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
      researchContentUrl
    }
    ... 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
    }
  }
}


__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.

Remember the earnings live stream, Thursday, April 9, at 8:25 AM                    Inderes              Duell Q2'26 -tuloslive to 9.4. klo 8:25 - Inderes    Aika: 09.04.2026 klo 08.25 Analyytikko Tommi Saarinen käy läpi Duellin Q2-tulosta livessä torstaina 9.4. klo 8:25 alkaen.

yeah, they’ve been too growth-oriented, though in 2021 quite a few others were also pursuing growth.. The board does include, for example, Kim Ignatius, who was involved in Sonera’s UMTS deals and also made unfortunate acquisitions in the Netherlands at Sanoma; most corporate acquisitions fail anyway, hopefully Duell remembers this in the future…

The board has indeed shown its expertise in recent years. Clearly the biggest culprit for the current situation, having taken too much risk with acquisitions and failing in its CEO selection. Rahkonen is a new member, but the chairman in particular has proven himself, along with someone else.

It’s probably the last company I’d be willing to sell from my portfolio at these prices. I still have to believe in value investing that much. The board should also have expertise. The chairman of the board (Hpj) has been in top management at Nokian Tyres, so that’s probably how the proposal for the interim CEO came about. Then there’s, for example, Wulff’s CEO, who is a former Aallon Group’s CEO, and is even currently working on a doctoral thesis at Tampere University on AI in management. I would be surprised if they resorted to a directed share issue at these prices. The debt itself isn’t much, compared to Eezy for instance. One option might be to sell some European subsidiary if necessary, but by no means a share issue that would destroy value the most.

So, if I understood your view correctly, your assumption is that the most important quarters, Q3 and Q4, will fail in terms of cash flow, leading to a cash crisis for the company next winter? There are many variables and assumptions behind that, as it is now expected that Q2 performed poorly and inventory levels remain high → The money is not lost; the same goods can be sold next season. Plow blades, snow groomers, spare parts, and accessories, etc. My view: Q2 at a loss and seasonally weak cash flow → Still no cash crisis → Q3 and Q4 will be profitable, but less than last year, still clearly positive cash flow, and then no one knows yet what kind of weather we’ll have next winter. But even then, the starting point is the release of capital from the surpluses remaining from this winter, and you have roughly the market cap’s worth of cash in the treasury + an inventory of over €40 million minus €20 million in debts.  That scenario should be enough for a good return for the markets. Then there’s always the possibility of a positive surprise, which certainly seems unlikely in the current market. The negative scenario, on the other hand, is that all quarters until next winter go wrong, and we make growing losses all the time, which eats up cash reserves and we fail to release capital from inventory. I don’t consider this likely either. EDIT: I also have visibility as a reseller into inventory products, and I could personally, if needed, release €1-2 million worth of capital from certain products there on a relatively short schedule (a few months).

Previous covenants took into account net debt and working capital fluctuations. Thus, covenant limits tighten towards the end of the fiscal year, as the assumption is that working capital is released and net debt decreases. The new covenant terms likely have the same dynamic. If the operating margin remains weaker this fiscal year than I predict, the balance sheet position will be tight again at the beginning of fiscal year 2027. Therefore, I would not breathe a sigh of relief yet. A better-than-expected operating margin or a stronger inventory reduction in Q2’26 could change the situation. I consider this unlikely, and the justifications can be found in the pre-report. Since fiscal year 2023, the company has implemented significant annual cost-saving measures (in my interpretation, partly due to the need to protect its balance sheet position). I believe it’s important to break the cycle of restructuring and tight balance sheet situation so that management can focus on business development. With business cash flow, this seems realistic to me by the end of fiscal year 2027.  The limit works exactly like this.  Despite this gloomy fundamental picture, the share price undoubtedly incorporates a lot of bad news. That’s why forming an opinion was difficult. If one is more optimistic than me about the development of profitability and cash flow, now is probably a good buying opportunity.

I’m bringing up this point from the annual report again:  Duell’s net debt on August 31, 2025, was EUR 20.2 million (EUR 19.6 million). Duell’s net debt to adjusted EBITDA for the last 12 months was 3.3x (2.8x). The covenant terms were not met at the end of the reporting period. The lender has granted a waiver, and loan repayments continue according to the previous payment plan. Loan terms were modified to better suit Duell’s business, and the changes were signed in October.  From page 29. Emphasis mine.            sijoittajat.duell.eu              Duell%20Oyj%20Vuosikertomus%202025.pdf                             Considering the potential need for additional financing and the availability of the credit limit, it would be good to know what the current loan terms are.

Duell

Duell is set to report Q2 (Dec-Feb) on Thursday, April 9. We expect another soft quarter, reflecting continued market headwinds, weak seasonal demand, and ongoing challenges in France. Following...

Duell is set to report Q2 (Dec-Feb) on Thursday, April 9. We expect another soft quarter, reflecting continued market headwinds, weak seasonal demand, and ongoing challenges in France. Following the weak Q1, the need to catch up is evident, and the risk of a negative profit warning has risen.