Company Overview
Nokian Renkaat Oyj is a Finnish multinational tire manufacturer and distributor, headquartered in Nokia, Finland. The company was founded in 1988 and has since become one of the world's leading tire manufacturers, with a strong presence in over 100 countries.
As a responsible business, Nokian Renkaat is committed to sustainability and environmental protection. Our primary mission is to provide high-quality tires that meet the needs of our customers while minimizing our impact on the environment. We achieve this through our focus on innovation, safety, and customer satisfaction.
At Nokian Renkaat, we value integrity, transparency, and collaboration in all our business dealings. We are committed to delivering exceptional products and services that exceed our customers' expectations. Our core values include a passion for innovation, a commitment to quality, and a dedication to sustainability.
Our product portfolio includes a wide range of tires for passenger cars, trucks, buses, and agricultural vehicles. Our tires offer excellent performance, safety, and fuel efficiency, making them a popular choice among consumers and professionals alike. We also provide a range of services, including tire repair and replacement, wheel alignment, and vehicle inspection.
Our key products include:
- Nokian Renkaat's passenger car tires, known for their exceptional handling and braking performance
- Our truck and bus tires, designed for heavy-duty applications and long distances
- Our agricultural tires, engineered for optimal traction and durability in challenging terrain
By investing in Nokian Renkaat, you can tap into our expertise, innovation, and global reach. With a strong track record of growth and profitability, we offer a compelling opportunity for investors seeking to capitalize on the tire industry's ongoing demand for high-quality products.
Key Benefits
- Exceptional product quality and performance
- Strong brand recognition and global presence
- Commitment to sustainability and environmental protection
- Innovative products and services that meet evolving customer needs
- Opportunities for growth and profitability in a growing industry
As an investment, Nokian Renkaat offers a unique combination of financial performance, innovation, and sustainability. With a strong track record of growth and profitability, we provide a compelling opportunity for investors seeking to capitalize on the tire industry's ongoing demand for high-quality products. Join us in our mission to deliver exceptional tires that meet the needs of our customers while minimizing our impact on the environment.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 138.2 | 138.2 | 138.2 | 137.9 | 137.9 | 137.9 | 137.9 |
| Target Valuation (MEur) | 12924.0 | 13359.4 | 13754.8 | 14334.1 | 14799.8 | 15305.3 | 15305.3 |
| Targer Price | 93.5 | 96.65 | 99.51 | 103.96 | 107.34 | 111.0 | 111.0 |
| Potential, % | 876.1 | 1070.4 | 1254.6 | 998.4 | 603.4 | 627.4 | 627.4 |
| Recommendation | Buy | Buy | Buy | Buy | Buy | Buy | Buy |
| MCAP (MEur) | 1324.1 | 1141.4 | 1015.4 | 1305.0 | 2104.0 | 2104.0 | 2104.0 |
| Price | 9.58 | 8.26 | 7.35 | 9.46 | 15.26 | 15.26 | 15.26 |
| EV | 1465.0 | 1365.0 | 1628.0 | 1969.0 | 2821.0 | 2933.0 | 3043.0 |
| P/S | 0.74 | 0.97 | 0.79 | 0.95 | 1.44 | 1.41 | 1.4 |
| EV/S | 0.82 | 1.16 | 1.26 | 1.43 | 1.93 | 1.96 | 2.02 |
| EV/EBIT | 8.02 | 42.52 | 957.92 | 55.0 | 42.77 | 36.09 | 30.35 |
| P/E | 10.64 | 85.18 | -44.34 | -86.43 | 57.38 | 32.36 | 26.23 |
| P/B | 0.92 | 0.85 | 0.8 | 1.12 | 1.79 | 1.7 | 1.6 |
| P/OCF | -307.94 | 13.85 | 13.12 | 8.93 | 11.76 | 13.53 | 13.2 |
| EV/OCF | -340.71 | 16.57 | 21.04 | 13.47 | 15.77 | 18.86 | 19.09 |
| P/FCF | -10.09 | 38.43 | -3.73 | 64.29 | 85.69 | -32.64 | -34.36 |
| EV/FCF | -11.17 | 45.96 | -5.99 | 97.0 | 114.88 | -45.51 | -49.68 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 1796.1 | 1173.6 | 1289.8 | 1373.7 | 1463.8 | 1497.0 | 1503.1 |
| Rev. Growth, % | 4.8 | -34.7 | 9.9 | 6.5 | 6.6 | 2.3 | 0.4 |
| Ebit | 182.7 | 32.1 | 1.7 | 35.8 | 66.0 | 81.3 | 100.2 |
| Ebit Growth, % | -31.9 | -82.4 | -94.7 | 2005.9 | 84.4 | 23.2 | 23.2 |
| Ebit, % | 10.2 | 2.7 | 0.1 | 2.6 | 4.5 | 5.4 | 6.7 |
| Profit | 124.5 | 13.4 | -22.9 | -15.1 | 36.7 | 65.0 | 80.2 |
| EPS | 0.9 | 0.1 | -0.17 | -0.11 | 0.27 | 0.47 | 0.58 |
| Profit Growth, % | -39.7 | -89.2 | -270.9 | 34.1 | 343.0 | 77.1 | 23.4 |
| Profit, % | 6.9 | 1.1 | -1.8 | -1.1 | 2.5 | 4.3 | 5.3 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 529.9 | 471.7 | 452.1 | 425.4 | 432.0 | 437.4 | 440.7 |
| Acc. Receivable | 326.2 | 224.2 | 274.0 | 253.0 | 282.4 | 296.2 | 303.4 |
| Cash | 259.0 | 414.9 | 176.1 | 146.9 | 185.9 | 73.4 | -35.8 |
| Equity | 1433.1 | 1347.6 | 1272.4 | 1164.2 | 1173.7 | 1238.7 | 1318.9 |
| ROE, % | 8.7 | 1.0 | -1.8 | -1.3 | 3.1 | 5.2 | 6.1 |
| ROCE, % | 10.0 | 1.6 | 0.1 | 1.8 | 3.2 | 3.8 | 4.5 |
| Net Debt | 140.9 | 223.6 | 613.1 | 664.0 | 716.9 | 829.4 | 938.6 |
| Gearing, % | 9.8 | 16.6 | 48.2 | 57.0 | 61.1 | 67.0 | 71.2 |
| Equity ratio, % | 64.9 | 58.0 | 52.5 | 50.3 | 50.6 | 52.6 | 54.3 |
| Acc. Payable | 121.3 | 155.9 | 160.6 | 143.6 | 144.5 | 135.0 | 135.3 |
| Total Assets | 2209.7 | 2325.2 | 2423.7 | 2313.8 | 2318.9 | 2355.6 | 2427.6 |
| ROA, % | 5.6 | 0.6 | -0.9 | -0.7 | 1.6 | 2.8 | 3.3 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -4.3 | 82.4 | 77.4 | 146.2 | 178.9 | 155.6 | 159.4 |
| Investment Cash Flow | -126.9 | -52.7 | -349.3 | -125.9 | -154.4 | -220.0 | -220.6 |
| Free Cash Flow | -131.2 | 29.7 | -271.9 | 20.3 | 24.6 | -64.5 | -61.2 |
| OCF/CAPEX | 0.0 | 1.56 | 0.22 | 1.16 | 1.16 | 0.71 | 0.72 |
| Financial Cash Flow | 5.1 | 129.8 | 33.5 | -48.5 | 14.7 | -48.0 | -48.0 |
Disclaimer
Risk Disclosure: Trading in financial instruments involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
The data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes.
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