Redeye is still hopeful regarding KebNi’s prospects for a turn-around in the coming years. Q4 was a set-back in terms of sales and earnings, but to a large extent due to several one-off items. The report gives very limited input regarding current business activity and outlook. We have made some minor changes to our estimates and our valuation now assumes that the remaining part of the directed share issue will be carried out. Our new Base case fair value is SEK 1.5 per share.