Bricknode is a leading supplier of SaaS solutions that enable financial companies and startups to design and launch their own digital investment, lending and savings products, or transform existing operations. The Company announced in August 2022 a savings plan to accelerate the path to profitability by reducing fixed and variable costs by approximately 40%. During December 2022 Bricknode signed three new clients, which in combination with existing customer portfolio, paves the way for higher growth and to achieve profitability going forward. Bricknode are estimated to reach a revenue of 26 MSEK in 2023 and based on an applied P/S target multiple of 5.4x, a potential fair value of 12.8 SEK (12.8) per share is justified in our Base scenario.