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Nokian Tyres: Spins and tightens

TYRESResearch2022-04-28 10:19
Inderes
Discuss
Download report (PDF)

Nokian Tyres published its Q1 report yesterday. The start of the year was still quite unproblematic for the company but with new EU sanctions especially the second half of the year will inevitably become tricky. It takes time to change the production structure and its currently difficult to assess long-term value creation.

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.

Read more on company page

Key Estimate Figures2022-04-28

202122e23e
Revenue1,714.21,424.61,704.5
growth-%30.5 %-16.9 %19.6 %
EBIT (adj.)324.9162.7274.5
EBIT-% (adj.)19.0 %11.4 %16.1 %
EPS (adj.)1.840.911.54
Dividend0.550.550.60
Dividend %1.7 %4.0 %4.4 %
P/E (adj.)18.115.18.9
EV/EBITDA10.56.74.9

Forum discussions

The development of the new studded tire has taken over 10 years. Product development is a long-term endeavor.
yesterday
by Jussi Koskinen
8
It could be that I’m overly optimistic, but my own thoughts on the state of NR are much more positive. Here are my reflections on 2026 and Q3...
yesterday
by Haapismake
15
Inderes – 28 Oct 26 Nokian Renkaat Q3'26: Kannattavuus ylitti taas odotukset - Inderes Ohjeistuksen nosto oli odotettua ja ennusteemme nousivat...
yesterday
by exe__
8
Hmmm… Renkaat beat Inderes’ forecasts by a clear margin (except for revenue, which was more or less expected), and a target price of €12? The...
yesterday
by Caravellix
13
Nokian Tyres did indeed deliver what looks like a solid result, and the expected earnings improvement continues as the ramp-up of the Romanian...
10/28/2026, 3:05 AM
by Farseer
19
Tyres is clearly the opposite of Kempower, which just keeps growing its revenue, but not profitability. If they can maintain this kind of operating...
10/27/2026, 11:25 AM
by Korville
33
Revenue missed, but earnings beat, followed by a slight positive profit warning. Still not good enough for the market, huh?
10/27/2026, 11:19 AM
by Pyylevä
7