The current issues are external factors that eventually will subside. We remain confident that the ESL market will progress well over the coming years and that Pricer is well-positioned to benefit from these trends. As such, we leave our 2023 estimates largely unchanged but cut ‘22e EBIT by 5% due to the above-mentioned reasons. The share price is down -26% YTD vs. OMXSGI at +29%. On our new estimates, we see a valuation of 30-14x ’21-‘23e EV/EBIT.