Today Westpay released their report for the first quarter of 2018; the financials were spot-on to our estimates. The company continues to build for the future with a focus on their international expansion. The new agreement with Cirralto signals that they are moving forward. At the same time, the real commercial breakthrough from the new growth regions is yet to materialize. We thought we would see increased international volumes during H1’18; now we model a six-month shift in the volume ramp-up. Following the report, we will trim our 2018 forecast, but most likely make no significant adjustments to our long-term projections. Our current Base-case valuation, prior any changes in estimates, amounts to 18 SEK per share.