Morlet wavelet transform of the observed solar spot coverage (top), the spot coverage reconstructed from the spots-and-faculae model (middle), and the spot coverage reconstructed from the spots-only model (bottom). In all three rows, the grey hatched area highlights the time interval for which VIRGO/SPM observations are lacking. The cone of influence of the wavelet transform is shown in grey. The global wavelet power spectrum is shown in the right panel of each row.