Cherry reported a Q4 which exceeded our revenue expectations for both the online casino as well as the restaurant casino. Revenue resulted in 56.8 million kronor (expected: 51.3 million kronor), predominately due to high client and marketing activity. Operating income resulted in a loss of 6.6 million kronor before non-recurring expenses (estimate: loss of 5.6 million). The result was burdened by higher staff expenses than expected, non-recurring costs of around 4 million kronor, as well as high outgoing bonus payments during the quarter. The restaurant casino announced a good quarter as a result of a seasonally strong quarter, the JPC Casino acquisition and further capitalization of new payment systems. The turnover was 42.1 million kronor (expected: 41.4). Yggdrasil still shows a good continued turnover and especially development, and is now live with a total of 14 operators with seven in commission during the quarter. The current transaction environment in the gaming industry, the expectation of Yggdrasil’s development as well as the positive development of the online casino prompted an upward revision of estimates. As a result, we deem the intrinsic value of this company to be higher, at a value of 50 kronor per share (earlier: 45 kronor per share). The rating remains the same even due to the substantial change in management. Our SOTP motivates a intrinsic value of 50-52 kronor per share (earlier: 43-45).