Has the operating environment and market for “Rinkulat” [a colloquial term for Nokian Tyres] changed since those 20%+ operating profit margins? Yes, and that is a major reason why those are no longer very relevant points of comparison.
Comparing Harvia and “Rinkulat” is a bit like comparing apples and oranges. Harvia is a global market leader whose operating profit margin has been around 20 for as long as Inderes’ history goes back (2019). Nokian Tyres is a small player globally, perhaps the 30th-40th largest tire manufacturer, which reached a 20% operating profit margin only thanks to the Russian factory. Now the situation is completely different.
It is good to challenge analysis and disagree with the analyst. But it would be good to bring up the points as to why the analyst is wrong. “Yes it is, no it isn’t” arguing adds no value.
In my opinion, an analyst should take a definitive stance instead of hedging their bets on every possible outcome.