The outcome of the Q2 report did not quite meet our expectations this time. Increased costs for expansion into new markets and products meant that EBITDA decreased Y/Y to SEK 90m (our forecast SEK 110m). Spring and summer have been eventful, with a number of new deals and acquisitions. In the short term, Autologic appears to be the most important, but Opus now has a large number of businesses that are growing and will successively impact earnings. Our forecasts are weighted down by a weaker dollar rate. However, from 2018 this should be offset by the contribution from Autologic following the necessary restructuring this year. Our valuation is slightly lower than before, with a fair value in our Base Case of just below SEK 10 per share. (This is an English version of the Swedish update published earlier on August 21, 2017.)