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-expecting-a-challenging-start-to-fy26-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.

Tran-Am grew and delivered a good result again for the last financial year:  Tran-Am’s latest financial statements can now be found here:                   find-and-update.company-information.service.gov.uk              TRAN-AM LIMITED filing history - Find and update company information - GOV.UK    TRAN-AM LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity                             Unfortunately, the slightly more interesting figures for TecnoGlobe from France are not yet available.

Tommi is expecting a zero result in terms of adjusted EBITA for Q1. Personally, I find that even a bit optimistic and think the figure will tip into the negative. The first quarter will likely still be heavily impacted by brand changes in France, slightly lower pre-orders, the late arrival of winter, inventory clearing, and a relatively subdued consumer. We will probably be significantly behind the previous financial year after the first quarter, which is also the main reason for the weak guidance. The rest of the financial year will then be spent catching up with the guidance.  Looking a bit further ahead, I am of course still more optimistic than Tommi, and this single quarter has a limited impact on the big picture.

Duell’s net debt on 31 August 2025 was EUR 20.2 million (EUR 19.6 million). Duell’s net debt on 31 August 2025 relative to adjusted EBITDA for the last 12 months was 3.3x (2.8x). Covenant terms were not met at the end of the review period. The lender has granted a waiver, and loan repayments will continue according to the previous repayment schedule. Loan terms were modified to better suit Duell’s business, and the changes were signed in October.             sijoittajat.duell.eu              Duell%20Oyj%20Vuosikertomus%202025.pdf                             Could one infer from that that the loans are now at least partially tied to accounts receivable and inventory? I wonder how common that is in corporate finance?

Q1 declining revenue from the Nordics is probably a fair assumption, but as Magnus mentioned in the Q4 interview, pre-order activity has not been “significantly” weaker. Of course, the assumed weakness in France is added to this, though its share of the comparison period’s figures is hard to guess. On the other hand, based on comments from the previous year, the snowmobile market in “real” Lapland functioned normally last season—one would think that surplus inventory could be channeled there despite the weak sales in the south. In any case, it’s going to be an extremely difficult quarter to predict, not least because of France  Edit. If one looks for something positive, the current cold snap has finally caused Finnish lakes to freeze, and despite the drier weather, snowmobiling conditions could start across Finland with just a couple of snowstorms. At the same time, looking at Sweden, there is starting to be enough snow for snowmobiling quite far south. I also went snowmobiling at the turn of the year; to my delight, Amoq gear was available at the rental shop

Okay, you see last year’s inventory this way. I understood that 70% are spare parts that don’t expire. Personally, I think that not as much new stock has been ordered since there’s old stock left, so the balance sheet improves as the old inventory is sold. Hopefully, I’m right.

Hi!  In those situations, there has been a discrepancy between the share price, target price, and recommendation (Reduce recommendation and the stock having ~20% upside to the target price), which is why we aim to update the analysis. In connection with the preview comment, market parameters for the quarter are also already quite well available, meaning there are more bits of information available.  That is one reason for the sluggishness I expect in Q1’26: the end of the previous financial year’s winter season was sluggish, so it’s difficult for the wholesaler to sell goods to retailers when they likely still have items from the previous season on their shelves.  Last year, Relais apparently got hybrid debt at an 8% interest rate, HKFoods at about 9%. For Duell, a 10% interest rate would probably be close to the truth. Other financing terms also affect the interest rate, so these are indicative figures for terms similar to hybrid debt.

Duell Q1’26 Preview We expect indebtedness to rise to pain thresholds by the end of Q2’26, and in our view, the core of the investment story is breaking the debt spiral and avoiding an expensive mezzanine financing solution (hybrid debt/convertible bond).  How much additional cost would such a debt structure practically bring?

Duell

Duell reports Q1 (Sep–Nov) on January 14. We expect a challenging quarter, with weak market conditions, elevated dealer inventories and France weighing on performance.