Cherry reported a Q1 which was in line with our estimates of 95.3 million kronor (estimate 97 million kronor). EBIT resulted in a loss of -8.9 million kronor (estimate: loss of -4.8 million). The negative EBIT was burdened by higher depreciation, marketing and other expenses. The online casino continued its strong performance achieving 58.3 million kronor (expected 57.9). Likewise did Yggdrasil continue to perform well, indicating the potential intrinsic value of this segment, with reported revenues of 1.8 MSEK (expectation 2.0 MSEK). The restaurant casino continued to act as a strong cash-flow generator which reported 35.2 MSEK (estimated 37.0 MSEK). The DCF value is maintained at 50 kronor per share with no underlying changes in the fundamental business. The company continues to position itself for strong growth as a small player in the Nordic pond along with solid prerequisites to achieve profitable growth. The company still trades at a margin of safety relative to our SOTP which indicates an intrinsic value of 50-52 kronor per share.