Heliospectra: At the inflection point

Heliospectra delivered sluggish Q3 performance as an effect of increased focus towards larger contracts and new products. The shift has already proven to be successful, resulting in two breakthrough orders of SEK 84m after the quarter's end. With the recently announced rights issue, the company should also obtain a solid financial footing for further growth. Reflecting the new developments, we raise our sales estimates and long-term profitability.

Including full dilution from the rights issue, we argue that Heliospectra now stands at the inflection point of rapid sales growth, justifying a 17% higher base case valuation.