Stillfront’s report for the fourth quarter of 2016 was in line with our forecast. The user trends continued to rise in January, indicating a strong start during 2017. Q4’16 was the first quarter reported according to IFRS accounting standards; this will increase the comparability to peer’s and better visualize the underlying profitability of Stillfront. The pipeline for 2017 looks extremely promising. We see the launch of Siege: Titan Wars, Conflict of Nations, Bytro mobile porting and the newly acquired Babil as major drivers. Stillfront’s pipe of near-term releases is the strongest in the company’s history, yet the share price is under unwarranted pressure. We have made some forecast adjustments, following strong KPI development of Bytro, and added Babil Games to our projections. Our estimated Fair value, in Base-case, is increased to 125 (105) SEK per share. In our view, the current share price levels indicate an attractive risk/reward situation.