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.

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)

Wacker Neuson, imported by KH-Koneet (Edeco), is likely to change ownership. South Korean Doosan Bobcat is making a takeover bid for Wacker. Here’s one more thing to follow: Will anything change in the principal-agent relationship between KH-Koneet and Wacker after the potential change of ownership? Is this a risk or a potential expansion opportunity for the representation of other Doosan Bobcat brands? (December 5, 2025, no paywall)                   Koneviesti – 5 Dec 25              Doosan Bobcat ostamassa Wacker Neusonin    Saksalainen rakennuskonevalmistaja Wacker Neuson on vahvistanut, että sen johtokunta käy “pitkälle edenneitä keskusteluja” Etelä-Koreassa toimivan Doosan Bobcatin kanssa.                             As a lighter note, some good news (and I sincerely hope this is a broader indication for the better  ). Namely, in Kramer sales, a one-man sales record was set in November. “In November 2025, a small piece of history was made in machine sales: a one-person, one-month all-time sales record, by supplier Pekka Gylden. Also present to present a small memento was the representation from the Kramer-Werke GmbH factory: Stefanie Moog and Christian Stryffeler. From this, it’s a good starting point to break the next records!” https://www.linkedin.com/company/khkgroup?trk=similar-pages

No idea about the car’s own margin, but those dirty sweeping devices account for the lion’s share of the cost. And they should have a 40% margin. The downside is that the manufacturer pays about 29€/h for warranties, no travel costs or anything, so every job results in a loss when you go there. And there are enough faults in them. And everything is behind the bus systems, so even the least skilled person can’t fix it.

What kind of profit margin is there on an order like this? Only 10% more? The company’s market value is very low…

So then, shouldn’t the aftermarket be a profitable business? Unless of course one has to do warranty work

Probably junk (brokkia)… Generally, the margins are good at the time of sale. But generally, those margins melt away very quickly in the aftermarket. It’s strange that we’ve even been to the moon, but a functional dirty sweeper vehicle doesn’t exist.

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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