Nokian Tyres Minor model adjustments
We have updated our estimates, owing to market developments during the quarter. We do not consider these changes to be material, and we have not changed our HOLD recommendation. We have lowered our target price from EUR36 to EUR35. We are 7% above consensus on Q3e sales and 9% above on segment EBIT, and see positive risk/reward in the short term, as we believe the share price could recover some of its c11% decline since the beginning of August on a strong Q3 report. We are broadly in line with consensus for 2022–2023e, and view the valuation as full at a 2022e EV/EBIT 14x, which is the basis for our target price.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.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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