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
            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
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Joonas Korkiakoski

Nokian Tyres is a premium tire manufacturer. The company develops and manufactures tires for passenger cars, trucks and heavy machinery. The company also operates the Vianor chain, which provides tire and car services. Nokian Tyres' main market areas are the Nordic countries, Central Europe and North America. The company began manufacturing tires for passenger cars in 1932 and is headquartered in Nokia, Finland.

Thanks Rauli for the clarification. In my own post, I forgot to mention that the goal of the NR marketing day was to present their strategy. In my opinion, those two points were good cornerstones of the strategy. In the US, the building blocks for nationwide distribution have now been planned. Kimi will have a major role in terms of the brand in increasing awareness. Factory automation likely means automating internal logistics. Their comment about labor costs (US versus Mexico) pointed to this same thing. Labor costs are not a significant factor. As I understand it, production control and automation allow machine capacity to be utilized optimally. Paolo also said he is not worried about whether the factory can produce one million or four million tires (rinkula). So the production engine is in place as long as sales channels, marketing, and sales provide the pull. Production is therefore geared up in both the US and Romania. As a shareholder, this sounded good to me. The focus during the strategy period is on sales, distribution, and awareness. The foundation (factories) is humming ready in the background. But these are just my thoughts. It’s good that we in Finland have at least something to lift us out of this slump. The strategy of the “rings” (tires) as one example.

This was specifically about the nationwide ATD distribution deal that was discussed in the fall, at least by @Pika-Sissi, @Perttu_Hamalainen, and @Jmakela. Regarding that, it turned out—just as suspected—that those Nokian tires won’t, of course, be available for sale in all tens of thousands of shops immediately; instead, ATD’s warehouses will take some stock, and individual shops must first be persuaded to include Nokian products in their selection, and then a customer still needs to order them. The idea is to reach a wider distribution network as ATD handles the warehousing and logistics for the dealers, because otherwise, the quantities delivered to individual shops would be too small. At the same time, the company’s working capital management will improve. The US head, Chris, clearly saw this as a potentially very significant individual distribution method in the US in the coming years, but admitted immediately after that the biggest problem remains that consumers generally don’t know what Nokian Tyres is, so there is plenty of work to do.  That sounded like a bit of an exaggeration; the Russian factory would still be a shockingly profitable and efficient factory if it were still in the company’s possession. But indeed, the production technology in Romania is somehow more flexible, allowing for a larger number of SKUs and shorter production runs. This supports the efficient production of new products in the coming years.

I don’t know about being straightforward, but it certainly was unclear  There just wasn’t enough room in the intro to explain it fully. On the inner pages, we detail the update to the DCF model parameters (lower debt, lower required rate of return), which was part of the reason, and secondly, regarding the peer multiple/discounting method mentioned on the front page, we naturally updated the latest figures and changed the “target year” to 2029. A bit technical, but I wanted to highlight them in the intro somehow, as forecast changes alone would not have justified such a large increase in the target price.

@Rauli_Juva what do you mean when you say “with the updates to the valuation framework”? To me, it doesn’t sound like a very straightforward expression, if I’m interpreting this correctly. I think you’re a good NRE analyst, but that part sounded a bit off to me

Here is Rauli’s comprehensive take on Nokian Tyres’ Capital Markets Day  Nokian Tyres hosted a Capital Markets Day yesterday, where it presented its updated strategy and financial targets extending to 2029. The targets were pushed back in line with our expectations, but otherwise remained largely unchanged. In its strategy, the company now places a strong emphasis on value-creating growth, meaning it seeks growth in products that are more profitable than the current portfolio and is not pursuing volume growth as aggressively. In our view, this has already been put into practice under the leadership of CEO Paolo Pompei, who started at the beginning of 2025.                   Inderes              Nokian Renkaat CMD: Kannattavuus kasvun edellä - Inderes    Nokian Renkaat järjesti eilen pääomamarkkinapäivän, jossa se esitteli päivitettyä strategiaa ja taloudellisia tavoitteita, jotka ulottuvat vuoteen 2029

Rauli interviewed Nokian Tyres’ CEO Paolo Pompei at the CMD regarding the company’s progress and outlook, among other things.                   Inderes              Nokian Renkaat CMD: Fokus kannattavassa kasvussa (eng.) - Inderes    Aika: 11.02.2026 klo 19.31 Vuoden 2023 strategiapäivityksen jälkeen Nokian Renkaiden on tullut aika siirtää fokus tuotannon ylösajasto kannattavaan kasvuun. Nokian Renkaiden toimitusjohtaja Paolo Pompein kommentoi analyytikko Rauli Juvan...                             Topics: 00:00 Introduction  00:10 Paolo Pompei  00:56 Passenger car tire growth targets  02:33 Heavy tires growth targets  03:23 Main changes in strategy  05:02 Financial targets  06:30 Prerequisites for profitability improvement  08:06 Main risks

I attended the NR marketing days. Saw Rauli live too. He’s not an AI-implemented guy . Nowadays you never know  To the point: The US sales manager predicted strong growth. He justified it by saying they have a web app for dealers where you can check the stock balance and get tires in 1-2 days. Apparently, the dealers like it. In the US, supposedly no one has a system like Vianor. I didn’t quite catch who the intermediate warehouse operator is, but they are all over the place. Can it really be that the US indeed relies on their own inventories and orders with long lead times if the right size isn’t in their own stock? Another interesting thing was the Oradea (Oredo) factory versus the one left in Russia. Oradea is automated. Russia is traditional. Oradea can make tires based on orders. The traditional (Russia) one makes long runs of the same tire. If that specific one doesn’t sell, the inventory bloats, or it has to be sold cheap. Oradea is model year 2025 and Russia is Stone Age. Interesting session. I think I’ll sell all my Optomeds tomorrow and concentrate on NR. Although with an average price of 6.02, I’d like to see a 100% rise before topping up

Nokian Tyres

Nokian Tyres’ situation is difficult in the short term, as a rapid reduction in Russia risks is impossible and the operating environment is exceptionally unpredictable. 

<p>Nokian Tyres’ situation is difficult in the short term, as a rapid reduction in Russia risks is impossible and the operating environment is exceptionally unpredictable. </p> 

	2021	22e	23e
Revenue	1,714.2	1,648.3	1,761.4
growth-%	30.5 %	-3.8 %	6.9 %
EBIT (adj.)	324.9	217.8	278.3
EBIT-% (adj.)	19.0 %	13.2 %	15.8 %
EPS (adj.)	1.84	1.20	1.56
Dividend	0.55	0.60	0.65
Dividend %	1.7 %	5.6 %	6.1 %
P/E (adj.)	18.1	8.9	6.8
EV/EBITDA	10.5	4.5	3.9

Nokian Tyres: A demanding situation

Key Estimate Figures01.04.2022

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