Nokian Tyres’ strength lies in its winter tires. And in my opinion, its brand (image) is stronger in the premium category than Harvia’s, which likely sells a lot of, for example, cheap heaters manufactured in China. Competitors from abroad will certainly emerge in large numbers if saunas start selling better there.
In Russia, a lot of profit was perhaps shown also because the corporate tax rate was lower there. They could decide whether to show the profits at Vianor in Finland or in Russia.
One complaint is also the low P/E requirement for the company (as is the case with Anora as well). Last November, Juva predicted a P/E ratio based on his own figures of only 8.5 for three years out, and yet a “reduce” recommendation was given. Since then, the share price has risen by almost 100%! Well, perhaps a little ahead of time…