Net sales for Q4 came in at SEK 6.9m (SEK 7.6m) resulting in full-year sales of SEK 23.1m (SEK 13.7m), which corresponds to a (Y/Y) growth of 68%. Reported EBIT for Q4 was SEK -12.4m (SEK -9.9m). With a strengthened balance sheet, targeted sales and marketing activities we believe that Heliospectra is well-positioned for future growth. Heliospectra’s share is currently trading around SEK 6.4 per share. Our estimated fair value is SEK 7.4 per share in our base case, SEK 2 in our bear case and SEK 13.8 in our bull case which ultimately results in a fair value range of SEK 2 – 13.8 per share.