Redeye recognizes that volatile sales over quarters overshadow the long-term improvements in Tagmaster. We revise our sales estimates downwards after a lackluster performance in the quarter. We are, however, convinced that the company will bounce back and likely show healthy growth for the whole year with improving profitability. Our view is based on the long-term transformation of acquisitions made and riding the smart city trend. We lower our Base case to SEK 29(30) per share.