Original-Research: INTELLEGO TECHNOLOGIES AB - from Montega AG 12.09.2025 / 14:00 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

Original-Research: INTELLEGO TECHNOLOGIES AB - from Montega AG



12.09.2025 / 14:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.



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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:
https://eqs-cockpit.com/c/fncls.ssp?u=df08068bba58a9c3983fa967076ac024



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



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2196968 12.09.2025 CET/CEST