EBIT amounted to a solid SEK 17 million where the error in our SEK 9 million prognosis was on the OPEX and depreciation side. Sales grew 11 percent (expected 15 %), whereof 7 percent organic growth. Following SEK 42 million in operating cash flow in the seasonally weak Q1 Doro now trades at about 10x trailing 12 month operating cash flow, meaning that Doro is not quite valued as the growth company it is. We do not agree with the stock market and raise our short term earnings estimates due to lower fixed costs than expected. We now expect 2017 earnings of SEK 134 million, equivalent to an EV/EBIT of 11x. Following the revisions we have a new, higher base case of SEK 86 (82) per share, which implies a wide margin of safety in relation to our bear case of SEK 50.