Cherry continues to perform on already high expectations during Q3. ComeOn has raised their forecast for 2016, leading to a revision of our estimates for the company and increased valuation. ComeOn is still not consolidated at the Group level but will be when Cherry exercises the option for the remaining shares. We project that the combined Group then will have net sales of SEK 2 286m with EBIT of SEK 439m during 2017. We value ComeOn separately with a DCF to EUR 436m, which can be compared to the maximum purchase price of EUR 280m. As such we believe the acquisition will create significant value for Cherry’s shareholders. Cherry now reports with a new segment structure where Game Lounge will form a new division of Performance-Based Marketing (PBM for short). Yggdrasil continues to deliver and iGaming outperformed our forecast to a significant degree. Cherry, with their diversified operations, is in our view one of the best quality bets on the Betting industry. We continue to believe the market is yet to discount the full value of ComeOn. We raise our projections and also our estimated fair value, in Base-case, to 250 (230) SEK per share