Nokian Renkaat Oyj : Un niveau de valorisation encore plus difficile à justifier
>Un T4 2020 bien en deçà des attentes, une guidance 2021 très vague - Nokian a publié des résultats T4 2020 globalement inférieurs à nos attentes et celles du consensus (-7% sur le CA et -20% sur l’EBIT). Dans le détail, les efforts de réduction de coûts et les gains matières n’ont pas permis de compenser la faiblesse des volumes, notamment en tourisme. La seule bonne surprise est venue du FCF (BFR), nettement au-dessus des attentes, mais cela ne s’est toutefois pas t...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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