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Västra Hamnen: Heliospectra - poor sales, strong orders

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Västra Hamnen Corporate Finance has released a research update on Heliospectra AB following the release of the company's full-year report. The uncertainty has increased with the lower sales and postponement of the company's biggest order to date, thus we lower our valuation interval to SEK 5.50 - 8.30 per share, writes Västra Hamnen.

  • Sales in Q4 was the lowest in years
  • However, sales may fluctuate more as the company targets bigger customers
  • Added uncertainty makes us lower our valuation range

Heliospectra presented its full-year result last week and two issues immediately caught our attention. First, net sales for Q4 came in at only SEK 2.8 million, nearly SEK 13 million lower than our forecast. Second, the company has not yet received the expected down payment from Nectar Farms in Australia, meaning that their blockbuster order totalling SEK 72 million is postponed. This adds uncertainty.

The full report is available here.

The research report is prepared as part of Market Focus, Västra Hamnen Corporate Finance's commissioned research offering.

This is a press release from Västra Hamnen Corporate Finance AB. 
Web: vhcorp.se
Twitter: @vhcorp_se

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