* 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.
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