Q4 was disappointing in terms of earnings. Although EBITDA rose 18% to SEK 58m, we expected much more, around SEK 77m. The proposed dividend of SEK 0.10 per share is a small rise from last year’s 0.09, and is something of a positive signal about the outlook. The management was not satisfied with the outcome, either, with a number of factors hampering earnings. These are described as temporary, but they still create uncertainty about the level of the company’s underlying and sustained earnings. Q4 was probably just a dip in earnings, but still makes us a little more cautious, and we are trimming our forecasts. We have also adjusted some of our rating parameters, which overall slightly ups the WACC. Nonetheless, the stock still appears undervalued as our Base Case suggests a value around SEK 9-10. (This is an English version of the Q4-update published on February 19, 2016)