Redeye was rather surprised by the news of the CEO replacement, which to some degree implies more uncertainty. However, newly appointed Torbjörn Saxmo certainly has a relevant background for the position. With a solid balance sheet, after the recent rights issue, Kebni is set to execute on its growth plan. Redeye resumes coverage of Kebni and we believe the depressed share currently offers an appealing potential to our fair value of around SEK 2.0 per share.