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Västra Hamnen: Heliospectra - The Nectar Farms order is off

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Västra Hamnen Corporate Finance has published a research update on Heliospectra AB following the company's report for Q1 2021 and news of the lost order from Nectar Farms. The combined news point to lower near-term revenues but a number of mitigating factors make us maintain our valuation interval SEK 5.00 - 7.50 per share, writes Västra Hamnen.
 

  • Major order lost as customer goes into liquidation
  • Q1 revenue below our forecast but net loss mostly in line
  • We maintain our fair value interval of SEK 5.00 – 7.50 per share

Heliospectra released its Q1 report last week, and while it was roughly as expected overall, there were both strong and weak spots in the details. A more attention-grabbing announcement came this week when the longdelayed order from Nectar Farms was finally cancelled. We never incorporated the full value of the order in our model as it appeared risky from the outset. However, now that we know the deal is off, we lower our revenue forecast somewhat for the next 12 months. This move is however mitigated by a number of small positives and we keep our valuation interval unchanged at 5.00 – 7.50 SEK per share for now.

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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