contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


duell-another-bump-in-the-turnaround-story-evli

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Duell is an import company. The company's own and imported products are sold through a distribution network covering the European markets. Duell’s range of imported products includes equipment, accessories and spare parts for motorcycling, snowmobiling. boating, bicycling, ATVs/UTVs, mopeds and scooters. The company was founded in 1983 and its headquarters is located in Mustasaari, Finland.

Yes, I believe that the CEO and management admit that the last few years have not gone perfectly (as in Strömsö). But that does not mean that Duell has not been a steadily growing and successful company since the 80s.

The CEO talks about 40 years of success. Hasn’t this stock market listing been a disaster, even though revenue has certainly grown? Hard to say if it’s all deserved or if there’s already an overreaction? Just over 2% of the value left compared to the beginning. Quite a wild creation of shareholder value.

CEO’s review from Tuesday’s Shareholders’ Meeting                    Inderes              Duellin yhtiökokous | Toimitusjohtajan katsaus 25.11.2025 - Inderes    Aika: 28.11.2025 klo 09.55 Toimitusjohtaja Magnus Miemoisin katsaus Duellin yhtiökokouksesta 25.11.2025.

I think there should now also be a small option for inventory levels, as last year goods were left in stock due to a bad winter. Spare parts do not expire. Overalls then have last year’s colors.

Duell has not opened these much itself. Acquired targets go into a black box and only consolidated figures are reported.  Some active individuals have dug into country-specific financial statements and other public sources   At least I have the impression that TranAm is a perfectly good business. It was just bought in a hot market where the figures were a bit too good, and too high multiples were paid for them. In hindsight, it can be stated that it would not have been worth buying in a hot market. Duell’s market value is ridiculously low IF goods circulate without any massive discount campaigns and French operations can be made to run normally.  However, there are possibilities that the inventory value is overstated, or it must be sold at a discount = either the goods do not circulate and rot in the warehouse, tying up capital, or they are sold at a loss. French operations and other fumbling with brands can anger customers, leading to lost sales or partnerships. If there are setbacks in the business, financing can quickly become critical, and a share issue or similar may be necessary as covenants are breached.  No matter what happens, in a year or two, it will be easy to boast, ‘I told you so.’ “Duell’s equity ratio on August 31, 2025, was 55.1% (55.0%)”  “Duell’s net debt on August 31, 2025, was 20.2 million euros (19.6 million euros). Duell’s net debt on August 31, 2025, relative to adjusted EBITDA for the past 12 months was 3.3x (2.8x). The covenant terms were not met at the end of the reporting period.”  The balance sheet would be quite OK if only EBITDA were at least at a satisfactory level. Duell’s market value is now 16 MEUR.  Revenue just under 130 MEUR. It is not realistic to expect margins to rise particularly high, but even with quite small profitabilities, a significant amount of net income and cash flow could be generated relative to market value. For example, in Inderes’ forecasts for 2029, EPS(adj) = €0.82 if EBITDA% = 5.2  It’s not worth looking as far as 2029 yet, but it illustrates how low the EBITDA margin is for the company’s valuation PE(adj)<4 IF the business were to do even reasonably well, the stock is cheap as dirt.  In light of that, I have wondered about this:  After 2023, insiders have only bought a couple of shares:  Since Duell has two main owners, it seems unlikely that a takeover bid is coming.  The value of the ownership stake of parties other than the Hartwalls is \~10 MEUR. With a 50% premium, the Hartwalls could try to buy the entire company off the stock exchange by paying 15 MEUR.

It hasn’t been precisely articulated. One can certainly infer a lot from the snow, and it has been reflected in the numbers in previous years. The fact that there is no snow in Finland in winter does not mean that motorcycles or boats are used more. ATVs are used year-round. Boating is strongly affected by summer weather, and that isn’t really compensated for by anything else. Of course, Duell’s turnover is geographically widespread, and somewhere there is always better-than-average weather for Duell.

Is it specified somewhere how much each product category contributes to the turnover? I.e., if one product category is doing well, doesn’t that mean another is doing worse, so can one really conclude much from, for example, Lumi?

Duell

Duell lowered its guidance for FY 2025 as weakened market conditions resulted in weaker-than-expected Q3. The company’s Q3 (March–May) figures are due on Thursday, July 3.