Let’s start a thread for this company Duell, which is planning to list on the Nasdaq First North marketplace.
Company page Duell - Inderes
Interview with CEO Jarkko Ämmälä about listing intentions Duell suunnittelee listautumista - Inderes
Company’s press conference Duellin tiedotustilaisuus 3.11.2021 - Inderes
Kauppalehti: The listing frenzy doesn’t scare the management of Duell, which is aiming for the stock market:
Today, there will be a live press conference about the listing on InderesTV: Duellin tiedotustilaisuus 3.11.2021 - Inderes
I wish the introductory post had mentioned what the company even does.
A distribution company founded in 1983 in Mustasaari. It has operated profitably since its inception.
The company offers its retailers products for motorcycling, off-road vehicles, snowmobiles, boating, and bicycles.
These include technical parts and spare parts, as well as clothing and equipment, but it does not import the machines themselves, such as motorcycles or snowmobiles.
Duell can offer retailers a product range of over 290 brands, with approximately 150,000 stock items.
The largest product categories are on-road and off-road motorcycles with their equipment and accessories. These accounted for the largest share of Duell’s revenue in the last financial year.
At the end of August, Duell had a total of 168 employees. Of these, 46 percent worked in Finland, 22 percent in Sweden, 21 percent in France, 3 percent in Norway, and 8 percent elsewhere in Europe.
…that the share sale (“Share Sale”), in which certain shareholders of the Company sell their shares (“Selling Shareholders”)…
…The Company expects to use the net proceeds from the Share Offering to repay the remaining convertible bonds granted to Duell by shareholders and certain members of the management team, as well as the interest on those bonds…
Neither are very good signals. The valuation would also be nice to know. Of course, it’s a rather unsexy industry, which might make the pricing a bit more moderate.
I’ve edited the starter post and will add more to it once members provide good insights about the company. 
Here’s some company news for the opening post.
Press Release: https://www.sttinfo.fi/data/attachments/00528/30a9b4ec-5821-4b7e-a903-0b3f34133a01.pdf
In June 2018, private equity firm Sponsor Capital became Duell’s new majority owner.
Announcements regarding expansion into European markets:
“However, it’s a market of over six billion. The Nordic countries are a market of about 300 million in this motorcycle business. Now we are jumping into those big markets. But we are already one of the big players there.”
“The biggest competitors are the same ones who have been against us here in the Nordics for ten years. We know what they do and how they do it.”
What kind of competitive position does this company have with Relais (Relais Group) on the spare parts side? Or does Relais focus more on cars and this one on smaller vehicles (as I haven’t researched Relais in depth)?
It’s an interesting company, especially if the valuation won’t be in the category of Modulight (Modulight Oyj) or Inderes’ IPO (Inderes Oyj) 
. As a motor vehicle fan, some shares might end up in my portfolio from the IPO if the more detailed information that comes out later is appealing enough.
Again, a company with strong “Kamux (Kamux Oyj) vibes” (2020), as its revenue is already over €100m, EBIT% is slightly under 10%, and according to the press release, the growth rate has been just under 20%. And presumably, there’s plenty of room to expand in the European market if they’re currently operating significantly only in the Nordic countries.
I don’t know how competitive the market is, but if it has been able to grow by 18% for the past couple of years with reasonable profitability, then it’s probably not a terribly bad business model.
Edit. Apparently, the market is also quite fragmented, so growth can also be promoted through acquisitions, which the CEO mentioned in an interview. Scalability was also mentioned 
Here’s the CEO’s interview
And a recording of today’s press conference (duration 45min):
www.inderes.fi/fi/videot/duell-tiedotustilaisuus-3112021-kello
“Thanks, Jarkko, we’ll keep following your journey from now on.”
Could this imply that it will be followed? 
An interesting company. With these specs (including the press conference material), one could already do some back-of-the-envelope calculations to see what it might be worth.
If the company can replicate the model that captured half of the entire Finnish market 10 years ago, then I’m interested.
I haven’t followed their operations in recent years that closely, but at least before, their operations were based on really efficient logistics, delivery reliability, and a wide selection.
The valuation seems quite reasonable, but by no means cheap. The company has net debt of approximately €39 million, which will be reduced to around €20 million with the proceeds from the IPO. The Enterprise Value (EV) will thus be roughly €150 million, resulting in a pro-forma adjusted EV/EBITDA of 13.3x.
Organic growth has apparently been quite decent, 18% per annum over the last two years, so this valuation might even be acceptable.
A family office as the main owner is always, by default, a good sign from the perspective of both a long-term future outlook and valuation. These parties rarely overpay, although that doesn’t say much about this specific case
The industry is somehow pleasantly boring and uninteresting. This IPO warrants serious consideration for more than just quick profits…
There are impressive displays and very strong growth ambitions. The company has characteristics that investors like.
But - why is it so difficult to find information on the company’s website about how ESG matters are handled?
Today I took my boat in for service and ended up chatting with the owner of the service shop. The company services motorcycles, snowmobiles, ATVs, and boats. While chatting, Duell came up, as the company has been a long-time customer of theirs. The owner had nothing bad to say about Duell. Not always the cheapest, but reliable, always tries to help the customer, and delivery reliability is excellent.
Originally, I wasn’t interested in this type of business, but this chat made me wonder if I should get involved after all 
. Although, it’s just the view of one, albeit long-term, customer.
One could speculate that these are not always hobbies for the poor, so perhaps people on average can afford to pay a little more for a reliable service.
Empirical studies are always good 
I was wondering, since anyone can buy car spare parts and accessories, from engine parts to bumpers, from European online stores significantly cheaper than in Finland.
Perhaps boat, motorcycle, and snowmobile owners are wealthy enough that they don’t need to shop online.
The role of importers is increasingly being questioned. When services like maintenance are involved, the situation is a bit different, but merely acting as a goods intermediary might not be the growing business of the future. Of course, warehousing is also a service.
Well, even food delivery seems to be a business… 
True, but in this case, it was a company that orders hundreds of parts daily, meaning B2B trade. When a customer’s device (perhaps excluding boats) is being serviced and a certain delivery time has been promised, the price is not the most crucial thing, but rather whether the needed part can be obtained within the promised time. With DIY customers, certain factors compete differently.
One component seller once told me that their most important product is delivery reliability.
The subscription price in the public offering will be 5.16 euros per share. In the personnel offering, shares can be acquired slightly cheaper, at 4.65 euros per share.
Based on the subscription price, Duell’s market value is expected to be 131.3 million euros.
The subscription period begins on November 15th at 10:00 AM. The subscription period for the public offering and personnel offering is estimated to end on November 22nd at 4:00 PM, and for the institutional offering on November 24th at 11:00 AM, unless the subscription period is interrupted earlier.
The company will initially issue a maximum of 3,884,472 new shares and aims to raise gross proceeds of 20 million euros from the offering. In addition, existing shareholders are offering for sale a maximum of 11,820,837 existing shares of the company.
The total shares offered correspond to 61.7 percent of all the company’s shares, and 71 percent if the additional share option of 2,355,796 shares is exercised.
Has anyone with a knack for numbers crunched them and valued this at an anti-price?
I don’t have the skills for that.