Added to YB: 2026-03-19
Pitch date: 2026-03-17
SLYG.F [neutral]
Shelly Group SE
Author Info
No bio for this author
Company Info
Shelly Group SE, together with its subsidiaries, engages in the internet of things business in Bulgaria, European Union, and internationally.
Market Cap
EUR 1.9B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
29.49
P/E
39.32
EV/Sales
6.60
Sector
Electronic Equipment, Instruments and Components
Category
N/A
Growth vs. Reality: Why Shelly Group Raised Too Many Red Flags
SLYG.F (exited position): Held 3+ yrs, sold post-Q4 call. Rev +40% YoY but receivables +115%, days jumped to 163 (vs 104 avg). Mgmt blames B2B shift (30%→35% rev), but math doesn't work: 45% receivables >90d despite 60-90d terms. Vague answers on OCF quality, margins, incentive program. Tone shift: confrontational, evasive on key Qs. Red flags on growth quality vs mgmt compensation timing.
Read full article (4 min)