* We maintain our valuation interval of SEK 73.00 – 92.00 per share
USWE’s quarterly report for Q2 2021/22 was roughly in line with our forecast and reaffirms the company’s future growth story. A stop in production in Vietnam meant revenues of more than SEK 4 million was shifted into the next quarter. If not for this, revenue would have come in at about SEK 2 million higher than expected, whereas profits were in line with our forecast for the quarter. USWE also completed the acquisition of VOID Cycling and made some changes with regards to their distribution partners in Germany. We consider this a strong report and only make minor fine tunings to the valuation model. We therefore maintain our valuation interval of SEK 73.00 – 92.00 per share.