First - My name is Assaf Nathan, I manage Eden funds. Thank you for including me in your short Thesis - free publicity is always a good thing! Usually I have to pay for exposure....
Just to make the publicity whole - The name of the fund is Eden Discovery, if you want to invest you can contact me at assaf@eden-funds.com. We are still looking for investors, as we have a few stories with explosive growth like Intellego, and our CAGR is high double digit - if you want to invest - I welcome you to contact me.
Now for the piece above - just as you were so off with your "opaque entities", you are so off with all the rest... Let me lend you a hand - the "partner" you did not discover its name was Nordea bank. It is written in the public press releases you somehow missed. I won't look up the link for you, you need to do some work. What else did you miss, if you missed a public press release in the matter?
All the rest are same claims surfaced when the co was at 30, at 14 later on, then again at 20... maybe we'll see a new short thesis from a new short seller in 160kr.
In my long career I saw a few securities that consistently killed the shortsellers but they kept coming. Every time a new sucker. I think this one is the same.
How thorough are you in your short thesis, if you did not check who shorted before you on the same claims? And how these claims were resolved? did you try and talk to the company?
Are you even aware you are not the first?
Well, best of luck. You are the 4th short seller recycling the same claims, that were debunked. All the rest got fried. Maybe you will succeed? Donno, are you doing something different? Are you better? Regarding the stock action - the people selling now are the same suckers that sold at 30, 14 and 20.
Thanks — will reach out and set up a call and we can discuss. Happy to work together!
For anyone who believes tbis had an effect, they lack perspective, the stock is down 6% on the day vs 10x 1yr. I promise you, this report isn’t the reason for why the stock is down on the day “.
Hello—interesting read for sure. I covered Intellego for my research platform, and since then it has more than tripled in just six months. I don’t currently hold a long position, but I’m looking to start one.
I think a key point is missing from your thesis: the bear case is already priced in. If the company didn’t face these issues, it would trade at 20-30 × forward EBIT; instead, it trades at about 10 ×, even accounting for the irregularities—not uncommon in fast-growing, small companies. I know several large investors who own the stock and are well aware of the problems. One of my colleagues will visit the factory soon and meet with management, so this is not as retail-driven as you might think. These “small” problems don’t change the overall thesis; the only major concern is receivables, and both investors and management recognize the risk.
Yes, management is promotional—no surprise for a founder-led company whose warrants require a 3× share-price gain. On the accounting side, I agree with you, but they are working to improve it.
The company isn’t perfect, but even with its flaws it offers a compelling opportunity because the valuation is low relative to its growth. The thesis you need to refute is whether it can keep growing, and I don’t see how you’ve addressed that.
Good work at showing the bear case of the company but I think you have missed the key point, would repost it so some people can know about the bear thesis.
Hello, I haven't gotten to it but I will release a follow-up.
Yes, this is a clear case of fraud and reflects a lack of competency by the regulator (my opinion).
Given my professional experience primarily in U.S. markets, I'm curious as to why companies post preliminary quarterly results instead of timely audited actual results. Is this practice common in the Nordics?
I still don’t fully understand the purpose of these preliminary earnings reports, as they often seem to mirror the previous ones. For example, when we look at the preliminary reports for Q1 and Q2, what differences do we observe?
- Q1: EBIT > 100
- Q1 (three days later): EBIT > 160
- Q2: EBIT > 100
- H1 (three days later): EBIT > 250
Why issue a press release at the start of the month and then follow up with another one three days later that shows even better results?
Additionally, why do the first three days of each quarter consistently show such strong performance?
I reached out to their Chinese counterparts, but they have no relationship with Intellego.
Lastly, why did they not mention Eden Funds by name in relation to their option exercise press release? Why was there no disclosure of the relationship or acknowledgment of the "arms-length negotiated deal" with them?
It is obvious that the CEO has a relationship with them.
Hi, I am a user of FAR-UVC lights. I have ordered their dosimeter cards. I can't speak to the larger issue but their products do actually exist and, as far as I can tell, work as intended.
hehe - "opaque entities".
First - My name is Assaf Nathan, I manage Eden funds. Thank you for including me in your short Thesis - free publicity is always a good thing! Usually I have to pay for exposure....
Just to make the publicity whole - The name of the fund is Eden Discovery, if you want to invest you can contact me at assaf@eden-funds.com. We are still looking for investors, as we have a few stories with explosive growth like Intellego, and our CAGR is high double digit - if you want to invest - I welcome you to contact me.
Now for the piece above - just as you were so off with your "opaque entities", you are so off with all the rest... Let me lend you a hand - the "partner" you did not discover its name was Nordea bank. It is written in the public press releases you somehow missed. I won't look up the link for you, you need to do some work. What else did you miss, if you missed a public press release in the matter?
All the rest are same claims surfaced when the co was at 30, at 14 later on, then again at 20... maybe we'll see a new short thesis from a new short seller in 160kr.
In my long career I saw a few securities that consistently killed the shortsellers but they kept coming. Every time a new sucker. I think this one is the same.
How thorough are you in your short thesis, if you did not check who shorted before you on the same claims? And how these claims were resolved? did you try and talk to the company?
Are you even aware you are not the first?
Well, best of luck. You are the 4th short seller recycling the same claims, that were debunked. All the rest got fried. Maybe you will succeed? Donno, are you doing something different? Are you better? Regarding the stock action - the people selling now are the same suckers that sold at 30, 14 and 20.
Amazing how history repeats itself.
1. I think for myself, as that what I am paid to do, as a professional.
Put simply, I don’t read or follow other “investors” conclusions.
I think some guy in Omaha said the same thing.
2. Congrats on the trade. I hope this clarifies the “Opaque” part.
As investor, I take feelings out of the equation and focus on generating return.
I emailed you on Friday, happy to take a look!
Thanks — will reach out and set up a call and we can discuss. Happy to work together!
For anyone who believes tbis had an effect, they lack perspective, the stock is down 6% on the day vs 10x 1yr. I promise you, this report isn’t the reason for why the stock is down on the day “.
Hello—interesting read for sure. I covered Intellego for my research platform, and since then it has more than tripled in just six months. I don’t currently hold a long position, but I’m looking to start one.
I think a key point is missing from your thesis: the bear case is already priced in. If the company didn’t face these issues, it would trade at 20-30 × forward EBIT; instead, it trades at about 10 ×, even accounting for the irregularities—not uncommon in fast-growing, small companies. I know several large investors who own the stock and are well aware of the problems. One of my colleagues will visit the factory soon and meet with management, so this is not as retail-driven as you might think. These “small” problems don’t change the overall thesis; the only major concern is receivables, and both investors and management recognize the risk.
Yes, management is promotional—no surprise for a founder-led company whose warrants require a 3× share-price gain. On the accounting side, I agree with you, but they are working to improve it.
The company isn’t perfect, but even with its flaws it offers a compelling opportunity because the valuation is low relative to its growth. The thesis you need to refute is whether it can keep growing, and I don’t see how you’ve addressed that.
Good work at showing the bear case of the company but I think you have missed the key point, would repost it so some people can know about the bear thesis.
Hi! Just wondering if there are any updates on the visit to management and the factory?
Hey, any updates on this? I'm genuinely interested, as I'm considering investing, but this is holding me back. Henkel's agreement seems to be real: https://x.com/SvenNordenstam/status/1895034170847699445
Bizarre case indeed, sudden growth and enthusiastic write-ups and forum posts, but:
-few mentions of the company’s products outside of affiliated websites;
- photos from a research visit to a production site show a contract printing facility and a few sample boxes in smallish warehouse;
- still no office; websites and IR materials refer to various co-working spaces, and the map on the website leads to the CEO’s cottage.
Hello, I haven't gotten to it but I will release a follow-up.
Yes, this is a clear case of fraud and reflects a lack of competency by the regulator (my opinion).
Given my professional experience primarily in U.S. markets, I'm curious as to why companies post preliminary quarterly results instead of timely audited actual results. Is this practice common in the Nordics?
I still don’t fully understand the purpose of these preliminary earnings reports, as they often seem to mirror the previous ones. For example, when we look at the preliminary reports for Q1 and Q2, what differences do we observe?
- Q1: EBIT > 100
- Q1 (three days later): EBIT > 160
- Q2: EBIT > 100
- H1 (three days later): EBIT > 250
Why issue a press release at the start of the month and then follow up with another one three days later that shows even better results?
Additionally, why do the first three days of each quarter consistently show such strong performance?
I reached out to their Chinese counterparts, but they have no relationship with Intellego.
Lastly, why did they not mention Eden Funds by name in relation to their option exercise press release? Why was there no disclosure of the relationship or acknowledgment of the "arms-length negotiated deal" with them?
It is obvious that the CEO has a relationship with them.
Hi, I am a user of FAR-UVC lights. I have ordered their dosimeter cards. I can't speak to the larger issue but their products do actually exist and, as far as I can tell, work as intended.
Here you go: https://www.linkedin.com/posts/montega-ag_investorrelations-ir-aktien-activity-7344374953913270272-aBV5
hey there, could you please send me the source for the research visit to the production site ?