$INT Here is an analysis from Montega. Too bad about the good story, but I expect a total loss:
Rating from Montega AG on Intellego Technologies AB
Company: Intellego Technologies AB
ISIN: SE0016075063
Reason for the study: Update
Recommendation: n.a.
since: 09.02.2026
Target price: n.a.
Last rating change: -
Analyst: Ingo Schmidt, CIIA
KPMG report confirms worst fears
After Intellego Technologies as well as Nasdaq First North had the
the auditing company KPMG with a comprehensive special audit, the
the results of the forensic investigation were presented on January 30, 2026.
investigation were presented. While we had already pointed out irregularities
reporting irregularities at an early stage, the extent of the manipulations now
extent of the manipulation by former CEO Claes Lindahl that has now been revealed is
is shocking and puts the company to an enormous test.
Early warning signals confirmed: In our research update of
08.10. we had already suspended the rating for Intellego Technologies AB due to the
due to insufficient transparency. Our fears regarding the discrepancy
discrepancy between operating performance reports and the actual cash flow situation
cash flow situation have unfortunately been confirmed by recent events.
Systematic fraud by Claes Lindahl: The details published on January 30th
details published on January 30 show a degree of manipulation that goes far beyond
far beyond isolated errors. KPMG concludes that over 99% of the
of the sales reported for 2025 were systematically faked by Claes Lindahl
to deceive investors and the Board. According to the KPMG report
Lindahl systematically created two different sets of documents for the same orders/declarations of intent.
two different sets of documents. While one version, according to the KPMG report
real, often non-binding negotiations with potential customers, a second
potential customers, a second, manipulated version contained firm
acceptance commitments and fictitious payment and delivery terms. The latter
served as the basis for booking millions in sales that never actually existed.
never existed. In doing so, he apparently deceived all other
intellego employees and management colleagues as well as institutions such as the
the Swedish Export Credit Agency (SEK) and EKN by submitting manipulated
manipulated documents, which ultimately led to criminal charges of serious fraud.
fraud.
Executive Board fights for stock market listing - AGM at the end of February: The current Executive Board
is, by its own admission, endeavoring to come to terms with the events and is striving to
to maintain the company's stock market listing. We consider
this goal in view of the seriousness of the allegations and the necessary
forensic investigation of the financial statements. A
will be the Extraordinary General Meeting convened for February 23.
Extraordinary General Meeting convened for February 23. At this meeting, the management must
shareholders the extent to which a reliable database can be restored and what strategic
can be restored and what strategic options remain.
The most important consolidated holding Dario (UK), which was not part of the
which was not part of the investigations, could play a role.
Conclusion: The Intellego case remains a cautionary example of the importance of
of sound corporate governance and transparency. Our early warning has been
nevertheless surprised by the extent of the alleged criminal acts.
criminal acts. As long as the financial situation is not fully clarified
and audited financial statements are available, we are not in a position to value the share.
the share.
+++ This announcement does not constitute investment advice or an invitation to conclude
certain stock exchange transactions. Please read our RISK NOTICE /
DISCLAIMER at http://www.montega.de +++
About Montega:
Montega AG is an innovative investment banking boutique with a clear focus on medium-sized
focus on medium-sized companies and acts as a platform provider for the exchange
between listed companies and institutional investors.
Montega produces high-quality equity research, organizes a wide range of capital
capital market events in Germany and abroad and offers comprehensive support with
support with equity and debt financing. The mission:
To bring issuers and investors together and ensure transparency in the
stock market environment. In doing so, Montega concentrates on those market
market participants whose language the SME experts speak best
small and mid caps on the one hand and asset managers on the other,
family offices and investment boutiques with an investment focus in the small
on the other hand.
You can download the complete analysis here:
https://eqs-cockpit.com/c/fncls.ssp?u=44a18ff182b54552a8d4d28e458a6a0d
