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
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... 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
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

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
    }
  }
}


nokian-panimo-resilience-expected-amid-softer-market-evli

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Nokian Panimo is a brewery. The brewery produces everything from beer and cider, to non-alcoholic beverages such as mineral water and soft drinks. The brewery's best-known brand is the Keisari series of beers. The brewery also produces small batches of named beers on request. Nokian Panimo was founded in 1991 and is headquartered in Nokia, Finland.

In the absence of newer data, here is a list from a couple of years ago of the best-selling beers, which also lists the non-alcoholic versions for the K-Group:                   Ilta-Sanomat – 13 Jul 24              Tässä ovat myydyimmät oluet – tietty sää saa suomalaiset ostamaan olutta    Kysyimme K- ja S-ryhmältä sekä Lidliltä, mitä oluita suomalaiset ostavat kaikkein eniten.                             I checked the price per liter on S-kanava for those TOP 10 non-alcoholic beers: A.Le Coq Premium 0,0% 0,33l can 6-pack (2.67 €/l)  Brooklyn Special Effects 0,4% 0,33l bottle (6.52 €/l)  Corona Cero 0,0% 0,33l bottle (4.52 €/l)  Crisp Vaalea Lager 0,0% 0,33l can 6-pack (2.57 €/l)  Heineken 0,0% 0,33l bottle (4.36 €/l)  Heineken 0,0% 0,33l can 6-pack (3.88 €/l)  K1664 Blanc 0,0% 0,33l bottle (5.73 €/l)  Karhu 0,0% 0,33 can 8-pack (3.18 €/l)  Lasso Zero 0,0% 0,33l can (2.73 €/l) The big picture is clear in my opinion, meaning consumers are looking for cheap drinks. In exactly one case does the unit price of the drink exceed 2 euros according to the S-Group price list. If non-alcoholic Keisari were sold at a liter price of approx. 4 euros in half-liter cans, I think it would have a good chance of gaining a foothold in the market if the quality succeeds. It won’t be able to challenge the cheapest bulk beer with its price, but it would still fall within the price point that consumers are willing to pay.

Non-alcoholic beer is definitely a product where taste is the deciding factor, and price doesn’t matter as much as it does with regular beer. Nobody drinks a case of crappy-tasting cheap lager. Unless to get drunk.

Oh right. I completely forgot about this investment in the newer non-alcoholic beer production… That’s true, they actually needed to invest in production even more. I was actually surprised by this at the time, as I thought they already had the capabilities for this. So it’s possible that I’ve also gotten too good of an impression of many other things related to the brewery, and there is a lot of maintenance backlog / deferred capital expenditure (investointivelkaa) hiding in the corners. I am also very surprised by how large the company’s logistics investments are. This isn’t necessarily a negative thing, but the company certainly believes in very substantial volume growth with that investment.

[quote=“Rauli_Juva, post:315, topic:59428”]  After the investments of the coming years, the beer capacity will already be close to the craft brewery limit of 15 million litres (though some of it will be non-alcoholic in the future, which doesn’t count towards the limit), so in my opinion, significant growth in space-consuming beer capacity won’t be needed in the 2030s. If I remember correctly, the company also commented somewhere that there is indeed enough space on the plot; after all, a fairly large chunk of the front area is currently used as parking, for example. [/quote> I see great growth potential specifically in non-alcoholic beer. In Finland, the share of non-alcoholic beer out of total consumption is around 2%, whereas in the EU it is likely over 8%, and in some countries even clearly higher. Along with the staggering growth potential, there is also room in the market. Many cheap alternatives taste roughly like dishwater (just an impression; I haven’t spent tasting evenings enjoying dishwater), and with quality products, on the other hand, the average consumer hits a price ceiling. If Nokian Panimo succeeds in non-alcoholic beers the way it has succeeded in alcoholic beers—meaning sufficiently good and sufficiently affordable—the growth opportunities for the well-known Keisari brand are huge. Naturally, when thinking about production in the 2030s regarding spatial limits, the considerations shift towards the end of the decade rather than the beginning. The size of the plot makes me wonder not only about how much buildings can fit there, but also about how much truck traffic the warehouse can accommodate. Of course, it would be quite interesting to know what kind of litre volumes the new warehouse enables, considering the concentration of consumption in certain months. The strong growth in the number of product items certainly doesn’t make the situation any easier.

Isn’t Nokian Panimo currently investing only in logistics? My understanding is that production itself has been in pretty good shape compared to the industry in general. Of course, they might need a new filling machine and more fermentation capacity.

Although nobody really asked me, I’ll comment on a couple of points   I agree. The only problem is what to strip out from there—meaning whether one assumes the market values Belarus at zero or something else, and how the cash held there is treated. OP (Pohjola Bank) covers Olvi, so based on their own estimates, they can probably provide multiples, but you can’t get a purely market-based multiple for Olvi without Belarus, which is why it’s not in our analysis.  Following the investments of the next few years, the beer capacity will already be close to the craft brewery limit of 15 million liters (though part of it will be non-alcoholic in the future, which doesn’t count towards the limit), so in my opinion, significant growth in space-consuming beer capacity won’t be needed in the 2030s. If I recall correctly, the company also commented somewhere that there is indeed enough space on the plot; after all, there is a fairly large slice of parking lot currently out front.  The company is, in fact, investing heavily in production over the next few years, so this claim is not currently accurate. However, it will be once the investments planned for the coming years are completed.  No, the warehouse investment was made in 24–25, and now they are investing in production, as stated in the release below. Despite the headline, the investment involves much more than just equipment for non-alcoholic beer.            Nokian Panimo              Nokian Panimon tuotevalikoima laajenee alkoholittomiin oluisiin

Fixed costs in the industry are severe. Volume growth shouldn’t show up significantly as cost increases for Nokian Panimo, which in turn compensates for the loss of subsidies. I won’t give out example figures too much, as they likely fall under my non-disclosure agreement (I haven’t worked at Nokian Panimo). Based on the information I have, I am quite sure that Nokian Panimo still has good opportunities to grow volume without major investments in production itself. The problem arises if volume is grown through low-margin contract manufacturing, like my former employer. In that case, it can be more profitable to produce less, because an extra liter loses more in subsidies than it generates in gross margin.

Nokian Panimo

We expect Nokian Panimo's debut earnings as a listed company to demonstrate resilience despite challenging weather conditions, supported by capacity investments and continued market share gains...

We expect Nokian Panimo's debut earnings as a listed company to demonstrate resilience despite challenging weather conditions, supported by capacity investments and continued market share gains. 

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Nokian Panimo: Resilience expected amid softer market - Evli

Nokian Panimo: Resilience expected amid softer market - Evli