Redeye retains a reasonably optimistic stance on Image Systems although leaving estimates and valuation broadly unchanged following full-year 2019 numbers. Admittedly, Q4’19 came in on the low side primarily due to one-off costs in RemaSawco’s X-ray business, but Motion Analysis pummeled along and overall order backlog improved. On balance, we see a good case for a turn-around in Image Systems in 2020 which could unlock considerable value in the rather depressed shares.