This is an English version of our Invisio update of February 29. It should be noted that Invisio on March 1 recevied an order of SEK 20 million but that this will not affect our sales estimates. Competition has begun to wane, but Invisio intends to further consolidate its market position through increased R&D in close collaboration with customers. However, Q4 revenues and EBIT of SEK 48.1m and 4.0m were weaker than expected (56.4 & 12.1), which means the order backlog remains at a record SEK 163m. Pressure from the weak report, and general flight from 2015’s small cap winners, could conspire to give a second chance this spring to investors that have missed out on Invisio. It is five months since the last TCAPS order, and other order bookings have been fairly quiet recently, which could mean pent-up demand being released going forward. The price/value gap in our (unchanged) fair value range of SEK 28-82, with a base case of SEK 66, is starting to look more pleasing following the overbought levels in excess of SEK 80 last fall.