This is an English translation of our Invisio Q4 update. Redeye is leaving its estimates and valuation unchanged after the Q4 report, with the total market estimated at SEK 13bn. Given the high entry barriers, we assume that Invisio will be able to take a large share. However, transactions by insiders could have a dampening effect on the share price, which has almost doubled over the past half-year, but in the long term we believe this is just white noise.