thank you pyyleva! No, Hartwall is not a large owner of Pierce. Verdane (PE) is the largest shareholder there.
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Understood. I misunderstood. Thanks for the correction…………………..
@Tommi_Saarinen Is this an Inderes partner? I just want to make sure, since an external “analysis” was linked here.
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was not aware if it is not okey - if so, i can remove it. saw it was a company discussed here and not elsewhere. (not a partner in any way)
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I think it’s very nice that you’ve taken the trouble to share your views. It doesn’t bother me at all.
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I suppose anyone is allowed to write or link their own analysis here, and it likely has nothing to do with Inderes.
The analysis questions the weak guidance. I personally think that the negative impact from France will be quite significant in the first quarter; pre-sales for the winter season have been lower due to last winter’s snow situation, and even though it is snowing now, some of last season’s inventory must be sold off at a poor margin. These factors, among others, likely contribute to the modest guidance for this financial year.
The snow situation is better in Northern Finland and Sweden compared to last winter, even though it is snowless here in the south. Last Christmas, tourism entrepreneurs pretty much bought all the snow they could find.
In France, the business outlook has also taken a slight turn for the better, which is reflected, for example, here: In December 2025, the business climate in retail trade and in trade and repair of motor vehicles has clearly moved back above its long-term average - Informations rapides - 319 | Insee
Of course, regarding Q1, I should say that I’m mainly anxious about how bad it will be.
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I didn’t mean that it should be deleted. It was your first post here and you are writing in the “we” form. It would have been nice to get more background on who you are and for what purpose you are doing the analyses?
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very interesting thoughts. thanks! No of course nothing to do with Inderes - just found an active forum here.
get it, sorry for that. again, nothing to do with Inderes. just found this to be the only place on the internet where this was an active discussion on the company. Did not just want to post a link and nothing more so got some helpt from chatGPT to summarize it here so there was an optionality to have a further discussion on this forum.
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I’ll also add that tourism in Lapland is doing better and better all the time:
The equipment and spare parts for these tourists’ snowmobiles have to be sourced from somewhere.
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I must say those are highway robbery prices, I wouldn’t go to Lapland to freeze at that price.
With 30k€, you could already upgrade to a new bagger and gear, for instance. 
DismAssetBkd How did you find the company Duell since you are not from Finland?
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Stock screeners – looking for Ben Graham’s old “net-nets”. It’s a rare species, so you have to look globally! 
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Here are Petri’s comments on the conclusion of Duell’s change negotiations regarding warehouse operations.
Duell announced on Thursday that it has concluded the change negotiations related to its warehouse operations in Tampere. As a result of the negotiations, the company will reduce nine positions and transfer operations to Mustasaari and Tranås, Sweden, as previously announced.
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Can this be interpreted to mean that Duell’s sluggishness, moving like molasses, is already causing wonder elsewhere in the world?
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Can’t you see that inventory levels are falling as last year’s spare parts are being moved through?
There has certainly been panic over this 41% gearing and 52% equity ratio.
It will certainly drop once we get a normal winter, and consequently, indebtedness will decrease, supported by good cash flow. I just think that destocking will have a slightly negative impact on the EBITA guidance, but that is more of a one-off.
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