Company Overview
Duell is a leading European distributor of motorcycles, ATVs, UTVs, scooters, and other powersports products. With over 8,500 dealerships across Europe, Duell provides a wide range of products from top brands, catering to various markets and customer segments.
The company's primary mission is to deliver high-quality products, excellent customer service, and innovative solutions to its customers. Duell's core values include a commitment to excellence, customer satisfaction, and innovation, which guide the company's strategic decisions and operational practices.
Duell's primary mission is to become the leading powersports distributor in Europe, known for its wide range of products, excellent customer service, and innovative solutions. The company aims to achieve this by continuously improving its product offerings, expanding its dealer network, and investing in digitalization and e-commerce initiatives.
Duell's core values are built around a commitment to excellence, customer satisfaction, and innovation. These values guide the company's strategic decisions and operational practices, ensuring that Duell remains a trusted and respected player in the powersports industry.
Key Products/Services:
Duell offers a wide range of products from top brands, including motorcycles, ATVs, UTVs, scooters, and other powersports equipment. The company's product portfolio includes over 100,000 items from more than 500 brands, catering to various markets and customer segments.
- Motorcycles: Duell offers a wide range of motorcycles from top brands, including Honda, Yamaha, Kawasaki, and Suzuki.
- ATVs and UTVs: Duell provides ATVs and UTVs from top brands like Polaris, Can-Am, and Yamaha.
- Scooters: Duell offers a variety of scooters from brands like Vespa, Piaggio, and Honda.
- Other Powersports Products: Duell also offers other powersports products, including helmets, gloves, and protective gear.
Duell's products are designed to provide customers with the best possible experience, whether it's for recreational or professional use. The company's products are known for their quality, reliability, and performance, making them a popular choice among powersports enthusiasts.
Benefits:
Duell's products offer several benefits to customers, including:
- Wide Range of Products: Duell offers an extensive range of products from top brands, catering to various markets and customer segments.
- Excellent Customer Service: Duell provides excellent customer service, with knowledgeable staff available to assist customers in finding the right product for their needs.
- Innovation and Digitalization: Duell invests in digitalization and e-commerce initiatives, making it easy for customers to shop online or in-store.
- Quality and Reliability: Duell's products are designed to provide customers with the best possible experience, whether it's for recreational or professional use.
Duell is a trusted and respected player in the powersports industry, known for its wide range of products, excellent customer service, and innovative solutions. With a strong commitment to excellence, customer satisfaction, and innovation, Duell is well-positioned for continued growth and success in the future.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 25.5 | 30.5 | 5.2 | 5.2 | 5.2 | 5.2 | 5.2 |
| Target Valuation (MEur) | 69.3 | 42.9 | 32.4 | 35.7 | 32.0 | 20.5 | 20.5 |
| Target Price | 2.72 | 1.41 | 6.28 | 6.88 | 6.15 | 3.96 | 3.96 |
| Potential, % | 27.2 | 269.8 | -10.2 | 108.8 | 196.3 | 89.8 | 89.8 |
| Recommendation | Buy | Buy | Hold | Buy | Buy | Buy | Buy |
| MCAP (MEur) | 54.5 | 11.6 | 36.1 | 17.1 | 10.8 | 10.8 | 10.8 |
| Price | 2.14 | 0.38 | 7.0 | 3.29 | 2.08 | 2.08 | 2.08 |
| EV | 105.0 | 57.0 | 61.0 | 40.0 | 28.0 | 19.0 | 9.0 |
| P/S | 0.44 | 0.1 | 0.29 | 0.14 | 0.08 | 0.08 | 0.08 |
| EV/S | 0.86 | 0.47 | 0.48 | 0.32 | 0.21 | 0.14 | 0.07 |
| EV/EBIT | 13.59 | 240.93 | 32.9 | 34.56 | 11.47 | 3.57 | 1.56 |
| P/E | 42.36 | -2.99 | -37.35 | -10.95 | 7.91 | 2.6 | 2.41 |
| P/B | 1.71 | 0.33 | 0.71 | 0.35 | 0.21 | 0.2 | 0.18 |
| P/OCF | -116.52 | 1.19 | 27.59 | 3.86 | 1.3 | 0.99 | 0.93 |
| EV/OCF | -224.32 | 5.86 | 46.48 | 8.94 | 3.35 | 1.71 | 0.76 |
| P/FCF | -4.46 | -89.98 | -7.13 | 6.58 | 1.79 | 1.19 | 1.1 |
| EV/FCF | -8.58 | -441.55 | -12.01 | 15.25 | 4.59 | 2.04 | 0.89 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 122.6 | 120.1 | 125.9 | 123.3 | 129.7 | 127.8 | 131.6 |
| Rev. Growth, % | 0.0 | -2.0 | 4.8 | -2.1 | 5.2 | -1.5 | 3.0 |
| Ebit | 7.7 | 0.2 | 1.8 | 1.1 | 2.4 | 5.2 | 5.6 |
| Ebit Growth, % | 0.0 | -97.4 | 800.0 | -38.9 | 118.2 | 116.7 | 7.7 |
| Ebit, % | 6.3 | 0.2 | 1.4 | 0.9 | 1.9 | 4.1 | 4.3 |
| Profit | 1.3 | -3.9 | -1.0 | -1.6 | 1.4 | 4.1 | 4.5 |
| EPS | 0.05 | -0.13 | -0.19 | -0.31 | 0.27 | 0.79 | 0.87 |
| Profit Growth, % | 0.0 | -400.0 | 74.4 | -60.0 | 187.5 | 192.9 | 9.8 |
| Profit, % | 1.1 | -3.2 | -0.8 | -1.3 | 1.1 | 3.2 | 3.4 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 51.2 | 52.0 | 48.4 | 47.1 | 44.7 | 46.8 | 47.9 |
| Acc. Receivable | 20.3 | 17.0 | 17.6 | 16.7 | 16.6 | 16.8 | 17.1 |
| Cash | 4.0 | 5.7 | 5.5 | 3.2 | 7.4 | 16.5 | 26.3 |
| Equity | 31.9 | 35.3 | 51.0 | 48.6 | 50.2 | 54.4 | 58.8 |
| ROE, % | 4.1 | -11.0 | -2.0 | -3.3 | 2.8 | 7.5 | 7.7 |
| ROCE, % | 8.9 | 0.2 | 2.2 | 1.5 | 3.2 | 6.6 | 6.7 |
| Net Debt | 50.4 | 45.2 | 24.7 | 22.6 | 16.8 | 7.8 | -2.0 |
| Gearing, % | 158.2 | 128.0 | 48.5 | 46.5 | 33.5 | 14.3 | -3.4 |
| Equity ratio, % | 33.4 | 34.8 | 53.1 | 53.6 | 56.3 | 60.3 | 65.6 |
| Acc. Payable | 7.6 | 9.6 | 7.9 | 10.4 | 8.1 | 9.3 | 8.4 |
| Total Assets | 95.5 | 101.4 | 96.1 | 90.6 | 89.2 | 90.2 | 89.7 |
| ROA, % | 1.4 | -3.8 | -1.0 | -1.8 | 1.6 | 4.5 | 5.0 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -0.5 | 9.7 | 1.3 | 4.4 | 8.2 | 10.8 | 11.5 |
| Investment Cash Flow | -11.8 | -9.8 | -6.4 | -1.8 | -2.2 | -1.7 | -1.7 |
| Free Cash Flow | -12.2 | -0.1 | -5.1 | 2.6 | 6.0 | 9.1 | 9.8 |
| OCF/CAPEX | 0.0 | 0.99 | 0.21 | 2.42 | 3.69 | 6.2 | 6.61 |
| Financial Cash Flow | 13.7 | 3.2 | 4.8 | -4.8 | -1.6 | 0.0 | 0.0 |
Disclaimer
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