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.

Recently, there have been articles stating that Nokian Tyres has sufficient production capacity, but the problem might be that the entire production cannot be sold. I wondered where to get data on tire sales volumes, and it occurred to me to examine Google search keyword trends. The service can be found by searching for “Google Trends”. Keywords are indexed, and 100 means the most searches. Absolute numbers cannot be determined from this. Also, how Google categorizes product groups is a bit unclear, and it’s worth noting that many people use VPN services, which likely distorts these statistics somewhat. I used various Nokian Tyres products as keywords, and at least visually, the situation in the United States appears better than last year. Of course, it’s not certain that search volumes correlate with sales volumes; at least for the Nordic countries, this didn’t seem to be the case when I compared it to the chart in Rauli’s report on revenue development in different geographical areas. This can be explained by Nokian Tyres’ established market position in the Nordic countries. In contrast, in the United States, Nokian Tyres is relatively unknown, and an increase in search volumes can be interpreted as a sign of increased interest in the brand and potential purchase intentions. If this is the case, then it is, of course, a positive thing, and it would reinforce the idea that expectations for sales development in the United States are not entirely unfounded.  For the Nordic countries, search volumes for the keywords “Hakkapeliitta 10” and “Hakkapeliitta R5” appear to be roughly at the same level as in previous years. It’s interesting how the keyword “Hakkapeliitta 10” is concentrated in the northern parts of all Nordic countries, while in the south, searches lean more towards the R5 series. This is logical in itself, but at first glance, I would have thought there wouldn’t be much internal variation in the proportions of friction tires and studded tires. Of course, this doesn’t tell us how it actually correlates with the tires on cars. Google Trends data seems confusing to me in some parts, and I don’t know how much weight can be given to it. Everyone should draw their own conclusions.

Here are Rauli’s comprehensive comments on the performance and forecasts of Tyres in different regions. Our forecasts for Nokian Tyres are based on the forecasts for different segments in the reports. In this comment, we also elaborate on revenue development and forecasts for geographical regions and compare them to the company’s 2 billion euro revenue target.                   Inderes              Nokian Renkaiden kehitys ja ennusteet eri maantieteellisillä alueilla - Inderes    Tässä kommentissa avaamme liikevaihdon kehitystä ja ennusteita maantieteellisten alueiden osalta ja peilaamme niitä yhtiön 2 mrd. euron liikevaihtotavoitteeseen.

Isn’t he already a fifty-year-old guy whose world championship was 20 years ago or something?\nOn the other hand, buyers of new cars and those buying the car’s first set of winter tires are probably also of that age, I guess(?)

Someone commented that Kimi has 3 million Instagram followers. The Rings have 8,000. Just one post from Kimi and the visibility is 500 times greater. At least there’s a younger approach with the new management of the Rings.

Nokian Tyres gets a new and quite prominent brand ambassador  ! An interesting announcement; I can’t assess more precisely what that means in practice. It’s probably good news for Nokian Tyres in any case, if not directly from the perspective of sales or financial figures development, then at least in terms of sentiment. Räikkönen certainly seems to have plenty of personal visibility and recognition.                   Nokian Renkaat – 2 Dec 25              Kimi Räikkönen liittyy Nokian Renkaiden tiimiin brändilähettiläänä / Nokian...

Aapeli wrote about Deere’s market outlook, including forest machines, which are also relevant for Nokian Heavy Tyres. The market thus continues to be sluggish, but is rather turning to a slight increase next year. However, the level is weak, and for this reason, Nokian Tyres also continues layoffs in the Heavy Tyres segment.                   Inderes              Ponsse ja Kesla: Deere odottaa metsäkonemarkkinalle vakaata kehitystä...    Maailman johtava maa- ja metsätalouskoneiden valmistaja Deere julkisti eilen Q4-raporttinsa ja otti samalla kantaa tilikautensa 2026 markkinanäkymiin.

Here are Rauli’s comments on European new car sales in October, which also slightly affects Renkaat (Tires).  According to ACEA (European Automobile Manufacturers’ Association), new car sales in the European Economic Area were up 5% year-on-year in October, totaling 1.1 million units. October was already the fourth consecutive month of growth, so the market appears to be on a slight upward trend. For the entire year to date, sales are up 2% year-on-year. ACEA’s statistics include the United Kingdom in addition to the countries belonging to the European Union and EFTA. In the Nordic countries, development was varied, with Sweden and Norway declining by 4%, but Finland grew by 5%. We have previously commented on Finland’s figures in this comment.                   Inderes              Euroopan uusien autojen myynti jatkoi kasvutrendillä lokakuussa - Inderes    ACEA:n (European Automobile Manufacturers’ Association) mukaan Euroopan talousalueen uusien autojen myynti oli lokakuussa 5 % vertailukautta enemmän eli 1,1 miljoonaa kappaletta.

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 %	6.9 %	7.5 %
P/E (adj.)	18.1	7.3	5.6
EV/EBITDA	10.5	3.8	3.3

Nokian Tyres: A demanding situation

Key Estimate Figures2022-04-01

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