Redeye views the Q3 report as a show of strength in a challenging environment. We are convinced that Vitrolife will come back to strong growth as soon as the Covid-19 crisis abates. We adjust our estimates slightly for 2020 and 2021 but with a higher conviction of execution into 2021. Therefore, we raise our fair value to SEK 175 (165) per share in our base case scenario. The fair value range is between SEK 120 - 220 per share (SEK 120 - 180) for our respective bear and bull case.