Ekspertit ja haastajat

04-05-2017 09:15:13

Regnskab: Nokian tyres

Omsætningen steg 18 procent, og indtjeningen steg 13 procent. Selskabet har netop besluttet at bygge en ny stor fabrik i USA


Den finske vinterdækproducent Nokian Tyres (NRE1V, Helsinki) har i går aflagt regnskab for 1. kvartal 2017.

Omsætningen steg 18,2% til 325,9 mEUR, EBIT steg 16,6% til 58,9 mEUR, og nettoresultatet steg 13,6% til 45,3 mEUR. EPS steg 12,5% til 0,33 EUR pr. aktie. Soliditeten var uforandret 74,5%, og EBIT-overskudsgraden landede på 18,1%. Nokian Tyres har dækbranchens højeste soliditet og højeste overskudsgrad.

Fungerende topchef Andrei Pantioukhov udtaler bl.a. "Nokian Tyres had a strong start of the year. We demonstrated strong performance in all our main market areas. Both our net sales and operating profit improved compared to the same period in 2016. The first quarter was positive in many aspects. Sales in all our main markets increased compared to the same period in the previous year. All our main market areas reached growth and Russia became the biggest contributor to this growth, like in Q4/2016. Russias economy started growing again after seven consecutive quarters of recession."

Om fremtiden udtaler Pantioukhov: "The Board has made a principal decision on the investment in the third factory and authorized the management of the Company to sign a Letter of Intent with the respective authorities in the USA. The new factory will be located in Dayton, Tennessee, USA. The annual capacity of the factory will be 4 million tyres with an expansion potential in the future and the total investment amount at this phase is approximately USD 360 million. Construction is scheduled to begin in early 2018, and the first tyres are to be produced in 2020. Nokian Tyres is in great shape. A strong position in the core markets, investments in growth markets, a strong distribution and competitive products give Nokian Tyres an excellent ground for future growth. The company has clearly returned to the growth track and intends to stay on this track in the future. In 2017, with the current exchange rates, net sales are expected to grow by at least 10% and operating profit is expected to grow by over 5% compared to 2016."

Jeg synes regnskabet er rigtigt flot som forventet. I 2017 forventer markedet pt. at indtjeningen pr. aktie (EPS) stiger 9,1% fra 1,87 EUR til 2,04 EUR. EPS forventers at stige yderligere 9,8% til 2,24 EUR i 2018. Med den aktuelle kurs på 37,90 EUR er aktien prissat svarende til P/E2016=20,3, P/E2017=18,6 og P/E2018=16,9. Udbyttet på 1,53 EUR giver et direkte afkast på 4,0%.

Nokian Tyres vægter 5,9% i min Nordnetportefølje. Nokian Tyres indgår også i den nordiske udbytteportefølje jeg hvert år udvælger for Dansk Aktionærforening.
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