According to Starbreeze, PAYDAY 3 sales and player activity are currently significantly lower than the company would like. The company's focus and absolute priority is now to identify the changes that need to be made to ensure that PAYDAY 3 lives up to expectations. If they are successful, Starbreeze's current valuation undoubtedly looks very low. We had assumed that the updates released in Q4 would put PD3 on the road to recovery. As this has not happened and there are few signs of recovery at present, we do not see sufficient drivers or support for the stock over the next twelve months.