B2Holding’s Q4 report was solid, with NIBD down NOK 800m and a leverage ratio around target of 3.0x, stable operations and a RoE of 10.3%. We don’t expect a DPS for 2020, although the BoD has not concluded on this yet, and see it as more sensible to retain this cash for profitable investments. We expect market conditions to improve and see a promising outlook 6-18 months from now. We reiterate Buy, but lower target price to NOK 13 (15).