Original-Research: INTELLEGO TECHNOLOGIES AB (von Montega AG): Buy

Classification of Montega AG to INTELLEGO TECHNOLOGIES AB

Company Name:	INTELLEGO TECHNOLOGIES AB
ISIN:	SE0016075063
Reason for the research:	Update
Recommendation:	Buy
from:	12.09.2025
Target price:	SEK 300.00
Target price on sight of:	12 Months
Last rating change:	-
Analyst:	Tim Kruse, CFA; Ingo Schmidt, CIIA

Market reaction to article in 'Dagens Industri' excessive Yesterday, shares of Intellego Technologies AB fell by as much as 30% intraday after Dagens industri published an article highlighting the departure of two employees. While personnel changes can have both pros and cons, we do not see how this development justifies such a sharp market reaction. We therefore view the pullback as a buying opportunity. The article focused on two executives who left the company in August: Mike Reeves, Director of Business Development – North America, and Daro CEO Mervyn Douglas. It also noted that 88% of Q2 sales came from North America, compared regional revenue shifts to prior periods, discussed employee allocation between Intellego and the Daro Group, and mentioned that the sellers of the Daro Group still hold 7.1% of Intellego shares. While factually correct, we believe the article’s implications are overstated. Personnel changes are a normal part of a growing company, and we believe Intellego’s success in North America is more fundamentally tied to its strong product offering than to individual employees. Although we would admit that North America’s contribution in Q2 was unusually high, Intellego has historically seen large geographic fluctuations. The company has explained that reported regional splits have limited informational value, as orders from customers such as Likang or Henkel may be booked in different regions depending on order specifics. Consequently, we would welcome more meaningful reporting in the future, for example a breakdown by region attributable to the ultimate client or by product category. Regarding Daro, Intellego has confirmed that an experienced UV water treatment expert will continue to lead the business. [Chart] Conclusion: We believe the market overreacted to non-material news. The sharp decline likely reflects a mix of Intellego’s strong recent share price performance and the heightened visibility of articles by a journalist who has frequently covered the company. We reiterate our Buy recommendation with an unchanged target price of SEK 300. +++ 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. You can download the research here: Factsheet_NEU Contact for questions: 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