Nokian Tyres disappointed in its Q4 22 results and issued a hardly reconcilable quantitative FY23 guidance “excluding Russia”. The guided margin missed expectations as logistics/warehousing costs should weigh on top of the increased breakeven point stemming from the disengagement from Russia. Management also proposed a better-than-expected dividend, underpinning its confidence in FCF generation in FY23 onwards. Nokian only postponed its €2bn net sales target by 2-3 years, despite the complete re ....
