Nokian Tyres

Nokian Tyres is a tyre manufacturer. Co. mainly sells its products in the aftermarket. Co. and its subsidiaries include the Vianor tyre retail chain, which provides wholesale and retail services in Co.'s primary markets. The core business units in Co. and its subsidiaries are Passenger Car Tyres, which develops, manufactures, and markets summer and winter tyres for passenger cars and delivery trucks as well as SUVs; Heavy Tyres, which focuses on special tyres; as well as Vianor, which provides tyres for all vehicles: passenger cars, vans, trucks, and heavy machinery. In addition to Nokian-branded tyres, the Vianor tyre retail chain sells other tyre brands and a variety of motoring products.
  • TickerTYRES
  • ISINFI0009005318
  • ExchangeNasdaq Nordic Helsinki
  • SectorAutomobiles & Parts
  • CountryFinland
Karl Bokvist ...
  • Laurits Kjærgaard
  • Olof Cederholm

Sector Report - Q4 to be solid – positive outlooks needed

Q4’20 report due on 4 February Strong margin trend, upcoming corporate action Upgrade to BUY, TP raised to SEK 270 (250)

Karl Bokvist ...
  • Olof Cederholm

Nokian Tyres - Down to SELL after a return to >15x EV/EBIT

Q4’20 report due on 9 February Focus on outlook for 2021 Down to SELL as valuation has extended >15x EV/EBIT

Karl Bokvist ...
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner - December 2020

Global PMIs relatively flat in Nov. despite COVID-19 Automotive and mining equipment continue to be good Weak USD/SEK implies 4-6% risk to '21 adj. EBIT

Olof Larshammar

Green is good

Average alignment with the EU Taxonomy that defines ‘sustainable activities’ could be as low as 11% for the sector. Hexagon, ABB and Alfa Laval screen best, while ‘strong’ ESG cases like Nibe and Beijer Ref’s alignments are surprisingly low. We also see a mismatch between companies’ taxonomy alignment and ESG funds’ positioning, which could have a major impact on flows in certain stocks. For 2021, our top sector picks are Autoliv, Dometic, Epiroc, Metso Outotec, Hexagon and SKF, as we favour automotive production, mining equipment and construction, but would avoid oil & gas and aerospace.

Martin Arnell ...
  • Mattias Holmberg
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen

Northern Lights

Karl Bokvist ...
  • Laurits Kjærgaard
  • Olof Cederholm

Sector Report - Q4 to be solid – positive outlooks needed

Q4’20 report due on 4 February Strong margin trend, upcoming corporate action Upgrade to BUY, TP raised to SEK 270 (250)

Karl Bokvist ...
  • Olof Cederholm

Nokian Tyres - Down to SELL after a return to >15x EV/EBIT

Q4’20 report due on 9 February Focus on outlook for 2021 Down to SELL as valuation has extended >15x EV/EBIT

Karl Bokvist ...
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner - December 2020

Global PMIs relatively flat in Nov. despite COVID-19 Automotive and mining equipment continue to be good Weak USD/SEK implies 4-6% risk to '21 adj. EBIT

Olof Larshammar

Green is good

Average alignment with the EU Taxonomy that defines ‘sustainable activities’ could be as low as 11% for the sector. Hexagon, ABB and Alfa Laval screen best, while ‘strong’ ESG cases like Nibe and Beijer Ref’s alignments are surprisingly low. We also see a mismatch between companies’ taxonomy alignment and ESG funds’ positioning, which could have a major impact on flows in certain stocks. For 2021, our top sector picks are Autoliv, Dometic, Epiroc, Metso Outotec, Hexagon and SKF, as we favour automotive production, mining equipment and construction, but would avoid oil & gas and aerospace.

Mattias Holmberg

Nokian Tyres (Hold, TP: EUR32.00) - No ice ice baby

Our research indicates previously elevated winter tyre inventories in Russia have finally normalised. However, Q4 to date has been among the warmest and least snowy in a decade, and Google data indicate low demand for winter tyres in Russia. We have downgraded to HOLD (BUY) on higher risk of continued inventory overhang in the Russian dealer network, making risk/reward more balanced following a c70% share price surge since our upgrade in March. Target price raised to EUR32 (31).

Expert Corporate Governance Service (ECGS)

Nokian Tyres – AGM 02 April 2020

In general, Nokian Tyres is in compliance with the Finnish regulations relating to the organization and procedures of the Annual General Meeting.   Under ITEM 10, the board seeks shareholder approval of the remuneration policy. In general, ECGS deems that the overall level of transparency of the Company's remuneration policy is below Finnish standards. Furthermore, the maximum variable remuneration exceeds ECGS' guidelines of maximum 300%. Accordingly, we recommend to vote OPPOSE.   Under ITEM 13, the (re-)election of the board of directors is proposed. Although there is sufficient indepen...

Expert Corporate Governance Service (ECGS)

Nokian Tyres April 09th, 2019

In general, Nokian Tyres is in compliance with the Finnish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 12, the (re-)election of the board of directors is proposed. Although there is sufficient independent representation on the board, ECGS has concerns over the level of female representation on the board (25%) and the aggregate time commitments of no less than 3 directors: Messrs. Kari Jordan, Pekka Vauramo and Petteri Walldén. Based on the above concerns, ECGS recommends to vote OPPOSE. Under ITEM 13, the audit committee of the board of d...

Nokian Tyres – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Martin Arnell ...
  • Mattias Holmberg
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Frank Maaø
  • Håkon Astrup
  • Jesper Ingildsen
  • Joachim Gunell
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Tomi Railo
  • Viktor Trollsten

Northern Lights

Christoffer Wang Bjørnsen ...
  • David Martinsson
  • Jesper Ingildsen
  • Jimi Lehtonen
  • Jon Masdal
  • Jørgen Lian
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Tomi Railo

Northern Lights

By reducing its risk exposure, NOKIAN RENKAAT improves to Slightly Positive

NOKIAN RENKAAT (FI), a company active in Tires, reduces its risk exposure and improves its general evaluation despite the loss of a fundamental star(s). The independent financial analyst theScreener has removed a fundamental star(s) of the title, which now shows 3 out of 4 stars; conversely, its market risk is now considered lower and can be described as moderately risky. Despite the loss of a star, theScreener upgrades the general evaluation of the title to Slightly Positive. As of the analysis date October 23, 2020, the closing price was EUR 26.87 and its potential was estimated at EUR 30.78...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

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