The first quarter of the year showed virtually unchanged sales, while EBITDA rose to SEK 61m (SEK 51m Q1-15). The boost came from the US, while earnings dropped for Vehicle Inspection Sweden. Opus plans to issue a new bond to provide scope for continued expansion. Management sees “interesting international business opportunities”, which could mean entering a new market or an add-on acquisition. Although there seems to be a deal around the corner, we are not counting on it yet. The Q1 outcome requires only minor forecast adjustments, and our long-term growth and profitability assumptions are unchanged. The share is now back where it was three years ago and is clearly undervalued, in our opinion. Our fair value range is SEK 6-14 per share. (This is an English version of the Q1-update published earlier on May 16, 2016).