The fourth quarter was another ATH quarter for Enlabs with a Y/Y growth of 25% and a Q/Q growth of 11%. The main driver was the core business area, Gambling, with a Y/Y growth of 31% and a Q/Q growth of 13%, which was in line with our estimates. However, the Media segment underperformed and the company had a one-off cost due to organizational changes. Despite a strong outlook for the core business (93% of the group´s sales), the shares price dropped with around 20% following the Q4 report. We don´t see anything in the report that would motivate a 20% drop. As a result, we see a large upside to our fair value of SEK 32 (32) per share in Base case.