Companies

Duell's Q1 figures fell short of our estimates, particularly on the top line, with sales weaker than expected in both the Nordics and Central Europe. Challenges in France are expected to affect performance throughout the year, prompting us to lower net sales estimates, while profitability should remain relatively resilient.

Duell reported Q1 net sales at EUR 25.0m, below our forecast of EUR 27.0, while adj. EBITA came in at EUR -0.1m, also below our estimate. Issues in France persisted and the slow start to the winter season affected sales in the Nordics.

Duell reports Q1 (Sep–Nov) on January 14. We expect a challenging quarter, with weak market conditions, elevated dealer inventories and France weighing on performance.

Endomines production in Q4 was weaker than expected, but further gold price momentum continues to carry the investment case. We adjust our TP to EUR 32.5 (31.5), rating now BUY (ACCUMULATE).

Nokian Panimo cut its 2025 EBITDA margin guidance due to weaker-than-expected profitability after the summer season. Before the profit warning, our estimates were already at the lower end of the earlier range. We cut 2025E EBITDA by ~8% and reiterate ACCUMULATE but lower TP to EUR 2.5.

Endomines announced the sale of three of its gold deposits in Idaho. Despite slightly below expected purchase price and slow release of capital, from a strategic perspective the transaction is in our view positive. 

DT’s CMD outlined strategy for the next five years. SBU might be in some ways the most mature application area, but its volume recovery will be crucial to earnings in the short-term.

Finnair’s strategy update emphasizes RASK more than CASK, which itself wasn’t a big surprise, however the target for unit revenue growth was more ambitious than expected.

Administer’s Q3 was soft, with lower net sales weighing on profitability. Cost-saving measures should support margins slightly in the short term, while the pending Sarastia acquisitions remain the key potential value driver.

Administer's Q3 results fell short of expectations as net sales declined to EUR 17.0m and EBITDA weakened to EUR 0.7m, driven by challenging market conditions and lower volumes across all business areas.

Aspo’s Q3 results were in the end neutral; both ESL and Telko can improve more next year, when they are also to be split.

Alisa Bank intends to sell the majority of its consumer loan portfolio. Proceeds should reasonably be used to accelerate business lending growth, organically and inorganically, to fill the gap from lost income.