Classification of Montega AG to Shelly Group SE

Company Name:	Shelly Group SE
ISIN:	BG1100003166
Reason for the research:	Update
Recommendation:	Buy
from:	15.04.2026
Target price:	79.00 EUR
Target price on sight of:	12 Monaten
Last rating change:	-
Analyst:	Bastian Brach

Preliminary Q1 Results Surprise to the Upside

Shelly reported a strong start to the year with preliminary Q1 figures, delivering revenue growth above our expectations in what was anticipated to be a more challenging quarter. In addition, the company further strengthened its cash position, underlining the improving financial profile.

[Table]

Top line development better than expected despite timing effects: Revenue in Q1 reached EUR 33.4m, slightly above our estimate (MONe: EUR 32.3m), corresponding to a growth rate of 26.0% yoy. This performance is particularly noteworthy given the previously communicated timing effects related to product launches. As a reminder, several key new products were delayed by a few months, leading to a stronger focus on selling existing product lines to distributors in Q4 2025. This resulted in temporarily elevated inventory levels at distributors, which we had expected to weigh on order activity in Q1. Against this backdrop, the reported growth exceeds expectations and supports our view that underlying demand remains strong. We continue to expect a further acceleration in growth momentum over the course of the year as new product launches gain traction.

Improved cash position and focus on working capital: Shelly reported a noticeable increase in its cash position, primarily driven by improved accounts payable. At the same time, management has initiated measures to address the elevated level of trade receivables, which had been a key concern among investors following the year-end figures. According to the company, receivables are expected to normalize over the coming quarters. A successful reduction in receivables would have a particularly positive impact on free cash flow generation. For FY26, we currently forecast a free cash flow of EUR 19.7m, which still assumes a moderate increase in receivables, albeit below the revenue growth rate.

SDAX inclusion enhances visibility and liquidity: Since April 10, Shelly has been included in the SDAX, marking the first listing of a Bulgarian company in the index. This milestone reflects the company’s strong operational development in recent years and the increasing relevance of the stock in the capital markets. The index inclusion should further improve trading liquidity and enhance visibility among institutional investors.

Conclusion: Overall, the Q1 figures provide a positive signal, demonstrating resilient demand despite temporary headwinds from product timing effects. Combined with the improving cash profile and increased capital market visibility, we see Shelly well positioned to deliver accelerating growth over the remainder of the year and reaffirm our buy rating and price target of EUR 79.00.



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Über Montega:
 
Die Montega AG ist eine innovative Investment-Banking-Boutique mit klarem Fokus auf den Mittelstand und agiert als Plattformanbieter für den Austausch zwischen börsennotierten Unternehmen und institutionellen Investoren. Montega erstellt hochwertiges Equity Research, veranstaltet vielfältige Kapitalmarktevents im In- und Ausland und bietet eine umfassende Unterstützung bei Eigen- und Fremdkapitalfinanzierungen. Die Mission: Emittenten und Investoren zusammenbringen und für Transparenz im Börsenumfeld sorgen. Dabei konzentriert sich Montega auf jene Marktteilnehmer, deren Sprache die Mittelstandsexperten am besten beherrschen: Small- und MidCaps auf der einen sowie Vermögensverwalter, Family Offices und Investment-Boutiquen mit einem Anlagefokus im Nebenwertebereich auf der anderen Seite.

You can download the research here: Factsheet

Contact for questions:
Montega AG - Equity Research
Tel.: +49 (0)40 41111 37-80
Web: www.montega.de
E-Mail: info@montega.de
LinkedIn: https://www.linkedin.com/company/montega-ag