Shelly Group PLC

 AV
Bloomberg   SLYG BU
Telecom Equipt.  /  Bulgaria  Web Site   |   Investors Relation
A Smart IOT growth (and profitable!) story
Target
Upside -4.64%
Price (BGN) 74
Market Cap (BGNM) 1,336
Perf. 1W: 8.19%
Perf. 1M: 4.91%
Perf. 3M: 10.2%
Perf Ytd: 57.7%
10 day relative perf. to stoxx600: 2.88%
20 day relative perf. to stoxx600: 5.43%
Target Change22/05/2023 18:09

Adjustments following the FY22 and Q1 23 results, inclusion of the new guidance

Change in Target PriceBGN 41.3 vs 34.8+18.9%

The target price has been revised upwards given the increased NAV and DCF valuations.



Change in EPS2023 : BGN 1.65 vs 1.58+4.71%
2024 : BGN 2.39 vs 2.27+5.31%

The 2022 EPS was below our expectations because of intensified investment in sales and R&D structures, but this will be compensated in future by higher EPS according to the new outlook given by the management.



Change in NAVBGN 25.0 vs 22.2+13.0%

The sales estimates in the new guidance are better than expected for the Shelly and Myki brands, increasing our multiple-derived EV. Increased cash flow generation has also had a positive impact on our NAV valuation.



Change in DCFBGN 74.4 vs 58.2+27.9%

A better-than-expected EBIT for 2023 onwards will lead to increasing cash flow generation, which mechanically increases our DCF valuation.



Updates

17 May 24 Earnings/sales releases
On track to meet guidance

29 Feb 24 Earnings/sales releases
Impressive profitability in 2023

14 Nov 23 Earnings/sales releases
Ideal positioning makes Shelly weatherproof

17 Aug 23 Earnings/sales releases
Macroeconomic headwinds but guidance confi...

16 May 23 Earnings/sales releases
Allterco Q1-23: the future looks bright

22 Feb 23 Initiation cov.
A company connected to growth

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