During 2017 was a record year for fiber investments in Sweden. It looks like that during 2018 we will be more back to ”normal”, as such we expect to see lower business volumes compared to last year for the region. The aggressive growth in international revenues during the year will most likely be more or less netted out by the drop in Sweden. We continue to believe that the true opportunity lies in the expansion into new markets like the USA, the UK, and Germany, where one operator can be many times larger than the whole Swedish market. During Q2 we saw increasing system sales volumes in the USA and after the period ended Hexatronic landed a milestone deal in the UK. We have made some forecast adjustments which leads to a slightly lowered Base-case and valuation range. We find that the short-term weakness in the Swedish market might create a great opportunity for the long-term investor.