Nokian Renkaat Oyj : Recovery path clearer, but still distant
>Weak Q1 but focus was on new mid-term outlook - Nokian Tyres yesterday reported Q1 2023 results that were down sharply y-o-y (sales down 27% and adj. EBIT margin at -8.0%), dented as expected by the exit from Russia and coming below expectations (adj. EBIT of -€14 M vs css at -€ 10 M). As expected, the group reiterated its FY guidance, suggesting even stronger H2 seasonality. Most importantly, it presented a new 5Y mid-term plan (2027) following the finalisation of ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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