We update our estimates following Fingerprint Cards Q3 report. Gross margin did not meet our high expectation and we chose to take down our estimates somewhat. We still believe there should be room for further improved gross margins in the medium term, though we take a somewhat conservative approach for now. Our long-term view remains intact and we keep our fair value range of SEK 65 to SEK 330 with a fair value of 209 in our base case. The share currently trades at an EV/EBIT multiple of 4.7 based on our revised FY 2017 estimates - in our view that implies a high degree of scepticism as well as an excellent investment opportunity for the long-term investor.