Heliospectra specializes in intelligent lighting systems for plant research, greenhouse cultivation and controlled environment agriculture. The company is a global leader in LED grow lights for advanced research applications and has patented technology. With an updated product portfolio and strengthened organization, Heliospectra is well positioned to rapidly grow sales in the booming medical plant segment and the greenhouse cultivation segment. We believe Heliospectra’s efforts will pay off and expect sales of SEK 55 million in 2016 and continued strong growth going forward. For 2018, we expect sales to reach 120 million and EBIT to be positive for the first time in the company’s history. The fair value in our base case is SEK 13.7 per share. In our bull and bear case the fair value is SEK 28.4 and SEK 6.9 respectively.