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
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... 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
    }
  }
}


jean-marc-autheman-appointed-as-new-head-of-duells-french-operations

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

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.

Generally speaking, when my own company has a few million in debt… no bank has cared yet even though covenants have been breached. And they’ve been broken both intentionally and unintentionally… I’ve gotten away with just a little slap on the wrist talk… a bank doesn’t kill a cash cow, or at least not any of the big three in Finland. And they were breached because circumstances forced it, not because breaking them was fun. So I don’t see a risk in that regard.

From the bank’s perspective, it’s simply better to demand loan repayments while the owners still believe in the business. If the operating result were to slip into a loss, the owners’ willingness to put in more money would also decrease. That’s why additional recapitalization should be demanded in a timely manner.

In theory, there are other options besides a share issue, even if banks were to start demanding new capital:  Deleveraging by selling part of the company, such as TransAm (probably wouldn’t get a good price) A hybrid loan comparable to equity  In theory, for instance, Hartwall as a major owner could well grant a hybrid loan of say 15 million euros at a 10% interest rate to Duell without significant risk, and it would support their own holding. It’s a bit strange that the main owner doesn’t seem to care at all about how the company is doing. Has confidence been lost, or are they trying to seize Duell for themselves on the cheap? I don’t personally believe that banks will start calling in loans without a clearly loss-making operating result or prolonged struggles near break-even levels. But it only takes one lender to start balking for some actions to be required.

Covenants are part of the terms of a loan agreement, and they have also partly determined the price of that loan. If covenants are breached, uncertainty regarding the borrower’s ability to repay increases (even if there is cash on hand on the very day of the breach). Therefore, one usually has to pay at least some additional interest for a temporary covenant breach. The bank is unlikely to look on indefinitely if covenants are not adhered to; instead, at some point, the loans will likely have to be renegotiated with covenants (and a price) that work for both parties. Even if it might feel like there is no need for a share issue, it is worth analytically considering opposing views. Simply having enough cash specifically for loan repayments is not necessarily sufficient for the business. The weaker the balance sheet, the more expensive all debt becomes (if it is even available). Once the balance sheet is poor enough, even purchasing on credit can become difficult, making it hard to conduct business.

Brilliant logic, points for that! Bank: According to the repayment schedule, you have 5.3 million euros in loans to be repaid over the coming year. Duell: We have the money, and the loans will be repaid on time according to the repayment schedule. Bank: Well, you still have to organize a share issue even though you have the money and you’re paying the loans back to us on time with interest, because “covenants”. Duell: So even if we pay back the loans to you exactly on time, just as we always have before? Bank: Yeah, yeah, nothing can be done because of “covenants,” and there can be no flexibility even though we’ve been flexible before. This entire conversation is based on the assumption that Duell would have any further need to keep modifying covenants, even though earnings and cash flow are improving from the current situation.

A share issue may be needed to shore up the balance sheet if, for example, covenants are breached. This can happen even if there is enough cash to run the business itself. In Duell’s case, potential covenants tied to EBITDA or operating profit could be a reason for a share issue. According to the CFO, this was avoided when changes to the covenants were negotiated with the lenders. It is possible that the relaxations are temporary or that the covenants now negotiated will be breached in the future. If you own Duell, it is advisable to keep money aside for a share issue or, alternatively, prepare for dilution of your holdings. Depending on the size of the issue, you may need to be prepared to put in money equal to or even more than the current market value of your holdings.

It has been stated many times that the cash resources are sufficient to run the business, and cash is released from inventory every day now that the summer season has begun (This is also clearly visible from the product inventory balances I follow). In addition, there is still the 10 million credit limit available if needed, which was also mentioned in the webcast, so why the hell would an offering be needed here?

Duell

20.4.2026 11:32:34 EEST | Duell Oyj | Investor NewsJean-Marc Autheman has been appointed as the new head of Duell’s French operations (Tecno Globe). He has over 20 years of international experience...

20.4.2026 11:32:34 EEST | Duell Oyj | Investor NewsJean-Marc Autheman has been appointed as the new head of Duell’s French operations (Tecno Globe). He has over 20 years of international experience in the motorcycle industry, spanning manufacturing and wholesale. He has held various specialist and management roles in sales, marketing and product management at several companies.“I am very excited to take on this interesting role and strengthen Duell’s position in the French market,” he says.&nbsp;“I warmly welcome Jean-Marc to Duell. With his help, our goal is to restore profitable growth to our French business in the motorcycle and bicycle categories through a stronger product portfolio and a new sales plan,” says Duell’s CEO Tomi Virtanen.Further informationPellervo Hämäläinen, Communications and IR Manager Duell Corporation +358 40 674 5257 <a href="mailto:pellervo.hamalainen@duell.eu">pellervo.hamalainen@duell.eu</a>&nbsp;Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 100,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2025 was EUR 127 million and it employs 200 people. Duell’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. <a href="http://www.duell.eu">www.duell.eu</a>.<h4>Attachments</h4><ul> <li> <a href="https://www.sttinfo.fi/ir-files/69818968/71968971/16185/Jean-Marc%20Autheman.jpeg">Jean-Marc Autheman.jpeg</a> </li></ul>