If history is any indication, motorcycle sales drop when interest rates fall 
First registrations of motorcycles
2012 4994
2011 5736
2010 6054
2009 7051
2008 10215
2007 11477
2006 11058
2005 9228
2004 7835
2003 6264
2002 4920
2001 4408
2000 5167
Probably old Finnish statistics? 30 percent of turnover in Finland and decreasing. While Europe and the British are pulling ahead. They even had a bit of economic growth.
UK Gross Domestic Product, Q3: +0.9% year-on-year (est. +1.0%, prev. +1.0%)
Why is news about the future development of the Finnish economy significant from Duell’s perspective, but Finland’s motorcycle sales statistics are not?
Probably all have significance? Interest rates, purchasing power, registrations. Don’t these all go together?
Just need to get up-to-date information, not 12-year-old.
This is about half a year old.
https://www.motouutiset.fi/fi/moottoripyorat/uutiset/13961/Uusien-moottoripyörien-rekisteröinti-karussa-laskussa-alkuvuonna-–-Topteniin-ylsi-yksi-yllätysmerkki-et-arvaa-mikä.htm
10-point drop across the board. The figures are from Duel. Good development in a difficult market.
It’s hard to say if registrations will improve at all in 2025. It’s good that they have that million-generating efficiency measure for this year. Thanks for digging up the numbers.
A better year 2025 to you too.
Tomppa and Pete are previewing, so here are the comments related to Duell’s upcoming quarterly report. 
Duell will publish its Q1 2025 report next Thursday around 8:30 AM, following an atypical fiscal year periodization. We expect the decline in reference interest rates and the improvement in consumer confidence to have supported demand compared to the reference period, but a mild November has, in our estimation, slowed down winter season sales. We expect profitability to be at the level of the comparison period. From the report, we are looking for insights into the progress of the winter season and the development of the competitive situation in a sluggishly developing market.
You probably meant 265,000 units unsold =)
I came to see how KTM’s crisis is reflected in forum members’ thoughts, comparing it to Duell. My view on KTM’s mistake is ‘arrogant’ pricing and the assumption that people will buy even if a €10k bike costs €15k. If I’m right and it’s about the price, then at some point when that extra year’s production volume is sold ‘at any price’ - it could also be seen as a positive driver for the accessories offered by Duell.
I don’t know anything for sure, but I am an active customer of both companies and I reflect on the situation through the eyes of a hobbyist.
You are absolutely right that gear and accessories are sold alongside when KTM activates its discount campaigns in Europe.
I would imagine that this spring one can get KTM bikes with good deals.
The motorcycle fair is at the turn of the month, and I already bought a ticket; I have to visit the KTM stand even though these models don’t particularly interest me.
That reverse split at this point, with the stock at its bottom, was again a big mistake from the management. I don’t believe anyone would sell their shares for 0.03 cents now.
Here is Nordea’s fresh review of Duell.
Duell publishes its Q1/2025 (9/24-11/24) business review on 16th of January. Given that Q1 of Duell’s fiscal year is typically slow due to seasonal factors, our attention is on any potential remarks regarding market activity and future outlook.
Duell: Guidance unchanged, organic currency-adjusted revenue at the same level or higher than the previous year, and adjusted ebita improves from last year
Duell: Adjusted ebita result EUR 0.7 million in 09–11/2024 (vs. EUR 0.3 million in 09–11/2023)
Duell: Revenue EUR 28.3 million in 09–11/2024 (est. EUR 27.4 million, vs. EUR 27.0 million in 09–11/2023)
Duell’s change negotiations concluded. Total staff reduction of 13 positions in the group.
A strong beat! Inderes predicted an ebita of 0.4 million, so it was almost double. Fewer employees were also reduced than anticipated. Perhaps there’s demand in the outlook?
Revenue also exceeded forecasts by a million.
I’m a bit puzzled why the stock was cancelled by 30% after the financial statement?
That was a good quarter, even though the snow situation was what it was! Organic growth in revenue of 4.7%, and after Q1, we are already €0.4 million ahead of last year in adjusted EBITDA, with cost savings only coming in the next three quarters. Otherwise, it seems we’ve been able to focus on getting things done after difficult quarters, and then when the economic situation improves even further, the path is clear 
Here is the release on the results:
CEO Magnus Miemois:
I am pleased with Duell’s first quarter 2025 results. Business development was good despite the late start of the winter season in the Nordics. We grew our fully organic net sales by 5% to over 28 million euros, and adjusted EBITA increased to 0.7 million euros. Both market areas; the Nordics and Central Europe supported growth, with the main product categories being ATV and snowmobiles, where Duell has a strong brand portfolio and market position. In October, we initiated change negotiations aimed at improving operational efficiency and achieving annual cost savings.
We also continued to improve net working capital management with the goal of accelerating inventory turnover and reducing inventory levels. Development was positive in both areas. We also significantly strengthened our financial position compared to the previous year, thanks to the rights issue carried out in January 2024.
Is it a good quarter when losses are higher than in the comparison period? Cash flow is also only 5 MEUR in the red. This is how shareholder value is booming.
Are you looking at the right report? Both profit and cash flow are clearly better than in the comparison period. Cash flow is always negative at this stage of the fiscal year when inventory is increased for the busiest quarters of the year.
So it’s a good quarter.
Exactly so, they are preparing for the most important Q of the year there. How else would it be done PL98??
Here are Tommi’s quick comments on the Q1 results.
Duell reported its Q1 results this morning. Revenue grew stronger than our expectations in the quarter, supported by slightly better profitability than we anticipated. As expected, Duell did not make changes to its guidance after the first quarter of its fiscal year. In connection with the earnings release, Duell announced that change negotiations would lead to a reduction of 13 job positions instead of the previously planned 20, but that it would still achieve the targeted annual cost savings of EUR 1 million. With the forecast exceeding expectations, the overall picture of the report turns slightly positive in our view.
You have a peculiar understanding of mathematics. Earnings per share Q1 2025 -0.08 € vs. comparison period -0.06 €. Which of these do you think is weaker?
Does a company have to make a loss to prepare for selling its products?
Are those one-off items from those savings measures? They will come back at the end of the year with interest.
Don’t buy this and don’t follow PL 98 unless you see the company make a strong turnaround and the share price at rock bottom.
Initially, this was bought for over 100 EUR and the recommendation was buy. In the model portfolio, etc.