Shelly Group SE: Berenberg Initiates Coverage with “Buy” Recommendation and Price Target of EUR 70.00 – Upside Potential of 22.8%

Shelly Group SE: Berenberg Initiates Coverage with “Buy” Recommendation and Price Target of EUR 70.00 – Upside Potential of 22.8%

Sofia / Munich, 2  September 2025 – Shelly Group SE (Ticker SLYG / ISIN: BG1100003166) (“Shelly Group”), a provider of IoT and smart building solutions based in Sofia, Bulgaria, is now covered by the renowned Hamburg-based private bank Joh. Berenberg, Gossler & Co. KG. In its initiation report, the analysts issue a “Buy” recommendation with a price target of EUR 70.00. This implies an upside potential of 22.8% compared to the Xetra closing price of EUR 57.00 on 1 September 2025.

The analysts particularly highlight Shelly Group’s strong market positioning, which benefits from an attractive price-performance ratio and a broad product portfolio in the structurally growing home and building automation market. They also emphasize the Company’s entry into the professional segment, which accounts for around 70% of the overall market and therefore offers significant growth potential. In addition, the analysts positively assess Shelly Group’s strong innovative capabilities and compelling product roadmap, as these not only support the Company’s future business development but, in their view, could also make Shelly Group increasingly attractive to both strategic and financial investors.

About Berenberg

Founded in 1590, Berenberg is today one of Europe’s leading private banks with business divisions in Wealth and Asset Management, Investment Banking, and Corporate Banking. The Hamburg-based bank is managed by personally liable partners and maintains a strong presence in the financial centers of Frankfurt, London, and New York.

About Shelly Group

Shelly Group SE develops, designs, and distributes IoT and smart building solutions for DIY and professional users, offering advanced technology, seamless interoperability and a high degree of technological flexibility. Shelly products enable remote control and automation as well as energy management of electrical appliances and smart building solutions via smartphones, PCs or third-party home automation systems. In addition to the sale of devices, the Shelly Group generates revenue from its cloud applications. The Shelly Group benefits from asset-light production through the use of contract manufacturers. The Company has a strong presence in German-speaking countries and is represented with its products in more than 100 countries. With subsidiaries in Germany, Bulgaria, Poland, and Slovenia as well as in the USA and China, the Shelly Group is globally present.

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