Redeye cuts the valuation of GiG as a consequence of its B2C divestment. While the Q4’19 report otherwise was uneventful, the strategic move is significant. On a positive note, financial gearing is coming down and the remaining B2B business is developing well. We view the selling price as clearly low, however, and the future potential is reduced due to this effective halving of GiG’s business. On balance, we still see substantial upside in the stock from currently depressed levels.