Cherry’s report for the first quarter of 2016 was strong and exceeded our expectations. We expect to see a higher marketing activity within Online Gaming the coming quarters. This will bring down the margins but increase the future growth rate. Yggdrasil continues to impress, and we believe the segment will stand for a substantial part of Cherry’s reported profits in the coming years. The acquisition of ComeOn is in our view a good match for the Cherry family, and conducted at an attractive price tag. Our DCF value of ComeOn amounts to EUR 363m, compared to the maximum purchasing price of EUR 280m. Our valuation, in Base-case, indicates a Fair value of 215 SEK per share. The implied fundamental expectations on Cherry increases steadily, but our valuation still indicates some potential from today’s levels. In our Bear-and Bull-case we value Cherry to 115 and 314 SEK per share respectively.