The performance during the last quarter of 2017 was adversely affected by a slowdown in the Swedish market, and the reported figures came in below our projections. The company remains confident about the coming years and views the downturn as temporary. In our analysis report, we present some interesting market data on the UK market and find indications of a likely breakthrough. The fiber-related investments in the coming years will be massive for the island economy. We reiterate our Base-case valuation and model a somewhat softer Swedish market but with a substantial up-take from international growth regions.