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Hövding: Fair result in challenging quarter (Västra Hamnen)

Västra Hamnen Corporate Finance has released a research update on Hövding Sverige AB following its report for Q3 2019. The report shows lower sales than expected following logistical issues related to the launch of Hövding 3, but also lower manufacturing cost and a potentially higher price per unit. We maintain our fair value interval, as we want to see more established sales and margin figures before revising our valuation range.· Sales negatively affected by logistical challenges · Lower manufacturing cost might boost margins · We maintain our fair value interval of SEK 20.10 – 29.

Hövding: A new chapter begins (Västra Hamnen)

Västra Hamnen Corporate Finance has released a research update on Hövding Sverige AB following its launch of Hövding 3. We maintain our fair value interval, but acknowledge that the risk has decreased following the successful product launch.· Significant product improvements in Hövding 3    · Product launch executed according to schedule · Eager response from resellers In the past week, the new Hövding 3 was released and this marks a big milestone in the evolution of Hövding as a company. The new Hövding comes with new features that will enhance the user experience and at the same

Hövding: Version 3 ready for launch (Västra Hamnen)

Västra Hamnen Corporate Finance has released a research update on Hövding Sverige AB following its report for Q2 2019. The report shows a higher net loss than expected but more importantly, a sustained higher gross margin. This makes us raise our fair value interval for the share.· Net operating loss higher than expected in Q2 · Sustained higher gross margin is proof of company progressing · We raise our fair value interval to SEK 20,10 – 29,30 per share In its report for Q2 2019, Hövding reported an increase in sold units to 18 435, which is an increase of 8 percent compared to Q2

Hövding: Margin on the rise (Västra Hamnen)

Västra Hamnen Corporate Finance has released a research update on Hövding following its report for Q1 2019. The company posts strong growth and margin improvement.· Massive volume growth, but against weak comparison period · Margin improvement makes us to revise assumptions · We keep target interval but lean towards upgrade In its report for Q1 2019, Hövding reported an impressive 135% increase in the number of units sold compared with last year. Net revenues grew even more at 139%, helped by higher average selling price. To top it off, gross margin in the quarter reached 31

Hövding: Delivery hiccups, strong margin (Västra Hamnen)

Västra Hamnen Corporate Finance has released a research update on Hövding following its full-year report for 2018. The most positive news is that the company appears to have taken steps towards sustainably higher gross margin.· Lower than expected sales in Q4 partly compensated in January · Surprisingly strong gross margin in latest quarter · Preparations for version 3.0 go according to plan Hövding published results for Q4 and full year 2018 late last week. The biggest deviations from our scenario were in sales volume and gross margin, which surprised in opposite directions. We

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