The Q3 outcome was clearly uplifting, with organic growth close to 10% in both divisions and a reasonable profit boost. EBITDA rose to SEK 87m, compared with SEK 71m last year. This time Vehicle Inspection Sweden offered the big earnings improvement. The new programmes in Pakistan and Chile seem to have performed on schedule. The rental business, EaaS, is said to be the main reason for the strong performance, and Opus sees future business opportunities for EaaS in a number of new states. The company is making no secret of looking at acquisition targets. We are once again slightly upping our forecasts. Partly because of the stronger dollar, but also for the Swedish arm following this year’s margin gains. Our Base Case valuation gives a fair value around SEK 10 per share, which is a considerable upside from current levels. (This is an English version of our Q3-update published earlier on November 22 2016.)