Nokian Tyres (Sell, TP: EUR29.00) - Sell-out prices lag behind peers
Our proprietary pricing study shows a mixed picture with Nokian Tyres’ sell-out prices in Russia and the US being roughly flat YOY and lagging behind peers, while being up YOY in the Nordics and Germany. We have raised our target price to EUR29 (28) after lifting our 2021–2023e segment EBIT by 4–7% following the company’s announcement of increasing output at its factory in Finland. For Q1e, we are 10% above consensus on segment EBIT but remain 3–6% below for 2022–2023e and maintain our SELL as we see a poor risk/reward.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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