Cherry’s fourth quarter of 2016 was a solid as ever. The company showed a significant organic uptake, and with the acquisition of ComeOn, the net sales rose by 237%. All of Cherry’s business units show significant development. We find the recruitment of Anders Holmgren to the position of CEO as clearly positive. In conjunction with the exercise of the ComeOn option Cherry communicated guidance for 2017. The company expects to produce net sales of SEK 2.6-2.7bn with an EBITDA of SEK 550-600m. We believe the actual outcome will be in the upper range. It is clear that Cherry is entering the next stage as a company; they are now the third largest Nordic Gambling operator and has five diversified Business Areas which all are growing faster than the market. We have now consolidated ComeOn in our projections, and raise our Fair Value estimate in Base-case to 382 (250) SEK per share. Both our Bear- and Bull-case valuation are also increased.