Executive Summary
Intellego Technologies (STO:INT) is a rare beast: a founder-led, high-growth, high-margin niche leader with a product that’s both simple and mission-critical.
The company’s patented UV dosimeters—think “pH strips for ultraviolet light”—are becoming the standard for UV validation in healthcare and industrial settings. With strategic partnerships with Henkel and Likang, Intellego is at an inflection point. Despite triple-digit growth and best-in-class profitability, the stock trades at a massive discount to peers.
The market is missing the story—mainly due to legacy working capital noise that is already being fixed. Although the company is based in Sweden, there is no Scandinavian research on the stock. The only research is an excellent piece by Tim Kurse of German broker Montega available on Intellego's webpage. Until Montega's initiation in mid-May, there had been no research coverage on the stock.
Intellego is listed in Sweden with SEK 2.2 billion market capitalization. The company has no debt. Intellego typically trades between 300 000 to 500 000 shares daily, a decent liquidity for a small‑cap Swedish biotech stock.
Monumental Sales Growth: Q1 2025 Sets a New Bar
The financial performance has been extraordinary:
- Q1 2025 sales were SEK 201 million — equal to the company’s entire full-year 2024 revenues.
- Intellego pre-announced its Q2 revenues, guiding that the Q2 revenues should exceed SEK 200 million. That would mean that 1H 2025 revenues should exceed SEK 400 Million, a double of 2024 FY revenues.
- The Company guidance for 2025 is “above SEK 600 millon”—already implying nearly 3x annual revenue growth. The guidance seems quite conservative, given the first half sales were SEK 400 million. Montega expects 2025 revenues at SEK 700 million.
- My own 2025 forecast is more bullish: SEK 800m, or 400% year-on-year growth. The current run-rate and order momentum make this not just possible, but likely if execution holds. There is a higher upside risk than downside risk on 2025 revenues.
- If the two major client sales accelerate further, the revenues could easily exceed SEK 1 billion in 2025.
Strong Cash Generation with EBIT Margins of 66%
As mentioned above in the 1Q 2025 Intellego achieved revenues SEK 201 million generating EBIT of 131.3 million with a remarkable EBIT margin of 66%.
The company has no material debt, generating strong operating cashflows. As all the production is secured by contract manufacturing, the company has extremely capital light business model. The only capital needs are for financing of its receivables that is increasing strongly due to strong revenue growth.
Very Cheap Off Radar Stock
Montega research assumes 2025 revenues of SEK 700 million, generating EBIT of SEK 320 million. The current EV is about SEK 2.2 billion. On Montega numbers Intellego trades at very cheap 3.4 times this year sales or 7.5 times this year EBIT.
Montega is quite conservative. As the first half revenues were "at least" SEK 400 million, their sales expectations of SEK 700 million would mean a declining sales in H2. I believe we are more likely going to see the opposite. Both Henkel and Likang are increasing their purchases. Other buyers are coming in. I think it is more likely that the second half revenues will beat the first half than decelerate.
While I believe that the 2025 revenues could easily reach SEK 1 billion, my base case valuation assumes only SEK 800 million in revenues, and EBIT of SEK 380 million. Under these assumptions, Intellego trades at 2.75 EV/Sales and 5.8 times EV/EBIT multiple.
Intellego is just very cheap for the growth they are achieving.
The Product
Intellego makes photochromic UV dosimeters—stickers, cards, or labels with a special ink that changes color when exposed to UV light. It’s a scientifically validated, peer-reviewed solution for tracking and documenting UV exposure, which is essential for everything from hospital disinfection to industrial adhesive curing.
Key points:
- Plug-and-play: Stick it on, expose it to UV, and the color shift tells you if the dose was right. No calibration, no batteries.
- Low cost, high value: A few euros per unit, but the cost of failure (infection, product recall) is orders of magnitude higher.
- Scientifically proven: Multiple academic studies cite Intellego’s dosimeters as the most reliable on the market.
- Patented: Four patents granted (good to 2042), including a smartphone app for digital traceability.
Product lineup:
- Healthcare: Dots & Squares (UV-C dose validation), Personal Indicators (occupational safety), MRSA/C-diff Cards (pathogen-specific).
- Industrial: TRI, DUO, and Quad Cards for precise UV curing in adhesives, coatings, and electronics.
- Emerging: Horticulture (UV for plant growth), and YUVIO bundles (razor-razorblade model: hardware + recurring dosimeter sales).
Why Now? Henkel and Likang Partnerships Change the Game
Henkel: Henkel isn’t just a household name in detergents—it’s the world’s largest producer of pressure-sensitive adhesives (EUR 11bn in 2024 sales). Intellego is now being incorporated in Henkel’s global industrial workflows, especially for UV curing of its adhesives products in electronics, automotive, and medical devices. Henkel sells Intellego products to its clients together with its adhesives. Intellego is negotiating with Henkel for exclusive distribution rights, and the revenue potential is easily in the billions of SEK over the next 3–5 years.
Montega research summary of the Henkel opportunity :
Likang: Likang (part of Yuwell Group) is a giant in Chinese healthcare disinfection, supplying ~3,000 hospitals and with access to 300,000+ facilities globally. Intellego’s partnership includes five-year minimum volume commitments totaling SEK 3.5bn for China and additional SEK 3.5bn for the rest of the world. With China tightening regulations around UV validation, Likang is a perfect anchor customer for Intellego’s healthcare push.
Henkel and Likang aren’t just customers—they’re distribution engines with global reach and multi-year, high-volume commitments.
Further, they are also a rubber stamp on quality. Henkel approval took almost three years. At the end Henkel ditched its own inhouse product and replaced it with Intellego's offering. Intellego quality is the main barrier to entry.
The Founder: Claes Lindahl
Claes Lindahl founded Intellego in 2011 and remains CEO and the largest individual shareholder with 12% stake.
Claes is increasing his position, during the last 12 months he invested EUR 1.4 million of his own money to buy Intellego stock in the market. That is quite unique, not many CEOs are buying so heavily its own stock at the size of the business.
Claes got a biotech and economics background, and has steered the company from consumer UV wristbands to industrial and healthcare dominance. Lindahl has been buying shares himself—always a good sign for alignment.
Valuation: The Market Is Still Asleep
Despite the run-up, Intellego’s valuation is nowhere near where it should be for a business with this growth, margin, and recurring revenue profile. Below is a summary of Montega Research:
The above table indicates, that on Montega forecasts on EV/EBIT multiple Intellego is 125% and 256% undervalued vs its peers based on 2025 and 2026 multiples, respectively.
Montega price target is SEK 125, 50% upside vs the current share price. My price target is SEK 200 in the next 12 months, which represents 150% upside.
Risks
- Receivables: Still high, but improving and manageable.
- Customer concentration: Henkel and Likang are two biggest customers. Their strong brand names should attract additional clients to decrease the high concentration exposure.
- Investor communication: The company has not been very active in IR. New CFO is coming in September to improve the situation.
Conclusion
Intellego is the kind of stock I like: founder-led, niche, high-margin, and still misunderstood by the market. The product is simple but crucial, the growth is real, and the partnerships are transformative. With Q1 2025 sales already matching all of 2024, and 2025 on track for at least 400% growth, this is a business that’s just getting started. As working capital normalizes, I expect a rapid rerating. We are long, and I think the market will catch up soon.
