During the third quarter, the sales level came in -10% short of our projections, and the EBITDA was -18% below. The company states that the lower than expected figures steams from disappointing performance within ComeOn! mainly due to poor executive execution. Cherry has already taken measures and conducted management changes. We believe that the market will put a short-term pressure on the share and ignore the growing gems of Yggdrasil and Game Lounge. We have reached out to our industry network to get a feeling how deep the issues within ComeOn! goes. We haven’t found any signs of more significant concerns and believe the problems will be handled by the new management relatively swiftly. Due to forecast adjustments our Fair Value estimate, in Base-case, is lowered to 76 (79) SEK per share. We view the valuation as clearly attractive. Our supportive Sum-Of-The-Parts valuation also indicates a significant potential from today’s levels.