GWS report for Q1 2016 came in line with our expectations for earnings and EBIT. However, sales and operational costs were slightly higher than expected. Adjustments to our sales and cost projections are presented in this report. Management of GWS has been very active from the start of the year and the company has entered into a number of agreements. We expect the high level of activity to continue in the coming quarters and this is in our projections for additional clients in the coming years. Our Base case projections are based on already signed contracts and conservative expectations of new partnerships. We keep our motivated fair value of 12 SEK. The Bear and Bull case scenario renders values of 6 SEK and 20 SEK respectively.