Sivers IMA delivered a solid Q2 report with high growth and improved results. The company has also had a strong start to Q3, reflected by the two follow-up orders from the undisclosed customer of “Fortune 100”-size and the new unlicensed 5G contract. We argue that the H2'19 outlook remains strong, and we expect a solid news flow over the coming six months, where we see good potential for unlicensed 5G orders, and additional design wins.