Redeye’s view on the Q1 report. The trend continues to be weak as was indicated in the earlier profit warning. The challenges continue to affect the company negatively. While some of them seem to be of a short-term nature, it means that we further lower our expectations. With the deviation from our expectations and continued uncertainty in the short to medium-term we have adjusted our estimates for 2023e. With these changes, we decrease our Base case to SEK 220 (280) and fair value range to SEK 155 – 380 (170 – 435) per share.