Frehr Invest

Next week I’ll be meeting several companies 1-on-1 with their CEOs: • Shelly Group $SLYG • Ceotronics $CEK • Steyr Motors $STEYR • JDC Group $JDC • Yoc $YOC If you have any questions for the companies, drop them below — I’ll ask the CEOs directly. Fire away.

@SharogradskyM When I met and had a meeting with CEO wolfgang, he said that Shelly didn't focus that much on NWC. So i would assume there is room for improvement, if they focussed on it.

Wow $SLYG Q1 above expectations Great Cash flow So maybe no channel stuffing …..

@Lou_Mannheim Why not spend the money on growth instead? There are many untapped markets?

Dellia delar idag ut 50% av vinsten, från i höst halvårsvis. VD meddelar nu att målet är att på sikt dela ut 100 %. 🥭 $DELIA

@JohannesKillman Only 2% Shelly?

Portföljfördelning 💼 Och största innehav per land 🌍 🇸🇪 43%, Investor 🇨🇦 20%, Constellation Software 🇺🇸 14%, Microsoft 🇫🇷 10%, LVMH 🇩🇰 4%, Novo Nordisk 🇵🇱 3%, Dino polska 🇧🇬 2%, Shelly Group 🇮🇹 2%, Ferrari 🇮🇳 2%, Icici bank

@charlesbhutch 15-17% adjusted EBITDA-margin. How much will go down to Net-margin?

$NURS.V $NURS $HYDTF will be having its first webinar of the year today. The company has guided for $150m revenue and 15%-17% Adjusted EBITDA margins for 2026. Over 200% revenue growth and is trading at around 5X 2026 EV/EBITDA and a 2026 P/E of 8. hydreight.zoom.us/webinar/regist…

@lasse108 What has happened the last month?

This looks cheap no?

@zaferkara70 What do you think about Cadeler?

Jeg solgte hele beholdningen av DOF nå på kurs ca. 129 kr med en stor gevinst. Sitter med kontantene nå og ser hvordan markedet utvikler. Har så lyst til å fulle på mer NAS. 🧐

@TBstockinvestor What are the biggest risks for Hacksaw? There may be a reason, that it isn't trading at +25x earnings?

🎰Hacksaw ab $hack currently priced at 58 sek: -9,2x pe -30% growth for 2026 -7,5% dividend Not that many stocks cheaper then this. I am still adding to my position.

@Pontus91 Have you rebought SEYE, or what is the trigger you are waiting for?

@nobenchmark Where is it on the website?

$SLYG has posted a public response to the a/r concerns on their website

@IcqqkaeyD Do you see SLYG as Intellego 2.0?

$SLYG Say it ain't sooo

@sungcapital What are your top 3 holdings?

I buy just a fraction of the stocks I write up on this newsletter (and some that aren’t written up), because I’m a concentrated investor. My portfolio rarely holds >10 stocks and usually <7 (which, of course, is dependent on the opportunity set as there are periods with an abundance of special sits, and there are situations where it might make sense to buy a basket, like foreign net nets). Any serious investor should allocate more to their best idea than their tenth, a recognition that the distribution of opportunities in markets is wildly uneven and that great ideas are few and far between.

@Symmetry_Invest Has Symmetry also sold all their Shelly shares?

Agree with Jean Phillipe here. Reached same conclusion.

@NemCapSE Do you think Shelly is the new Intellego?🧐

@jptissot1 @SharogradskyM Sharogradadsky was also one of the biggest cheerleaders of Intellego (fraud deluxe) would put 0 confidence in his abilities

Mark @SharogradskyM , we spoke a few days days ago and various times post Shelly results. I shared my concerns, my questions and my reasoning directly with you. You had no answers then to my precise questions. Now that I've published what I did, which I see as a duty given my vocal support for Shelly, you respond not to a single question I raised — but to the fact that I sold and decided to misinterpret my previous messages. The €10B comment was not a price target - Please tell how that can be? I am seriously curious how that can be interpreted? In fact, it was the opposite; it was a warning, a concern. Here is exactly what I wrote: "The path from €1B to €10B will be a challenging one. Now is the time for Shelly to think more ambitiously about its talent and its Board of Directors." And on Twitter days before the results: "What brought Shelly to €1B is not the same as what will bring it to €10B… the job is not finished." When you see me writing that instead of praising — that is the signal. It was never bullish. It was me growing uncomfortable. On "one quarter" — I flagged this on the February 2024 earnings call. Two years ago. That is not a reaction to one quarter. That is two years of observation ending where the balance sheet took me. But I seriosuly ask you: Should we remain permanent cheerleaders? Is that what you think a serious shareholder's job is? My job is to allocate capital honestly. When my assumptions break, I act, and if I have been very public, I feel a duty to eventually disclose it. What is the value of this platform if one posts only one-sided positions? Is that what you want? Nothing I value more than counterarguments to my thoughts, and I gave you the chance in an intellectual way. As mentioned above, I shared my concerns with you directly weeks ago. I gave you specific, precise questions because I genuinely wanted to hear another perspective. You had every opportunity to engage with the substance. You chose to respond to none of those questions and instead post this. I don't understand that, and I won't pretend to. I close this chapter now.

@____lugavbo____ Two investors on X sold and wrote about why they sold. So no new fundamental news.

Någon nyhet i $SLYG idag? Faller över -6,5% :/

@DachsLLM I have sent it to you now

@FrehrInvest @R2Discovery Could you please share it with me as well? I've sent you a PM.

Small part of research for the investors saying Ceotronics is only visible in Germany with Rheinmetall. Over the last 6 months, Ceotronics S.L. ( $CEK Spanish entity) participated in 13 public procurement procedures in Spain with a 100% success rate. The total volume awarded reached €732,741, distributed among 12 contracting entities. Key clients include the Dirección General de Racionalización y Centralización de la Contratación (central government purchasing body) and the Jefatura de Asuntos Económicos de la Guardia Civil (Civil Guard). Source: Tendios.com Then this is the key opportunity for Ceotronics in Spain: They launched the procurement of tactical radio communication systems (SCRT — Sistema Conjunto de Radio Táctica), with initial funding of €350 million allocated in the 2025 defense budget. One of the many I have found, that are possible for next quarters. All of that is happening for sub 10x EBITDA valuation on current, very sticky German business.

@R2Discovery It still says "Read Only"?? Is it a setting or how to fix?

@AAMannolu Aren't you afraid of the bad governance by CEO Harry Vafias? Look at IMPP, Harry is also CEO there, and did a very bad dilution in November.

To give a background on it. I started the position almost a year ago 😅 Pure asset play that got lucky with the LNG crisis. Most importantly the company has zero debt, $90m in unrestricted cash for a MC of $300m, own all the vessels they operate. Cherry on top is actively buying back shares. That’s why keeping the other half with 50% taken with a bagger. $GASS

@Pontus91 Why is that so? Before it was one of your biggest positions?

@FrehrInvest Ja! Inga planer på att plocka tillbaka! 👍

Härligt tryck i depån! 🚀 🥂 OBS! Mycket tur.

@Pontus91 Why did you sell Smart Eye?

Månadssummeringen för februari är nu utskickad till alla er som följer via Substack, nyhetsbrevet "PPM" eller "PPM+Aktiecase". 📩 Hög aktivitet i depån under månaden där alltså Smart Eye fick lämna men det har även därefter plockats in två nya case under månaden i samband med deras rapporter. Aktiedepån YTD: -6,93% - Tuffa tider bland småbolagen PPM YTD: +0,2% Önskar er alla en riktigt härlig helg! 🥂