Impact Coatings presented their report for the second quarter of 2020 this morning; net revenue and EBIT showed few surprises and were in line with estimates. The value of the order backlog for coating machines was EUR 3.8 million at the end of the quarter. The underlying momentum, demonstrated by the latest agreements (in terms of orders, H1’20 is the strongest start in Impact Coatings history), indicates solid execution (despite Covid-19 headwinds) in line with Impact Coatings communicated strategy. On a preliminary basis, we will probably make positive estimate adjustments to reflect a more healthy business environment than earlier anticipated (mostly due to Covid-19) and raise our valuation. Current base case amounts to SEK 11.5 per share.