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
  ... 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
    }
    ... 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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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
    }
  }
}


sievi-capital-headwinds-furniture-market-grow-stronger

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Olli Vilppo

Sievi Capital is now a conglomerate with a new name KH Group. Our medium-term objective is to become an industrial group built around the business of KH-Koneet Group. KH Group’s share is listed on Nasdaq Helsinki.

Doesn’t evoke any feelings.  I used Midsummer of this year as a comparison point, and not a single new name had risen to the top 12 owners, nor had any old name disappeared. Four of these entities had made small additions. The ownership share of the largest owners has slightly increased, and the share of small owners has correspondingly decreased slightly. One can assume that more than a few have thrown in the towel (e.g., Inderes’ model portfolio). KH Group’s ownership is distributed such that two parties have an ownership share of over 10%. This means that, for better or worse, the company cannot be easily bought off the stock exchange.  Nominee registers hold < 3% of the ownership, so for example, in Sweden, they haven’t woken up to KH Koneet’s superior concept and jumped on the bandwagon of this future winner  . It can be said that KH Group doesn’t interest anyone except for us few masochistic Finnish investors. KH Group’s market cap is a massive 23 MEUR. It might be hard for larger owners to even buy a significant stake, but buying enthusiasm could lift the share price at some point (Varma, Ilmarinen, Elo, funds, etc., whatever these big players are. They are conspicuous by their absence from this owner listing). That 23 MEUR market cap also means that any positive thing can be reflected in the share price in a big way. However, one shouldn’t be lulled into any positive scenario. Nowadays, people talk about momentum investing, for example, and “gurus” say to cut your losses and let your winners run.  The first stock investor I know of was Newton, who invested in stocks as early as the 1700s, and he predicted KH Group’s development like this: “Unless acted upon by a force, an object remains at rest or continues to move at a constant velocity in a straight line.”; I interpret Newton to mean the same as momentum investors, i.e., losers keep losing, and in KH Group’s case, it would mean 5 CEO changes over the next year, with each paid a 1 MEUR severance, 0.5 MEUR in one-off costs used for recruiting the next one, NRG being given away for free just to get rid of it—paying 1 MEUR in cash on top—and KH Koneet getting caught for accounting malpractice where the results were falsified.

In those statistics, it may look like the holdings have remained the same the whole time, even if during the month you’ve reset the acquisition costs for the entire portfolio by buying and selling on alternating days, thereby realizing losses for tax purposes.

Something doesn’t add up here, as searching the archive shows that the “new owners” on that list have all already owned shares as of January 31, 2025. Additionally, I find it noteworthy that there has been very little buying interest among the largest owners since August. Situation as of January 31, 2025:

Well, the number of Nordnet owners alone is -16% over the last 12 months, so you can do the math on that. And this decline in owners is steadily lethal, which is very common in boring, failing companies. Do I have any thoughts on this? Very few. Insider buys are encouraging, of course, but large passive owners don’t spark much joy. Even retail investors sometimes end up being right, at least on the buy side—for example, the Neste case and private investors’ endless catching of falling knives. Likewise, large owners are also fallible from time to time.

Someone please check this calculation. The share price is hovering at an all-time low, and when I looked into it, the TOP 20 shareholders have consistently increased their holdings this year, so who is selling the shares → retail investors? What are your thoughts on this, fellow forum members?     TOP 20 30.11.2025 31.1.2025 Change     Preato Capital Ab 13 490 000 13490000 0   Laakkonen Mikko Kalervo 7 107 133 6607133 500 000   Ml Stable Oy 2 897 268 2897268 0   Takanen Sanna Johanna 1 406 000 1406000 0   Takanen Juha Petteri 812 034 812034 0   Amlax Oy 673 704 584893 88 811   Yamada Machiko 525 045 414481 110 564   Hallqvist Ab 510 000 New 510 000   Zeroman Oy 500 000 390000 110 000   Kuusisto Teppo 408 204 New 408 204   Alho Tomio Mikael 354 392 266621 87 771   Etelä-Pohjanmaan Turve Oy 320 000 265000 55 000   Osuusasunnot Oy 300 000 220000 80 000   Pennanen Terho Kalevi 263 865 200000 63 865   Merikallio Lauri Valtteri 248 700 236700 12 000   Nieminen Jorma 240 000 New 240 000   Rötkapital Oy 240 000 New 240 000   Gripenberg Jarl estate 210 000 175000 35 000   Räty Tommi Tapani 202 070 New 202 070   Kaski Marko Petteri 200 000 New 200 000   Top 20 largest shareholders total 30 908 415 53.22 30.11.2025   Top 20 largest shareholders total 29 828 226 51.36 30.1.2025

This was, in my opinion, once again a good piece and an example of founder Sakari’s personality and influence – in this market situation, turnover has been kept in (small) growth. After Sakari’s departure announcement, I have tried to delve deeper into the topic, the founder’s influence. At least @Raha-aasi, @Sijoittaja-alokas, and also @Thomas_Westerholm have pondered the matter and highlighted Sakari’s departure as significant. After several books and studies, I came to the same conclusion. Sakari’s departure, and managing it correctly, is a significant moment for KH Koneet’s value creation capability. Tobin’s W was clearly higher for firms where the founder was CEO or Chairman of the Board. In fact, +53% higher than comparables, and the study’s conclusion is clear: The presence of a founder in the management team or on the board is significantly associated with a higher market value. https://pages.stern.nyu.edu/~bvillalo/VillalongaAmit_JFE2006.pdf It was also interesting that in founder-CEO companies, returns were +8.3% better than the benchmark index. Even considering firm-specific differences and industry effects, there was still an annual outperformance of about +4.4%. As root cause findings, founder-led companies clearly invest more in research and development, working capital, and selected acquisitions, meaning growth is sought through more long-term strategies.                  Cambridge Core              Founder-CEOs, Investment Decisions, and Stock Market Performance | Journal of...    Founder-CEOs, Investment Decisions, and Stock Market Performance - Volume 44 Issue 2                             Research evidence also indicates that a founder as CEO improves a company’s financial performance, and the effect is stronger than in the original findings from the 80s. Founders also seem to relinquish the CEO role more readily when the company is doing very well or very poorly, which suggests that they remain in leadership particularly in situations where they feel they can significantly influence the outcome.           personal.lse.ac.uk              FoundersJEF.pdf    294.90 KB                            In conclusion, I would perhaps hope that Haglund would shake hands with Sakari on a deal where Sakari would spend the coming months cementing the culture he built at KH Koneet – and handle the recruitment of the next CEO. In any case, according to studies, these are significant times for KH Koneet.

An interesting video clip about the Kobelco cooperation between KH-Koneet and Adolf Lahti Oy. KH-Koneet has delivered several heavy excavators to Kokkola, and KH Koneet sales representatives were also on site. Teppo Sakaria is also interviewed. It’s worth watching the comments if you’re interested in Teppo’s comments on the machine market situation in Finland and Sweden at the turn of the year. (duration approx. 12 min)

KH Group

We have lowered our estimates for Indoor for the next few quarters as the drop in the furniture market seems to have accelerated in Q4. We lowered Indoor’s estimates and value a bit. This lowered...

<p>We have lowered our estimates for Indoor for the next few quarters as the drop in the furniture market seems to have accelerated in Q4. We lowered Indoor’s estimates and value a bit. This lowered the sum of the parts we estimate for Sievi, which decreased with our target price. In all, Sievi’s investment story is unchanged and the new strategy (read <a href="https://beta.inderes.fi/en/research/sievi-capital-journey-to-materialize-hidden-value-started">this</a> for more detail) offers a plausible route to bring out the hidden value of Sievi’s parts, in our opinion</p> 

	2021	22e	23e
Revenue	11.5	2.0	2.0
growth-%	259.4 %	-82.6 %
EBIT (adj.)	20.2	-9.5	11.3
EBIT-% (adj.)	175.7 %	-475.0 %	565.5 %
EPS (adj.)	0.32	-0.13	0.16
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	6.0	neg.	2.6
EV/EBITDA	5.3	neg.	1.7

Sievi Capital: Headwinds in furniture market grow stronger

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Key Estimate Figures20.02.2023

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