Nokian Renkaat Oyj : Rich valuation even harder to justify
>Big miss in Q4 2020, 2021 guidance remains very vague at this stage - Nokian reported Q4 2020 earnings that were broadly lower than our estimates and those of the consensus (-7% for sales and -20% for EBIT). In detail, the cost reduction efforts and raw materials gains failed to offset volume weakness, particularly in passenger tyres. The only positive surprise came from FCF (mainly thanks to WCR), which was much higher than anticipated, though this did not translate...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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