Redeye still sees good potential in the share and believe that a confirmation of the turn-around during the course of 2021 will be a driver for revaluation. Image Systems has lowered its cost base significantly and should be able to show clearly better earnings even if the recovery in RemaSawco’s market may turn out to be rather slow. Our estimates and valuation following the full year report are virtually unchanged. Our Base case fair value of SEK 1.7 per share suggests good potential from current levels.