Redeye concludes that Q2 was stronger than Redeye had expected and, in fact, the strongest quarter in Acconeer's history with SEK15m of sales and SEK-7m in EBIT. Product sales were 13% above estimates, stemming from both high module and sensor sales. Also, the number of customer launches reached an outstanding 18, which is by a wide margin also an new high. In particular, Industry & Agriculture with the level-measurement application had great success.

For new CEO, Ted Hansson, a new go-to-market strategy is top priority and is likely to be launched within a couple of months. Hansson aims to increase focus on direct sales by building strong relationships with core stakeholders at blueship companies. Hansson emphazises that he prefers a handful of very large customers, rather than a hundred insignificant customers. Hansson has an impressive business network amongst relevant Asian electronics manufacturing companies, which are likely to be leveraged. While having a clear sales focus, he is clear about maintaining a very strict cost control.

Following Q2, we make negligable changes to our financial estimates. With a new CEO in place, we have re-evaluated our Redeye Rating of People, Business and Financials. We have lowered our People and Business ratings from 4 to 3, whereas Financials is intact at 2. Following this, we raise our WACC from 12% to 14%. This makes a big impression on our fair value range, which is lowered from SEK8-28 to SEK6-25, with Base Case of SEK15 (17).