Redeye is encouraged by the third consecutive positive quarterly report from Tagmaster. The gross margin continued to improve, and sales showed good growth, especially positive growth in the US. We have made minor changes to our sales estimates while increasing our gross-margin assumptions. The cost-cutting gets traction leading to improving margins. The company’s current valuation is very low and not considering much of its potential. We raise our Base case to SEK 32(30) per share.