Heliospectra reported sales of around SEK 3m and EBIT of SEK -19m in the fourth quarter, compared to our estimate of 9m in sales and -15m EBIT. Even if the quarter isolated was a downturn, solid progress has been made, and we are optimistic as Heliospectra enters 2020. Based on a strong order intake of SEK 97m, we believe this year to be the most interesting in the company's history so far.

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