We raise our Fair Value range to SEK 65-157 (50-140) with a Base case of SEK 105 (90). The increased valuation range is a result of slightly raised near-term and long-term estimates, regarding the ARPC from both software, as management has demonstrated their ability to increase the ARPC from software without causing higher churn. We have also raised the long-term forecast regarding Fortnox Finance somewhat as well, as the company seems to increase its ambitions in this space.