Redeye is positively biased to Clavister’s and BAE Systems’ first end-customer agreement, valued at SEK 50-90m, which Redeye believes to be the Royal Netherlands Army. Although Clavister has expected an agreement of this volume since June 2020, we enjoy the fact that Clavister's management has delivered on its commitments. We maintain our fair value range and base of SEK 10 until Clavister releases its Q4'20 figures next Wednesday (Feb 10).