The results from two clinical studies that failed to give the much needed support for a new EFSA filing would have met with a chilly reception at Probi’s HQ. We too were taken aback that neither of the two studies met expectations. This will have an instantaneous impact on the company’s immediate future as the potential partnership within the immune health area will not be realized and it could also have repercussions on the possibility to market the probiotic strains to future partners. With an EV of a mere SEK 174 million we see little downside from current levels and Probi’s fortune may receive a boost when the final analyses of the trial results are presented. We have updated our model and our new fundamental value is 59 SEK per share.