Surely they have some significance now that debts and financing costs were halved.
It’s also worth remembering that spare parts etc. are ready in stock for the winter season, which depletes inventory levels during the winter season.
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Duell Plc’s Invitation to the Annual General Meeting | Kauppalehti
28
Kajaani Petri Viljami
20 000
+4 314
0,39
0,39
31.10.2025
Analyst Kajaani just keeps buying more for the company and for himself. The trust is strong, having been involved since the Inderes days. The company’s business is already valued negatively, so perhaps it makes sense?
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The future cannot be known, but the stock market certainly doesn’t give much value to the business.
Based on the latest earnings report and the current share price, market value + net debt is only 74% of working capital. The amount of debt fluctuates with the seasons, and the value of inventory doesn’t mean much if the goods cannot be converted into cash.
I haven’t (yet) read Graham’s Intelligent Investor, but as I understand it, as the forefather of all value investors, he once bought precisely shares where the company’s assets > market value, etc.
Duell’s valuation is at such a level that the company would have to mess up pretty badly for it not to rise over some time horizon. Duell’s stock market journey has been four years of continuous disappointment, so the possibility of complete failure is quite real.
The financial statement release was quite grim reading, and problems had again been created here and there.
The guidance for the 2026 financial year was also quite meager, but it still left a somewhat contradictory impression. The CEO seemed to imply better, yet the guidance was for flat revenue and EBITA 
. An optimist might hope that the guidance was conservative and that the insider really believes 2026 will be better than 2025.
The financial statement release was a disappointment for me, and I concluded that as long as insiders don’t put their own money into this, I won’t believe anything the company says! Since then, we have fortunately seen two insider purchases. These are quite small sums, but it’s hard to believe the CEO would put his own money into play if negative surprises were still known.
All analysts are quite cautious, but for example, after Inderes’ negative recommendation, the share price has fallen so low that there is already a +20% upside to the target price.
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In my opinion, the stock is still quite attractively priced with a slightly longer horizon, but short-term drivers are missing. Pre-sales of winter products proceeded somewhat more calmly than last year due to high inventory levels remaining after last winter’s snow situation, winter has not yet arrived in Finland, and the change in the French brand portfolio will weigh on revenue and profitability in the coming quarters. Q1 is likely to be relatively subdued. It should also be noted that the stock is likely to be subject to tax-loss selling during the rest of the year. According to the ownership list, Evli’s funds have also had enough and have sold/are selling their holdings. Of course, there are still risks related to the balance sheet situation, which makes investors avoid the stock.
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Comparing is not allowed on the forum, but is a 16 million market cap huge? It sounds like a joke to me when comparing it to, for example, the 153 million run by scammers (Summa).
Does Evli have several funds that are reducing (their holdings)? I found one.
Wasn’t the provision made for the French losses, and are they already covered?
What are Hartwall and Sponsor Capital doing? A small bite for them if they want to support?
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Summa has nothing to do with this.
Evli Finland mix already disappeared from the top 100 in addition to that other one.
That was just a provision for the costs incurred when another warehouse is closed. The brand decline in Q4 and the resulting lost revenue will also reduce the gross margin in future quarters and thus directly impact profitability with its own weight.
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Good to see that even though Evli is still selling, a bigger buyer is also on the move.
Hopefully Hartwall or Sponsor Capital. Still 3 weeks until the new top 100 list.
48,200 units changed hands. A really big trade for Duel without news. Evli probably divested, but who the buyer is, is more interesting?
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Winter storm coming – up to 40 centimeters of snow - Ilta-Sanomat
Snowmobiles will start roaring through the wilderness. Absolutely brilliant!
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Management’s share bonuses were announced today. Why did the commercial director (Ämmälä) receive 8000 shares while the CEO only received about 4000 shares and others around 1400 shares? Can everyone decide for themselves how many shares to take, or are there some personal goals that affect this?
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It started to make me wonder what is being rewarded now, when losses are being made on all fronts. I asked Google’s AI for information and here is the answer:
Duell Oyj’s Restricted Share Unit Plan 2024–2025 (RSP 2024-2025) is a short-term incentive scheme that, as its name suggests, focuses on retaining key personnel in the company.
Here are the more detailed specifics:
System Objective and Structure
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Purpose: The primary objective of the system is to align the interests of the company’s key personnel and shareholders, increase the company’s value in the long term, and above all, retain selected key personnel in the company.
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Nature: Unlike performance-based schemes, this is typically tied to continuous employment or service, rather than specific measurable financial targets.
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Decision: The establishment of the system was decided by Duell’s Board of Directors on February 6, 2024.
Target Group and Rewards
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Target Group: The program is aimed at the company’s CEO, members of the management team, and other specifically designated key personnel.
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Maximum Value of Reward: The value of the rewards paid under the system corresponds to a total of no more than 11,000,000 Duell Oyj shares (also including the portion paid in cash).
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Allocation: The Board of Directors was authorized to allocate (i.e., grant) rewards from the system during the financial year 2024 (September 2023 - August 2024).
Payment of Rewards and Conditions
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Holding Period: Rewards are subject to a holding period. This means the time during which the key person must hold the received shares or when the receipt of shares is confirmed, provided that the employment relationship continues.
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Payment Date: Rewards will be paid after the financial year 2025 (September 2024 - August 2025), by the end of November 2025 at the latest.
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Payment Method: Rewards are paid partly in company shares and partly in cash. The cash portion covers taxes and statutory social security contributions arising from the reward.
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Continuation of Employment: Receiving the reward requires a valid employment or executive agreement and the continuation of the employment relationship until the payment date, unless otherwise agreed.
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Share Ownership Obligation: As in other programs, members of the management team and the CEO participating in this system have certain share ownership obligations, which were described in the previous answer.
In summary, this RSP program was a swift measure to retain key personnel in the company amidst a critical financial stabilization phase and market uncertainty, offering a relatively quick reward conditional on their continued employment with the company for a predetermined period.
Ämmälä should not really be committed to the company anymore. The biggest culprit for the company’s distress was when they bought properties from Europe with high risk. Debt money was cheap.
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Is anyone going to the annual general meeting tomorrow? I tried to register yesterday, but the last day was last Thursday. I would have followed it online.
It would be nice to get a report if someone attends?
Duell Plc’s invitation to the Annual General Meeting | Kauppalehti
Today’s general meeting at
Those distributable funds are of no significance as they are not actually distributable.
Duell’s cash and bank receivables at the end of Q4: €5,554,000.
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Duell Does Not Pay Dividends | Kauppalehti
The CEO’s review would be interesting if anyone was listening?
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So that the cash situation doesn’t look too good, an addition to this: Interest-bearing liabilities are €25.7M.
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How should these weather conditions be approached from Duell’s perspective? It already looks quite wintery, at least between Lapland and Ostrobothnia.
Negatives are surely found in everything. In Lapland, people are indeed already driving, at least my friend is, as he has a cabin there. There was also a lot of snow in northern Sweden.
So, does anyone have information about the outcome of the general meeting? It just keeps falling more every day, valuation soon 10 million.
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This winter is starting slowly. The positive thing is that there is, and likely will be, more snow in the north than last year. In Central Finland and further south, it looks weak in light of recent long-term forecasts. I’ve also been following Sweden and Norway a bit, and the situation there seems relatively similar.
Q1 will be weak due to, among other things, French operations and the slow start to winter, but snow conditions will have a big impact on Q2. The share price will also be weighed down by year-end tax sales. In my opinion, the subdued share price is not surprising given these factors.
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Looking at Inderes’ forecasts, I noticed the expected operating margin of about five percent. Apparently quite normal in wholesale? Previously, however, Duell’s operating margin % seems to have been at a better level, and synergy benefits were marketed as one of the ideas behind the acquired foreign companies. So, have companies been acquired whose operating margin was initially negligible, and/or is it expected that no further efficiency can be squeezed out of the group of companies with revenue growth?
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