have increased our forecasts accordingly. We raise our Base case to SEK 67 (60), and the Fair Value range to SEK 34-97 (24-94).