improvements, especially within Digital Cash. The company is approaching
market implementation in India where Digital Cash Offline offers unique
selling points. Crunchfish’s recent communication has clarified how the sales
model is likely to operate in terms of pricing structure. The clarification
has led us to revise our forecast, where we have implemented new growth
estimates with specific regional drivers. Our new forecast and updated
assessment of the company’s risk has resulted in a fair value of SEK 51.70 per
share.