Paynova reported a Q4-result with a revenue of SEK 8.3 million (expected SEK 8.5 million). EBIT was weaker than expected of SEK -4.4 million (estimates were SEK -2 million). Non- recurring cost were SEK 1.1 million. Revenues from consumer credits were 25 percent higher than the last quarter. Revenues from consumer credits are now higher than revenues from processing and is therefore over 50 percent of total revenues which will likely improve the long term EBIT-margins. Our fair value range is between SEK 0.9 and 2.8. Our base case scenario indicates a value of SEK 1.3. No changes has been done in this report.