Nokian Tyres: A demanding situation

TYRESResearch01.04.2022, 11.07

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.

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.

Key Estimate Figures01.04.2022

	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 %	3.6 %	3.9 %
P/E (adj.)	18.1	13.8	10.6
EV/EBITDA	10.5	6.9	5.7

Forum discussions

JP Morgan, the half-brother of Morgan [Stanley], admitted their error in the valuation of Rinkulat (Nokian Renkaiden), from Kauppalehti’s flash...

8/20/2026, 6:57 AM

by NukkeNukuttaja

I went on vacation right after the Nokian Tyres result, so I missed this. But the answer to this is simple: by using our current revenue forecasts...

8/3/2026, 10:21 AM

by Rauli_Juva

Tärkeimmät talousuutiset | Kauppalehti – 30 Jul 26 Suomalaisyhtiö kehitti hämmästyttävän talvirenkaan – ja kauppa käy Uusi talvirengas pamauttaa...

7/30/2026, 5:46 AM

by Ysiysitoista

Nokian Tyres’ strength lies in its winter tires. And in my opinion, its brand (image) is stronger in the premium category than Harvia’s, which...

7/21/2026, 1:28 PM

by Zen65

Has the operating environment and market for “Rinkulat” [a colloquial term for Nokian Tyres] changed since those 20%+ operating profit margins...

7/21/2026, 12:47 PM

by kimsku

In principle, Juva doesn’t believe in more than a maximum of 12% operating profit in the long run either, which is quite a pessimistic scenario...

7/21/2026, 9:19 AM

by Zen65

Why do analysts set price targets at all? Could they focus more on evaluating a company’s performance relative to its competitors, as well as...

7/21/2026, 8:04 AM

by Kari Kokkonen

Nokian Tyres: A demanding situation

TYRESResearch01.04.2022, 11.07

Joonas KorkiakoskiAnalyst

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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.

Key Estimate Figures01.04.2022

	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 %	3.6 %	3.9 %
P/E (adj.)	18.1	13.8	10.6
EV/EBITDA	10.5	6.9	5.7