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Shelly Group is a Bulgarian technology company that specializes in offering smart home solutions. So , it competes with the likes of Google, Amazon, and Samsung in this market. Tough competition, right? So, why would I analyze Shelly Group, then? I actually found the company by running a stock screener with criteria on gross profit margins, insider ownership, net margins, and ROIC. The numbers speak for themselves. I thought to myself, with these numbers, there must be something special about this company. That’s exactly what I’m going to find out during this analysis. The 2025 numbers are as follows: Gross Profit Margin: 57.7%Net Profit Margin: 17%ROIC 5-year average: 39.8%Revenue Growth 5 yr: 44.6%Insiders own half of the companyTo be honest, I’m pretty enthusiastic about the extent to which Shelly’s customers can automate their homes. For example, via Shelly’s premium app, users can easily automate lighting or locking features. For example, when the toilet door gets opened, the light must turn on. The application can detect devices that are on if you left the house, such as the oven or the television. You can speak to its AI assistant in any language, something even Amazon is not offering yet. Shelly operates both via installers, for example, for new construction projects, as well as direct-to-consumer. To be honest, you must be a bit of a geek to install Shelly’s products, such as relays and switches, yourself. But yes, how cool to fully automate your home. While I’m writing this introduction, I’m listening to Shelly’s FY 2025 investor call. They talk a lot about how to fend off competition like Amazon. So, you will definitely see a competitor analysis here. Let’s explore this interesting and little-known company!Enjoy the episode! Disclaimer:Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.You can also find us on:X ⁠@DutchInvestors⁠Substack ⁠@The Dutch Investors⁠Instagram ⁠@The Dutch Investors⁠

This week, it's time for part two of the ASML analysis! You already learned what is needed to produce the most complex machine on earth. Mathijs and Bouke guided you through the entire value chain, covering concepts like High EUV, DUV, wafers, and lithography.In part two, you’ll learn about:The exceptional management teamThe risks and opportunitiesThe valuation of ASMLEnjoy part two of one of our most insightful analyses! Disclaimer:Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.You can also find us on:X ⁠@DutchInvestors⁠Substack ⁠@The Dutch Investors⁠Instagram ⁠@The Dutch Investors⁠

ASML is a key player in the value chain needed to produce the best chips on earth that make AI possible. And to be honest, as Dutchmen, we're proud of this Dutch gem. Bouke and Mathijs broke this complex company down for you.In part one of the analysis you'll discover: What is needed to produce the most complex machine on earthHow the value chain within the chip industry looks likeHow the culture of ASML created this monopolyEnjoy the in-depth analysis of one of the most interesting stocks in the world. Disclaimer:Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.You can also find us on:X ⁠@DutchInvestors⁠Substack ⁠@The Dutch Investors⁠Instagram ⁠@The Dutch Investors⁠

Couche-Tard (CT), a global leader in convenience stores and fuel sales, operates over 16.500 locations worldwide! With a dual revenue model—fuel driving foot traffic to its convenience stores—the company has thrived in a fragmented U.S. market while consolidating its dominance in Europe and Canada. Its bold acquisition-driven strategy, like the recent $38 billion offer for Seven & i Holdings, signals its ambition to become the world’s top convenience store operator.But Couche-Tard faces a pivotal moment: as the world shifts to electric vehicles, will its fuel sales collapse? Can the company successfully transition to EV charging stations, or will it face unexpected competition? With its future hanging on how well it adapts, the big question remains: can CT retain its market dominance in a rapidly changing energy landscape? This analysis dives deep into these uncertainties and what the future might hold for the company. You can find our Couche-Tard fundamental analysis below. Disclaimer:Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.You can also find us on:X ⁠@DutchInvestors⁠Substack ⁠@The Dutch Investors⁠Instagram ⁠@The Dutch Investors⁠

Since its creation in 2004, Celsius has positioned itself as a fitness-oriented energy drink, appealing to a younger generation seeking a healthy lifestyle. With claims of “negative calories” and no artificial preservatives, the brand has achieved remarkable growth, boasting a 100% compound annual growth rate (CAGR) over the past five years. Backed by a significant partnership with PepsiCo, Celsius has made its way onto the shelves of every major U.S. retailer and captured around 9-11% of the U.S. energy drink market.However, despite these achievements, Celsius' stock has declined by 65%, raising the question for investors: Is Celsius just experiencing a bump in the road, or are there underlying risks to consider? This analysis delves into Celsius' business model, its competitive moat, and the opportunities and risks that could shape its future trajectory. Curious? Disclaimer:Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.You can also find us on:X ⁠@DutchInvestors⁠Substack ⁠@The Dutch Investors⁠Instagram ⁠@The Dutch Investors⁠

 Since its founding in 2010, Coupang has transformed South Korea's e-commerce market with its ultra-fast deliveries and expansive ecosystem. Often compared to Amazon, Coupang dominates the landscape with a 25% market share in one of the most digitally connected economies globally.For investors, this raises an important question: Is Coupang an undervalued Korean gem poised for a rebound, or is the market signaling underlying risks? We will break down Coupang's business model, explore its competitive moats, and examine both the opportunities and risks investors need to consider. Disclaimer:Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.You can also find us on:X ⁠@DutchInvestors⁠Substack ⁠@The Dutch Investors⁠Instagram ⁠@The Dutch Investors⁠

HAL Trust, a Dutch holding company with a strong focus on maritime services, oil, and gas, manages nearly 30 companies, including Boskalis, Vopak, and SBM Offshore. Known for smart acquisitions, HAL has delivered impressive long-term value, but can it continue this success?With much of its portfolio tied to energy markets, will HAL adapt to future shifts, or will growth stall? And how much do investors really know about its complex structure and strategy? Currently trading at a significant discount, HAL presents opportunities—but are the risks too high to ignore? Disclaimer:Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.You can also find us on:X ⁠@DutchInvestors⁠Substack ⁠@The Dutch Investors⁠Instagram ⁠@The Dutch Investors⁠

Evolution AB, a leader in the online gaming industry, holds a dominant position in the B2B gaming market with an impressive 60-70% market share. Known for its innovative live casino solutions, Evolution has carved out a wide moat in the highly competitive online gaming industry by offering an unbeatable combination of cutting-edge products, strong intellectual property, and a scalable business model.Our Fundamental Analysis of Evolution AB explores how this company stands out, with gross margins nearing 60% and an unmatched focus on the live segment of online gaming, positioning it well ahead of its competitors. Evolution’s strategic acquisitions, consistent innovation, and industry leadership make it a compelling case for investors seeking exposure to the rapidly growing online gaming market. Disclaimer:Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.You can also find us on:X ⁠@DutchInvestors⁠Substack ⁠@The Dutch Investors⁠Instagram ⁠@The Dutch Investors⁠

Dino Polska is a Polish supermarket chain with net margins of 5.5%. This is exceptional compared to competitors that typically operate with margins between 1% and 2.5%.Dino Polska has evolved from a single store in a small Polish town to a rapidly expanding supermarket chain with over 2,500 locations. Known for its unique standardization model which we will tell you everything about. Enjoy the (audio) analysis of Dino Polska.Disclaimer:Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.You can also find us on:X ⁠@DutchInvestors⁠Substack ⁠@The Dutch Investors⁠Instagram ⁠@The Dutch Investors⁠

 Kering is the powerhouse behind brands like Gucci, Balenciaga, Yves Saint Laurent, Bottega Veneta, and more! Of these brands, Gucci plays a crucial role, generating 50% of Kering's revenue.In this analysis, you will find out whether Kering is attractively valued after its 40% stock price decline since July 2019. Disclaimer:Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.You can also find us on:X ⁠@DutchInvestors⁠Substack ⁠@The Dutch Investors⁠Instagram ⁠@The Dutch Investors⁠

Teqnion, founded in 2006, is a Swedish serial acquirer specializing in profitable niche industrial companies. With a decentralized model, Teqnion allows its subsidiaries significant autonomy. This approach, combined with strategic acquisitions and strong management, aims to double earnings per share every five years. Teqnion operates in various markets, including defense, construction, datacenter design, electrification, and measurement equipment. This analysis explores Teqnion's unique strategy and why it remains a compelling investment opportunity for those seeking stable growth in niche industrial sectors. Disclaimer:Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.You can also find us on:X ⁠@DutchInvestors⁠Substack ⁠@The Dutch Investors⁠Instagram ⁠@The Dutch Investors⁠

Starting as a small bookstore in Seattle, Amazon has become a global powerhouse, changing the way we shop, watch media, and handle our daily lives. Our detailed analysis shows Amazon's focus on constant innovation, smart buys, and keeping customers happy, showing why it's so important in the digital world and attractive to investors.Amazon’s management has consistently demonstrated its capabilities, and the company thrives on a culture of relentless innovation. But is Amazon also attractively valued? Disclaimer:Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.You can also find us on:X ⁠@DutchInvestors⁠Substack ⁠@The Dutch Investors⁠Instagram ⁠@The Dutch Investors⁠