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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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.

Same thing in Germany. If there is snow/ice and you have an accident, the insurance company won’t cover it. All-season tires are a sensible direction for Nokian Tyres, considering the Central European markets. I don’t own the stock, even though I like the company. It’s not a well-known brand in Germany. The partnership with Kimi is a good start, but I still doubt whether all the tires from the Romanian factory will sell—and if so, at what margin. That is, once the factory is running at full capacity.

Your world is small if you don’t leave Helsinki all winter. In my neck of the woods, studded tires were already rattling under cars at work back in October. We’ve been wearing down winter tires for a couple of months already. The climate hasn’t warmed up one bit. I remember “black” Christmases from before… Then I predict that in January it’ll be freezing and there will be snow across the whole country, just like before. The company’s turnaround seems to be progressing all the time… Look at the P/B = still very undervalued. I see the share price racing toward double digits instead of eight pretty soon.

To clarify, there isn’t actually a fixed-period winter tire mandate anymore; instead, the current wording states that winter tires must be used between November 1st and March 31st if weather conditions require it. This is a rather loose phrasing that leaves the responsibility to the driver themselves. Someone might interpret this to mean that winter tires aren’t mandatory at all, and indeed, in the Helsinki metropolitan area, there have already been a couple of winters where winter tires weren’t actually needed for the entire winter.

I was reflecting on the year 2025 and my own thoughts on how NR has ‘evolved’: - Paolo’s first year. I’m looking forward to the first annual report with interest - Romanian and US factories in production - Slimming down middle management in the organization - Trimming the sales organization - Conditional layoffs for 2026 if sales don’t pick up full steam - Kimi as brand ambassador Quite a set for the year 2025. Oh and, the average price of my own stock bundle is 6.02. Right now +52.66%. Not bad either

I agree regarding consumption, specifically in the Vianor region. There is no winter tire mandate in Central Europe, so this is reflected as a negative factor there.

Here is a reminder regarding the defense sector discussion about what the company said in the spring about its current significance. Of course, growth is certainly being sought and will be achieved. I think the essential points about that one order were already covered above, i.e., they are produced partly (or even mainly?) outside of Finland, and as a single order spread over several years, it is by no means game-changing for the company. It’s good if more is gained from there, and we do indeed have growth in revenue for Heavy Tyres and even substantial growth in earnings for 2027-28. Heavy Tyres are not broken down by segment, and therefore there is no forecast based on that either. However, regarding the company’s expected earnings level and thus the stock, I would argue that the development of passenger car tyres largely sets the pace.

Most of the vehicles will be built in Germany.

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 %	6.6 %	7.1 %
P/E (adj.)	18.1	7.6	5.8
EV/EBITDA	10.5	3.9	3.4

Nokian Tyres: A demanding situation

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Key Estimate Figures01.04.2022

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