- (PLX AI) - Nokian Tyres shares fell another 10% in the wake of EU's newly imposed sanctions on Russia, where the company has significant manufacturing operations.
- • Nokian Tyres said the new sanctions will have a significant impact on its ability to manufacture tires in Russia and ability to sell tires both in Russia and in the EU, specifically in Central Europe
- • Nokian Tyres has no further information to provide on the subject at this point, but will announce any material direct impacts as appropriate and in a timely manner
- • In 2021, Russia represented approximately 20% of Nokian Tyres' net sales, and approximately 80% of Nokian Tyres passenger car tires were produced in Russia
- • Assuming that Nokian is unable to produce tyres in Russia, there would be a further 30-40% downside to our EBIT estimates, analysts at SEB said
- • There is an extraordinary risks in the operating environment and investors may not accept historical valuation multiples for Nokian Tyres at this time, analysts at Nordea said