Redeye revises our projections and Base-case valuation downwards as an effect of the COVID-19 outbreak. Two of Westpay’s focus areas, Hospitality, and Retail has been hit the hardest by self-/quarantine and social distancing measurements. The implemented short-term work-allowance, larger deals (Axfood), and the recurring revenue will act as a financial cushion during the year to some degree. However, the uncertainty remains high in these challenging times.