Lifeclean Q2’23: Building up for breakthrough - Redeye

Redeye saw a sales development that was lower than our expectations. The sales development compared to the same quarter last year was almost flat even if the underlying contributors differ considerably. Even if the sales development was weaker, it stabilized compared to the feeble end of 2022. The volatility in sales will continue, although, with all the different sales processes, there is a good chance of positive surprises in the coming quarters. We make some minor downward adjustments to our sales estimates while increasing costs even if some costs in the quarter were temporary. We lower our Base case to SEK 9.0 (9.5) per share and leave our Fair value range unchanged at SEK 5 - 17 per share.

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