Redeye sees a sales progression that continues, albeit slightly lower than expected. The underlying development in the company is strong, even if currency issues muddled the total picture somewhat. The scalp-cooling market transformation is underway, and the Q4 report does not change the long-term growth case we see in Paxman. With some adjustments to our estimates and rolling over another year, we maintain our fair value range of SEK 43 to SEK 132 per share with a Base case value of SEK 89 per share.