So far in 2022, there has been some encouraging news flow both from Dlaboratory and the sector as a whole. Increased contact with new and existing customers after covid restrictions has been lifted, has yielded results, with market approval in Jakarta, a first order in Dubai and several domestic orders. This also rhymes well with the steep increase in investments among Swedish power utilities at ~15% last year. At the same time, the contraction in risk appetite continues to affect all growth stocks with earnings far ahead into the future. As a consequence, we now see support for a fair value of SEK 7-9 (9-12) per share on a 12-24 month horizon, but also note that a breakthrough in the international roll-out holds potential for business in the hundreds of millions, which can change the valuation significantly.