This is an English version of our Invisio update of May 11. The Q1 report beat our estimates on every line. EBIT was SEK 23.5m (expected 13.8), mainly on an unexpectedly high gross margin of 53 percent, but 39 percent revenue growth (expected 21 %) also counted. Invisio is investing more in its geographical spread towards Asia, the Middle East and South America. We see this as promising since 26 of the world’s 30 biggest armies are in these regions, hitherto untapped by Invisio. There is not much more to add, other than to say the growth journey continues. We are leaving our estimates largely unchanged, but we are upwardly revising our profitability rating to 6 (4) given Invisio’s long and unbroken profitability trend. Our new base case is SEK 72 and the fair value range is SEK 28-90 (previously 66 & 28-82).