While Q2 was slightly below our estimates, focus is on the Indra order for three satellites,
a demonstration project that if successful could translate into material upside for
GomSpace. Component sourcing continues to weigh on short-term deliveries and the
recent order carries a lower margin initially. We now model 2021 sales slightly above the
low end of the guided range. We raise our valuation range to SEK21-33 from SEK17-27.

Danske Bank Research