Original-Research: INTELLEGO TECHNOLOGIES AB (von Montega AG)
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Original-Research: INTELLEGO TECHNOLOGIES AB - von Montega AG
Einstufung von Montega AG zu INTELLEGO TECHNOLOGIES AB
HIT-feedback: Presentation and strong Q2 illustrate further potential - estimates and PT increased Intellego published its financial figures for the second quarter of 2025 on Wednesday after market close and presented at the Hamburg Investordays (HIT) the following day. The strong Q2 performance, combined with our impressions from the conference, has led us to raise our projections and price target once again. [Table] Q2 sales came in at a very strong SEK 217.1m, representing a 297% yoy increase, driven by robust dosimeter sales across all business lines. The high share of dosimeter sales was reflected in an exceptionally strong gross margin of 89.4% — almost 10pp above Q1/25. Thanks to the highly scalable business model, this strong margin combined with lower-than-expected operating costs resulted in an impressive 71% EBIT margin and 51.6% net margin. Strong earnings power and low CAPEX also translated into a significant increase in free cash flow, which reached SEK 63m in the quarter despite slightly higher DSO compared to Q1/25. With the new CFO onboard — who made his debut at our HIT conference last week — we expect working capital efficiency to be a key area of improvement going forward. [Chart] Outlook raised again – momentum remains strong: As announced, the company raised its full-year forecast once more, now guiding for sales above SEK 700m (previously >SEK 600m) and EBIT above SEK 400m (previously >SEK 250m). We view these targets as conservative given current sales dynamics. Both Likang and Henkel are performing better than expected, yet they represent only two of several new projects. In total, 12 new products have already been pre-ordered and paid for by customers, which underpins continued strong momentum in our view. Accordingly, we have lifted our projections for the coming years and believe the company may already reach its mid-term target of SEK 2bn in sales earlier than anticipated. Conclusion: We are highly impressed with Intellego’s progress since our initiation. Despite the substantial share price appreciation, we continue to see upside for the company and its investment case on multiple fronts. Industry collaborations are only just beginning, and market penetration remains in its early stages. Consequently, we see further upside to our current estimates, particularly as the company provides more transparency on its new mid-term targets in the coming months. We reiterate our Buy recommendation with a new price target of SEK 300 (previously SEK 170). +++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Bitte lesen Sie unseren RISIKOHINWEIS / HAFTUNGSAUSSCHLUSS unter http://www.montega.de +++ Über Montega: Die Montega AG ist eines der führenden bankenunabhängigen Researchhäuser mit klarem Fokus auf den deutschen Mittelstand. Das Coverage-Universum umfasst Titel aus dem MDAX, TecDAX, SDAX sowie ausgewählte Nebenwerte und wird durch erfolgreiches Stock-Picking stetig erweitert. Montega versteht sich als ausgelagerter Researchanbieter für institutionelle Investoren und fokussiert sich auf die Erstellung von Research-Publikationen sowie die Veranstaltung von Roadshows, Fieldtrips und Konferenzen. Zu den Kunden zählen langfristig orientierte Value-Investoren, Vermögensverwalter und Family Offices primär aus Deutschland, der Schweiz und Luxemburg. Die Analysten von Montega zeichnen sich dabei durch exzellente Kontakte zum Top-Management, profunde Marktkenntnisse und langjährige Erfahrung in der Analyse von deutschen Small- und MidCap-Unternehmen aus. Die vollständige Analyse können Sie hier downloaden: Factsheet_NEU Kontakt für Rückfragen: Montega AG - Equity Research Tel.: +49 (0)40 41111 37-80 Web: www.montega.de E-Mail: research@montega.de LinkedIn: https://www.linkedin.com/company/montega-ag
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