ИмПулс I АД

[inta53]

Преди да се знае единична цена, няма как да се прави твоя извод. Ако е по 100 лв бройката?

По сигурното е да си купя днес 900импулса, от колкото след три месеца 10хидрогенератора

[Батя]

-" Hydrogenera планира да предложи 500 хил. акции на фондовата борса"- по скоро въпросът стои ;- за кого по напред с тия 500хилки???

Преди да се знае единична цена, няма как да се прави твоя извод. Ако е по 100 лв бройката?

[inta53]

-" Hydrogenera планира да предложи 500 хил. акции на фондовата борса"- по скоро въпросът стои ;- за кого по напред с тия 500хилки???

[Zdravko74]

Това не значи че ангелите-инвеститори не записват сега(Преди ИПО), както направиха и Импулс и МФГ

Може и така да е ! Хубаво е, че се знае на каква цена записват сега и да сравним дали няма да се опитат да ощавят мераклиите за ИПОто !

[Slg]

Нямам идея, но до листването ще мине поне още месец мисля, да не кажа и повече !

Когато обявят, че нещо ще стане до няколко месеца обикновено са 6+. Тия от Сенсика говореха нещо за лятото на 24та - още ги чакаме.

[tony1975]

Нямам идея, но до листването ще мине поне още месец мисля, да не кажа и повече !

Това не значи че ангелите-инвеститори не записват сега(Преди ИПО), както направиха и Импулс и МФГ

[Zdravko74]

Дали пък това разпродаване на Шелли не е свързано с предстоящото ИПО!?!

Нямам идея, но до листването ще мине поне още месец мисля, да не кажа и повече !

[tony1975]

Дали пък това разпродаване на Шелли не е свързано с предстоящото ИПО!?!

може би и не само при Шели

[Slg]

Директно на Регулиран пазар, браво !

Дали пък това разпродаване на Шелли не е свързано с предстоящото ИПО!?!

[Zdravko74]

"Грийн иновейшън" планира първото стартъп IPO на регулирания пазар на БФБ Компанията зад производителя на електролизьори Hydrogenera планира да предложи 500 хил. акции на фондовата борса

Директно на Регулиран пазар, браво !

[tony1975]

"Грийн иновейшън" планира първото стартъп IPO на регулирания пазар на БФБ Компанията зад производителя на електролизьори Hydrogenera планира да предложи 500 хил. акции на фондовата борса

[tony1975]

The birth of a great company: the journey of investing in Shelly Group



Viktor Manev


Partner at IMPETUS Capital

January 10, 2025

Investing in great companies that are at an inflection point of development can be one of the most rewarding strategies for shareholders. These companies, often characterized by their innovative business models, strong leadership, and efficient use of capital, are poised to transition from a phase of steady growth to one of exponential expansion. Identifying and investing in such businesses at the right moment can lead to outsized returns, as they harness their potential to scale rapidly and create significant value for their stakeholders.
Shelly Group SE (SLYG.DE) represents a compelling investment opportunity as it has passed through an inflection point of development, poised to redefine and build new markets in the rapidly evolving smart home and IoT (Internet of Things) industry. Shelly Group has established itself as a leader in the development of innovative IoT and smart home solutions, offering energy-efficient, user-friendly, and cost-effective productsand platform, while leveraging its deep-rooted software expertise. The company’s ability to address the growing demand for smart automation and energy management positions it at the forefront of a market that is still in its early stages of adoption. Shelly Group has achieved a staggering revenue CAGR of 53% (2021-24) while maintaining an EBIT margin above 25% - consistently outperforming its targets, a testament to its operational efficiency and scalability. As the world becomes increasingly connected, Shelly Group is well-placed to redefine how consumers interact with their homes and workplaces, creating a new paradigm for convenience, efficiency, and sustainability.
What makes Shelly Group particularly attractive is its potential to open new markets, which creates multiple avenues for new revenue streams. The company's products are not only relevant for residential consumers but also for commercial and industrial applications, significantly expanding its addressable market. For instance, its energy monitoring and management solutions can help businesses reduce operational costs and meet sustainability goals, tapping into the growing corporate focus on environmental responsibility (ESG monitoring and reporting). By identifying and addressing these underserved segments, Shelly Group is building a new market ecosystem that extends beyond traditional smart home applications. As one London-based investment banker recently described, Shelly Group with its phenomenal growth and outperformance represent "a high-quality asset that is building an entirely new market."
Moreover, Shelly Group's efficient use of capital underscores its potential for exponential growth. The company has demonstrated a disciplined approach to reinvesting its resources into research and development, marketing, and global expansion. This strategic focus enables it to innovate continuously, stay ahead of competitors, and scale its operations effectively. As the adoption of IoT solutions accelerates, Shelly Group's ability to execute its growth strategy will likely translate into significant revenue and profitability gains, delivering substantial returns for its shareholders.
Valuation Using the Rule of X

How do you value such a high-quality asset?
To further assess Shelly Group's intrinsic value, we can apply the Rule of X, a framework popularized by Bessemer Ventures. The Rule of X is a simple yet powerful metric that evaluates a company's growth efficiency by adding its revenue growth rate (%) to its free cash flow (FCF) margin (%). A score above 40 is generally considered strong, indicating a healthy balance between growth and profitability.
For Shelly Group, the projected revenue growth for 2025 is 43%, and its FCF margin is expected to be 7.2% (based on NTM FCF of €EUR 11.2m and NTM revenue of € 156.4m). This results in a Rule of X score of 93.1 – 136.1 (using a multiplier of 2-3), well above the threshold of 40. This score highlights Shelly Group's exceptional ability to balance rapid growth with efficient cash generation, a hallmark of high-performing companies.
If you take a look at the recent Yoram Wijngaarde blog on Dealroom.co adjusted model of the Rule of X and plot Shelly Group’s current and implied Rule of X EV, you discover the direction in which its valuation can move.




Let’s put this in a context – consider NVIDIA, a global leader in semiconductors and cloud computing, which recently achieved a Rule of X score in line with major tech stocks, trading at ~ 30x EV/revenue and ~ 47x EV/EBITDA. While NVIDIA’s valuation is justified by its dominant position in the AI and cloud computing markets, Shelly Group trades at a deep discount. Having a Rule of X score of 151.3% (using Dealroom’s model @ 41.5% 2024-26 revenue CAGR and 26.9% 2024e EBITDA margin) Shelly Group reaches as high as 27x implied EV/revenue taking into account it is equally efficient in balancing growth and profitability. Currently Shelly Group’s cap stand at €0.63b while its intrinsic value stands at €2.95b which is 4.7x higher capitalization given its current market prices. This discrepancy highlights the potential for Shelly Group's valuation to catch up as the market recognizes its growth trajectory and operational efficiency.
When compared to its peers in the European tech sector, Shelly Group's Rule of X score stands out, reinforcing its undervaluation. Many European companies in the IoT and smart home space struggle to achieve such a high score, as they often prioritize growth at the expense of profitability or vice versa. Shelly Group's ability to excel on both fronts positions it as a unique investment opportunity in a market that often undervalues high-growth technology companies.
Undervalued and Outperforming European Stocks

Despite its strong fundamentals and growth trajectory, Shelly Group remains undervalued, particularly when compared to US tech companies. The company's current stock market position is relatively outperforming European stocks and its valuation metrics suggest significant upside potential. With a 2025e P/E of 19.9 and an EV/EBITDA of 15.2x, Shelly Group trades at a deep discount to its intrinsic value, especially considering its projected revenue growth of 43% in 2025 and an EBIT margin consistently above 25%. This undervaluation is partly due to its listing in Europe, where capital markets often overlook high-growth technology companies in favor of more traditional sectors. However, as Shelly Group continues to consistently deliver on its growth targets and expand its market presence, this valuation gap is likely to close, offering substantial upside for investors.
Our journey

IMPETUS identified and invested in Shelly Group, then Allterco with its visionary founders Dimitar Dimitrov and Svetlin Todorov, at an inflection point for the company in 2015. After extensive pitching there was no other VC to support Shelly Group’s story and expansion plans. In 2016 we then turned to the capital markets syndicating with all our friend a €1.1m oversubscribed IPO to support Shelly Group’s growth. Investing in companies like Shelly Group at such a point is not without risks, but the rewards can be extraordinary. The company's success depends on its ability to navigate challenges such as technological advancements, regulatory changes, and competitive pressures. However, its strong fundamentals, innovative product portfolio, and vision for redefining markets provide a solid foundation for long-term growth. As Shelly Group continues to innovate and expand its footprint, it offers a unique opportunity to be part of a transformative journey in the IoT and smart home sectors. For forward-thinking investors, this represents a chance to align with a company that is not just growing but shaping the future of its industry. The Rule of X further underscores Shelly Group's potential, making it a compelling addition to any growth-oriented portfolio.

[tony1975]

[Plemennika_na_shefa]

Сосайбър в Линкед Ин. Изглежда поредната успешна компания в портфолиото на Импулс.

In the final hours of the year, we look back on 2024 as a year of remarkable growth, continued excellence, and great achievements.

We are proud of our team's accomplishments in 2024 and look forward to new challenges and victories together with our colleagues and partners in 2025!

[ratten]

e, x_y, това, че съм споменал откритието на дънинг и крюгер
заяждане ли е!??
за какво са го правили тия хора, м?