AVTECH reported a Q3 somewhat below our expectations, with a total revenue of SEK 2.7 million (our estimates were SEK 3.4 million). EBIT was SEK -1.2 million (our estimates were SEK -2.3 million). In October AVTECH announced a partnership agreement for weather data with Met Office. The company also signed a contract with Lufthansa Cargo. Both contract are prestigious and of great long term value. The likelihood of new contracts with whales such as Luftahansa Group and Etihad has increased. Our fair value range indicates a value of SEK 4.5-15 per share with a fair value of SEK 7 in our base case. Due to inertia in the industry we will continue to be conservative in our financial projections.