Redeye lowers estimates and valuation following a weaker than expected Q2’20, but stands firmly behind the long-term investment case. Most importantly, and what should bring pleasure to long-term investors, is to see Beijer Group do relatively well in the eye of the storm – demonstrated by its positive cash flow of SEK 15.7m. We still expect a solid post-pandemic rebound, especially given management’s encouraging communication around customer activity and pipeline. New base case amounts to SEK 44 (46) per share.