Heliospectra: Mixed fortunes in Q2 (Västra Hamnen)
Västra Hamnen Corporate Finance has released a research update on Heliospectra AB following its report for Q2 2019. The report shows lower sales than expected but a higher gross margin. On balance, this supports our current fair value range.
- Lower order intake and sales but improved gross margin
- Established presence in Tokyo, Japan
- We maintain our fair value per share interval of SEK 6.20 – 9.60
In its report for Q2 2019, Heliospectra reported a slowdown in order intake and sales from the previous quarter and came in below our estimates. This is according to the company due to the revamping of the lights and solutions platform. On a positive note, the gross margin improved and came in at 48.6% during the quarter. This is significantly higher than our near-term expectations. If this higher margin proves to be sustainable, we may need to revise up our model assumptions. For now, we maintain our current assumptions and fair value interval of SEK 6.20 – 9.60 per share.
The full report is available here.
The research report is prepared as part of Market Focus, Västra Hamnen Corporate Fincance's commissioned research offering.