N.B. This update is a republishing of our research report (initiation coverage) from March 19. We have added a short section with our Q1 reflections but the rest of the report is unchanged as is our view of the company and the investment case. Consequently, we reiterate our earlier DCF-valuation that indicates a value range of SEK 2.6-9.8 with a base case of SEK 4.1 per share.