Redeye argues that the Q2 report from Zwipe was in line with our expectations and that the company continues to show strong commercial progress. We have lowered our short-term estimates as we believe it will take a longer time for sales in large volumes to materialize. Our view of Zwipe is however unchanged and we anticipate stronger growth mid-to long term and therefore we reiterate our base case valuation of NOK 27. We also give our view on the announced private placement.