Tyvärr min svensk språk är så dåligt at jag måste svara på engelska 
I do not see the demand or customers to a great extent linked to the economical cycle. The cycle is most linked to housing construction and consulting services, where Solwers is not active. However I do believe that less demand from that sector will push competitors to other areas where Solwers is more focused and this will for example be visible in pricing that could be under pressure or atleast its hard to raise prices that would be needed due to inflation. Also I believe that the current higher interest rates do impact investments in the big picture and therefore the short-term outlook is not that strong. But given that Solwers has a high exposure to e.g. infrastructure investments they should be somewhat protected from the cycles impact. Anyways, I do have a negative organic growth estimate for the short-term so I have some expectations of weaker market conditions in my estimates.
But yes I do agree, that the weak short-term outlook is putting pressure on the valuation as well as the slowness in investing capital that the company has in its balance sheet.
You can read more about these topics from our extensive report and latest report that was published after the H1’23 earnings release.
The extensive report can be found here: Solwers: A consolidator of expert services companies
and the latest report here: Solwers: Lot of chips in the balance sheet