This morning Stillfront Group released their figures for the first quarter of 2018. This was the first quarterly report since the acquisition of Goodgame Studios was finalized. The company has shown a great start of the year and produced both sales and earnings in line with our high expectations. What surprised us the most was the large uptake in the Core Product area, fueled by the very successful releases of Nida Harb III and War and Peace. In our view, the strong share performance during the last couple of months has been motivated, and the discount to peers is now eroding. We are positive about Stillfront’s prospects, and see a strong pipeline of releases coming up. All in all we do not expect to make any significant changes to our estimates following the report. Our current Base-case valuation amounts to 258 SEK per share.