I went on vacation right after the Nokian Tyres result, so I missed this. But the answer to this is simple: by using our current revenue forecasts (which remain at the lower end of the company’s target range), but raising the DCF model’s operating margin forecast to the targeted 15% level from 2030 onwards (including the terminal period), you roughly arrive at the current price of just over €15.
If one were to still assume that the margins for Vianor and Heavy Tyres would be in line with current forecasts, a 15% group margin would require a margin of about 20% from Passenger Car Tyres. That is certainly possible if things fall into place regarding volumes, pricing, and efficiency, but we have forecast more cautiously at the 15% level there.