Redeye reiterates its positive view on Speqta as the commercial progress continues with strong cash flow. However, the second wave of the COVID-19 pandemic has hit Europe, and the important Finish market reports much higher infection numbers than during the spring. As a result, we expect to see some negative impact on the C&C segment, while an increased focus on the new BidBrain product will hamper growth for the AdTech segment in the short term. Therefore, we lower our fair value of Speqta, but continue to see a substantial upside from the current level.