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Heliospectra: Executing operational changes - VH Corp

* Lower sales than expected in Q2 due to ongoing strategic re-organization
* Well-positioned to take advantage of increasing energy prices
* We maintain our valuation interval of SEK 2.80 – 4.40 per share

Heliospectra’s report for Q2 2022 showcased a weak period in terms of net
revenue and order intake. This is however, to be expected due to the current
restructuring and re-organization that is taking place. During the quarter,
Heliospectra has hired a new CFO and is currently working on streamlining the
company. With MITRA receiving all required certifications and the expected
launch of Adelphi this autumn, the company should be able to take advantage of
the ongoing European energy crisis. We maintain our valuation interval of SEK
2.80 – 4.40 per share.
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