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
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      }
    }
    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
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          estimates {
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            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
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          lastPrice
          tradeCurrency
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        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
    }
  }
}


inside-information-profit-warning-kh-group-plc-lowers-its-guidance-for-2024-1

__typename

title

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Sievi Capital is now a conglomerate with a new name KH Group. Our medium-term objective is to become an industrial group built around the business of KH-Koneet Group. KH Group’s share is listed on Nasdaq Helsinki.

This varies greatly, winter is late which is bad for the industry. We are eagerly awaiting a terrible snow inferno. Behind 23 by 55.1% (motor work machines and tractors) Behind 24 by 23.5%  So some less than 3.5-4m€ in turnover is missing for Kramer compared to last year (my guess for the average price) but there is so much pent-up demand that when this starts to unravel, we’ll be in trouble. Now the best thing that could happen would be peace in Ukraine → all used junk there, and here a fresh start. I would describe my own situation with the word challenging. Alive, but my turnover will also be down this year. Wasn’t that a great political answer  I’m watching the same stock just to make a small quick profit, but so far it doesn’t feel like the right moment is now. I could be wrong

@All_in_aina I looked at Traficom’s October registrations published today (from the categories tractors and earthmoving machinery). It was pleasing to note that Kramers (especially the 8085 model) had sold 26% -30% more than in the corresponding period in 10/2024. Generally (in total), these aforementioned categories were still negative compared to 10/2024. Question to the field: has the demand for earthmoving wheel loaders started to pick up towards late autumn, or should an amateur still keep their feet on the ground regarding development? First registrations of vehicles by make and model. Published 10.11.2025 https://tieto.traficom.fi/fi/tilastot/ensirekisteroityjen-ajoneuvojen-tilastot @Karhu_Hylje already posted statistics on construction development for September in another thread. According to it, the growth in construction turnover would have (perhaps) started. October statistics are not yet available. “According to Statistics Finland, the working-day adjusted turnover of construction companies grew by 3.8% in September 2025 compared to the previous year. The volume of sales, from which the impact of price changes has been removed, grew by 8.2%.” Publication 10.11.2025: https://stat.fi/julkaisu/cm1aism7vaf1q0dt893swgu5v KH Group’s share price development and information have been so depressing this year that I’m trying to find some joy for my losing investment from somewhere.

OP Financial Group reiterates its reduce recommendation and target price of €0.45, “More questions than answers.” The public report can be found on this page: https://www.op.fi/henkiloasiakkaat/saastot-ja-sijoitukset/osakesijoitukset/osaketutkimuksen-verkkopalvelu

An analyst’s time is never boring on KH Group’s earnings day!   This time, the numbers took a back seat, and the key takeaways were the departure of the company’s founder, Teppo Sakari, from KH-Koneet, and the mention of bringing NRG into the strategy, even in the report’s title. Unfortunately, considering KH Group’s strategic transformation journey and the simplification of its investment story, both were, at least in my opinion, setbacks.  I don’t believe Teppo left because of the change in KH Group’s management. Rather, I would guess that the incentives were no longer in place, and the flame for promoting the business dwindled. True to an entrepreneur, Teppo has passionately developed KH-Koneet and spent a lot of time in Sweden to support international growth. KH Group redeemed the shares of KH-Koneet’s minority owners, which caused Teppo’s ownership in the company to drop to zero. Based on the annual report or shareholder list, the gentleman does not appear to have ownership in KH Group (he may, of course, have shares through a holding company that I don’t recognize), so I can imagine that after this, dedication and spending time abroad away from family and friends might not feel as rewarding. At the same time, his personal finances are likely in good shape after the exit. I don’t know if he would have stayed longer with different incentives (I’m not entirely convinced that leading a listed company was what he dreamed of). From this perspective, however, I understand Sievi Capital’s decision to leave a minority ownership to the operating management to motivate them. A direct comparison to Sievi Capital is challenging for me because the business environment of the subsidiaries has admittedly been more difficult for KH Group, and in my opinion, Sievi Capital’s capital returns would inevitably have been significantly weaker in 2022–2025 (the operational management of the subsidiaries would have been the same, although ownerships could have changed along the way!). During the Sievi Capital era, however, the company’s story and strategy were clear, and I found it quite straightforward to evaluate Sievi Capital’s management performance (profitability of investment activities). In the current development phase, KH Group’s management is practically responsible for, somewhat simplified, divestments, financing negotiations, and supporting subsidiaries. Buyers were quickly found for Logistikas and HTJ, but since then, the investment story has not progressed much, the CEO has been changed regularly, and the direction is now being (fine-)tuned regarding the strategy. I think the story of a group built around KH-Koneet is good, but unfortunately, it no longer sounds as convincing if the person who founded and successfully led the company is no longer at its helm. Naturally, Teppo’s successor must be given a chance, but he inherits big shoes to fill.  KH Group’s management and board have certainly recognized how challenging Indoor’s current situation is at this stage. The threshold to re-finance Indoor is probably very high, but I understand that Calle doesn’t want to tie his hands, which, however, forces investors to trust his and the board’s judgment based on a very short familiarization period. If the furniture market were to recover, I would well understand that KH Group would want to provide Indoor with, for example, working capital needs to get through the seasonally quieter spring. At this stage, however, Indoor Group’s competitiveness is not significantly improving in the short term, so the recovery of profitability depends either on market recovery (no signs) or a change in the competitive situation (i.e., competitors withdrawing from the market, there have been some signs of this, but the rest of the industry is largely under the stranglehold of Ikea and Jysk). Now that the buying side for Indoor seems quiet, could it be that a larger industry merger is arranged around Indoor with dance partners like Masku, Isku, or Vepsäläinen? In this case too, the balance sheet of the new entity would have to be strengthened, so a prerequisite for realization would presumably be the owners’ investment in the new entity. In my opinion, the idea of an industry merger to improve the competitiveness of local players is beautiful, but this kind of private equity-style industry arrangement falls quite far outside KH Group’s investment story from a capital allocation perspective.

Thomas has made a new company report on KH after Q3.  The change of CEO at KH-Koneet and the integration of NRG into the group’s strategy stole the spotlight on KH Group’s results day. The decision of KH-Koneet’s founder and CEO to step down from the company’s operational duties is, in our opinion, a clear setback. There is significant potential in KH Group over the cycle, but promoting the turnaround and improving the quality of the Swedish business under the new CEO raises the risk profile of the investment story, in our view. We reiterate our Reduce recommendation and revise our target price to 0.50 euros (previously 0.52 euros). Quoted from the report: Our forecast changes for the coming years remained moderate. We have slightly raised NRG’s growth expectations, driven by the company’s strong growth and robust order book. For KH-Koneet, we have, in turn, slightly lowered our earnings forecast for next year due to the Q3 earnings miss. Despite limited forecast changes, the risks related to KH-Koneet’s performance have, in our opinion, increased with the announced CEO change. Based on management’s interview, KH-Koneet is examining both internal and external successor options, which suggests the company did not have an internal contingency plan for this day. https://www.inderes.fi/research/kh-group-tarina-hakee-muotoaan

I was still thinking about that Friday’s NRG move yesterday. I couldn’t quite grasp why it would be a good move. Order books at their peak should always be the right time to cash in… I see more downside risks in waiting to exit, because despite market movements (growth?), the company’s own capacity is near full. I am not an expert in industrial processes, but I remember from industrial economics courses that due to TOC, JIT, and WIP, the optimal state in managing process capacity is never 100%, but closer to 90% – which is exactly the current situation of NRG as described by Haglund. Timing is one of those things that keeps us small investors humble. Let’s hope that Haglund this time (we are not selling after all) is wiser in timing than KH Group in its history. What if this current state of construction is actually the future long-term level…? The statistic below would perhaps speak for that. “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful.” Or how did it go again…

Unfortunately, the saddest and most feared risk, as outlined by Haglund, then materialized. @Thomas_Westerholm: “The furniture retail market in Finland has been truly challenging, continuously declining since summer 2021. Does the previously communicated policy that KH Group will no longer finance Indoor Group in the future still hold true?” Carl Haglund: “We are aiming to divest from Indoor, and in that, ALL options must be on the table. We certainly shouldn’t rule anything out.” It would be in the interest of us small (and especially larger) owners for this COMPLETELY UNNECESSARY AND OBVIOUS SUNK COST FALLACY to be stopped immediately. And for us to quickly enter the real world of cognitive abilities, where reasonable and analytical conclusions are drawn based on facts. Dear KH Group Board and Management: I know it is human and very difficult to break free from the sunk cost fallacy. Even very capable, experienced, and intelligent leaders throughout world history have fallen into the same loop. You will surely and quickly get enthusiastic BIG4 consultants to provide examples: Meego/Symbian 90 billion? Metaverse 40 billion? Concorde 14 billion? Blockbusters 12 billion? OS/2 10 billion? And the most expensive example of the sunk cost fallacy is probably ongoing by Russia in Ukraine… So Indoor has now been reduced from a €200M business to roughly a €130M club with a -35% move. Has Indoor so far cost us owners in losses, financing costs, shareholder loans, and write-downs certainly €20 million, probably €25 million, or are we already close to €30 million? And more store closures are promised, and that famous spiral of contraction is on offer. What and whose pride prevents stating the simple truth that everyone sees? If Indoor turns around in the next 3 quarters, then let it turn around. That would be great! But if it doesn’t turn around, then why can’t it be stated that “KH Group will not finance Indoor a single penny more”!?! Why would this have been important yesterday? I asked a few competent AI models to consider Indoor’s near future. That is, by combining several time series and business cycle models, YoY averages, seasonal indices, quarterly ratios, linear trends with seasonal adjustments, and a YoY momentum model with some simple modeling. In addition, a linear trend model to observe long-term development, an EBIT margin trend model to assess relative efficiency, and an AR(1) model to weight quarterly history, as well as a scenario model that tested the impact of changes in sales and cost savings on results. And of course, basic facts about the closed stores in Estonia, Kuusamo, Pirkkala, Kankaanpää, and Varisto, and the last 2 co-determination negotiations (YT rounds) and cost-saving programs were included to support the drop-through analysis. And as we know, this is certainly not a perfect 360-analysis, but when the conclusion of all 4 forecast models is unfortunately clear, a real concern arises: "the need for capitalization is practically inevitable by the end of Q2/2026 at the latest. This could mean a new shareholder loan or an equity increase from KH Group (in the range of €1.5–2.5M)." And the weighted average forecast by GPT-Pro:      24    24 25    25 26      Quarter Q1 Q2 Q3 Q4 Q1–Q4 Q1 Q2 Q3 Q4e Q1–Q4 Q1e Q2e   Turnover (m€) 37,8 37,1 46,0 40,7 161,6 34,1 30,5 34,3 33,3 132,2 30,19 27,49   Change to LY comp Q (%) −13,3 % −15,7 % −9,1 % −15,4 % −13,3 % −9,8 % −17,8 % −25,4 % −18,1 % −18,2 % −11,5 % −9,9 %   EBIT (m€) −0,3 −2,6 1,8 −0,5 −1,6 −0,5 −2,8 1,5 −0,3 −2,1 −0,4 −2,1   EBIT (%) −0,9 % −7,1 % 3,9 % −1,2 % −1,0 % −0,9 % −9,1 % 4,4 % −0,9 % −1,6 % −1,3 % −7,6 %    It is sad and unnecessary that Thomas has to bring this risk back to the table in the next company report.

KH Group

KH Group Plc Inside information, 9 August 2024 at 9.50 am EEST Inside information, profit warning: KH Group Plc lowers its guidance for 2024 KH Group Plc lowers its guidance for 2024. In connection...

KH Group Plc Inside information, 9 August 2024 at 9.50 am EEST Inside information, profit warning: KH Group Plc lowers its guidance for 2024 KH Group Plc lowers its guidance for 2024. In connection with the stock exchange release on 7 June 2024 regarding the sale of HTJ, the company updated its pro forma guidance for 2024 as follows: net sales of EUR 370–390 million and operating profit of EUR 9–13 million including the capital gain from Indoor’s real estate sale in Estonia. The previous guidance given on 30 April 2024 was updated only by excluding the discontinued HTJ figures from the earlier net sales and operating profit estimates. At the same time the company communicated that in the future all HTJ financials will be reported as discontinued operations. According to the updated guidance, the company estimates, with the current Group structure, to reach pro forma net sales of EUR 340–360 million and operating profit of EUR 4–7 million in 2024. The lowering of the guidance is based on lower-than-expected net sales and operating profit in Indoor Group both in the first and second half of year 2024. General market uncertainty, labour union strikes in Finland and the implementation of Indoor Group’s new ERP system have negative impacts on KH Group’s net sales and operating profit. The furniture market environment is not expected to improve during the second half of 2024. For the Q2 2024, KH Group is expected to fall short of the pro forma figures of the comparison period. In the comparison period Q2 2023, excluding the discontinued HTJ figures, pro forma net sales was EUR 93.2 million and operating profit was EUR 0.3 million. The company will publish its January–June 2024 Half-Year Report on Friday, 16 August 2024. KH GROUP PLC FURTHER INFORMATION: CEO Ville Nikulainen, tel. +358 40&nbsp;045 9343 DISTRIBUTION: Nasdaq Helsinki Ltd Major media <a href="https://www.globenewswire.com/Tracker?data=yZuLuue7kty5vkvOlY4SktvWZ-L-bBMMJUB8wn4sSp9O-YhJ58GNHcrElgI6oT4WCDf0n4uhpWrlq6wgaT2rKg==">www.khgroup.com</a> KH Group Plc is a Nordic conglomerate operating in business areas of KH-Koneet, Indoor Group and Nordic Rescue Group. We are a leading supplier of construction and earth-moving equipment, furniture and interior decoration retailer as well as rescue vehicle manufacturer. The objective of our strategy is to create an industrial group around the business of KH-Koneet. KH Group’s share is listed on Nasdaq Helsinki. <img src="https://www.globenewswire.com/newsroom/ti?nf=MTAwMDk4NTcxOCM0MDE5MTcwNjEjMjA4Mzk5NA=="> <img src="https://ml-eu.globenewswire.com/media/MWJjYzVmM2EtN2Y5ZS00NWIzLWIwZDEtMjk1MDE4MGIyNzA5LTEwOTU1NjU=/tiny/KH-Group-Oyj.png">