• Disappointing turnover and order intake in Q1
• Strategic reorientation should pay off eventually
• We lower our fair value interval to SEK 2.80 – 4.40 (3.60 – 5.60) per share

Heliospectra’s report for Q1 2022 was a disappointment in terms of turnover and order intake. This may have been inevitable, as the company finds itself in the middle of a reorientation of strategy under the company’s new CEO, Bonny Heeren. New starts often take time to produce results. This, together with the economic challenges facing customers in greenhouse farming due to high energy costs, has persuaded us to lower our revenue forecast for Heliospectra, especially for the near term. Our revised valuation model points to a fair value interval of SEK 2.80 – 4.40 per share, down from SEK 3.60 – 5.60 per share.

The full report is available here.