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
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      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
    }
  }
}


dnb-carnegie-access-lindex-group-solid-2025-upside-potential-to-2026e-guidance-q4-review

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Lindex Group operates in the retail sector. The Group manages a number of stores in major shopping centres and large commercial premises located throughout the Nordic market. The Group is a retailer of several brands and the range consists of clothing, shoes and related accessories. The company has its headquarters in Helsinki.

I don’t know if it has already been mentioned in the thread, but in addition to Inderes, it seems OP has also discontinued its coverage of Lindex. I doubled my own small Lindex position last Friday, as the Lindex share appears more interesting for a change.

With Stockmann’s lease liabilities raising a significant amount of concern among shareholders (and Lindex followers), it would be great if Lindex still had research coverage purchased from Inderes. In the absence of this information, I tried to outline the matter myself, and a direct tip for the Q1/2023 report was found in Rauli’s previous message.  According to the Q1/23 report published on April 28, 2023, the annual rent for the Helsinki department store could be estimated at approximately €10M/year and the others at a total of approximately €13.8M/year. All department stores have been defined as cash-generating units (excl. ‘central costs’). In total, the department stores’ lease liabilities have been €293.1M (incl. ‘Stockmann other leases’), and now in the 2025 financial statement release, the figure was €305.5M, in 2024 it was €330.2M, and in 2023 it was €329.5M. It still seems impossible to get the actual lease expense directly from that, as the closure of Stockmann Itis occurred in 2025. Apparently, the closure happened due to the expiration of the lease agreement, as the comment from Riku Lyly, COO of the Stockmann division, in the release reads: “…We have explored options for the possible continuation of the lease agreement in good cooperation with our landlord. However, we have not found a sustainable solution that would meet both our customers’ expectations and our important profitability development…” Consequently, the lease liabilities for 2026 could be somewhere between €20-24M, or 6.5-8% of the current revenue? The duration of the Helsinki department store’s lease agreement is known, and the transaction releases for the Tallinn & Riga department stores mention a “long-term sale-and-leaseback agreement.” The perspective to take regarding Stockmann is likely that management is now trying to put the business in even better shape and reduce the “millstone” effect. Now that the restructuring is over and the company’s cash position is solid, the return to being a dividend payer approaches day by day. I suspect it might happen as early as this year, once they are released from the old covenant by paying off the loan. After this, the investment case will be determined by Lindex’s profitable growth and the development of Stockmann’s cash flow. The development of the investment case would be easier if the company communicated more openly with investors about its operations, burdens, and goals. For example, I was absolutely sure that a return to dividend payments would be announced in connection with the financial statement release, and I considered it one of the drivers for the stock’s appreciation. But as they say, the devil was once again in the details.

A pleasant thought, but we’ll see! For me, shopping there is a common everyday thing, but I’m probably in the minority these days. A teacher acquaintance of mine mentioned that their teenage students had apparently left in the middle of the school day to go to the Tampere Stockmann (Stocka) in pursuit of Skims. Stockmann’s story has been so sad that one doesn’t really dare to draw any far-reaching conclusions from incidents like these.

kaupantila.fi              Onko Stockmannin tavaratalojen käänne viimein totta?    Vuosikymmenen mittaisen alamäen jälkeen Stockmannin tavaratalot näyttävät vihdoin palaavan kannattavan kasvun tielle.

Many shareholders feel that the price doesn’t matter, as long as they can get out. The board disagrees (or at least that’s how I perceive it). The long lease is the primary issue, but giving away the business rent-free would be foolish and too expensive. Better to have some kind of upfront payment for party X to take over Stockmann. I don’t know the amount, though one can certainly speculate on that, too.

There is a strong push to get rid of the department stores, regardless of the price. So, if no debt were passed on to the buyer as part of the deal, would the sale price still be negative? Or are you talking about a negative transaction price only when debt is included? If no debt is included, some penniless front company would surely be found immediately, provided there’s a decent consultant fee involved. (In that case, the creditors wouldn’t interfere with the sale.)

The quarterly figures looked good, but that mess with the dividend did not. Lindex feels very opaque administratively. The Stockmann division is indeed a problem, but if the cash flow could be brought to even the -10 million euro level, it could be spun off as its own company with a large cash position. A 100 million euro cash position would then likely be sufficient from the landlords’ perspective as well. Of course, the best scenario would be if someone took the department stores for free, or even with a 20M€ “sweetener” (dowry). But that is unlikely to be on the horizon until the economic situation improves.

Lindex Group

DNB Carnegie has published a new commissioned research report on Lindex Group.To access the full report and subscribe to future updates, visit https://access.dnbcarnegie.com/companies/1624.Information...

<div class="mfn-preamble"><p><strong>DNB Carnegie has published a new commissioned research report on Lindex Group.</strong></p></div><div class="mfn-body"><p>To access the full report and subscribe to future updates, visit <a rel="noopener" href="https://access.dnbcarnegie.com/companies/1624">https://access.dnbcarnegie.com/companies/1624</a>.</p></div><div class="mfn-footer mfn-6fcd5977fc3f"><p><strong class="mfn-heading-1">Information</strong><br>This is a press release from DNB Carnegie. For information about DNB Carnegie commissioned research, see <a rel="noopener" href="https://access.dnbcarnegie.com/">https://access.dnbcarnegie.com/</a>, or contact our commissioned research team at <a rel="noopener" href="mailto:cr@carnegie.se">cr@carnegie.se</a>.</p></div><div class="mfn-footer mfn-about mfn-f597257b14ff"><p><strong class="mfn-heading-1">About Us</strong><br>DNB Carnegie is the leading and independent Nordic investment and private bank. Our operations within Corporate Finance, Securities and Research, Private Banking and Wealth Management are among the market leaders within their respective sectors. Together, they build an unbeatable combination of integrated knowledge, guiding our clients towards better business. DNB Carnegie operates in six countries and has more than 800 employees.</p></div>