CEO, Helixtap

Farah Miller

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

<ul><li>Q1 2022 sales were US$4.9 billion, up 40pc from a year ago </li><li>Continued global market share growth during the quarter, driven by consumer replacement </li><li>Americas market posts the best performance</li><li>Revenue per tire (excluding currency impact) up 17pc versus first quarter of 2021 </li></ul>

Q1 2022 sales were US$4.9 billion, up 40pc from a year ago Continued global market share growth during the quarter, driven by consumer replacement Americas market posts the best performanceRevenue per tire (excluding currency impact) up 17pc versus first quarter of 2021 

Goodyear Posts Highest Q1 Revenue In A Decade

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Equity Bottom-Up

For a company that already had problems generating positive mix/price prior to COVID, the sharp rebound in raw material prices may pressure margins more than estimates indicate.  The multiples applied to these estimates are above historical averages and peers, including the recent transaction between <a href="https://www.smartkarma.com/entities/goodyear-tire-rubber-co" target="_blank" data-smartkarma-citation="entities:17765:1" rel="noopener">Goodyear Tire &amp; Rubber Co (GT US)</a> and <a href="https://www.smartkarma.com/entities/cooper-tire-rubber" target="_blank" data-smartkarma-citation="entities:16681:1" rel="noopener">Cooper Tire &amp; Rubber (CTB US)</a> .  Tariffs, the RUB/EUR forex rate, and other items may also lead to further pressure on results and the share price.

For a company that already had problems generating positive mix/price prior to COVID, the sharp rebound in raw material prices may pressure margins more than estimates indicate.  The multiples applied to these estimates are above historical averages and peers, including the recent transaction between Goodyear Tire &amp; Rubber Co (GT US) and Cooper Tire &amp; Rubber (CTB US) .  Tariffs, the RUB/EUR forex rate, and other items may also lead to further pressure on results and the share price.

Nokian Renkaat (TYRES FH)- Tire Manufacturer Facing Multiple Headwinds

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Yesterday’s break below 3425 short-term support in the S&amp;P 500 opens the door for potential visits to 3325 and 3200, two important support levels we are watching moving forward. With that said, as long as 3200 holds (the September lows) we are constructive and would be buyers on a pullback. At the same time, small-caps are providing a risk-on signal with the Russell 2000 (IWM) still holding above $159 short-term support. Leadership from small-caps is something we would expect to see in a broad-based bull market, and if IWM is above $159 it is hard to get too bearish overall.

Yesterday’s break below 3425 short-term support in the S&amp;P 500 opens the door for potential visits to 3325 and 3200, two important support levels we are watching moving forward. With that said, as long as 3200 holds (the September lows) we are constructive and would be buyers on a pullback. At the same time, small-caps are providing a risk-on signal with the Russell 2000 (IWM) still holding above $159 short-term support. Leadership from small-caps is something we would expect to see in a broad-based bull market, and if IWM is above $159 it is hard to get too bearish overall.

Global TMT, Consumer, Korea, Deep Fundamental

Julian Yoon

Hankook Tire & Technology / Equity Bottom-Up

Hankook Tire has the strongest growth profile amongst its global tire peers over the next few years from robust unit volume growth combined with a supportive pricing environment, driving a solid earnings trajectory which is further amplified by operating leverage and mix improvements.   Despite having industry leading margins, the company is trading at a P/B of just 1.4x, a 46% discount to its peers and trades at 20% discount on a forward P/E basis. In this second part on Hankook Tire, we will deep dive on the following: <ul><li>Value drivers</li><li>Catalysts</li><li>Valuation perspectives</li><li>Risks</li></ul>

Hankook Tire has the strongest growth profile amongst its global tire peers over the next few years from robust unit volume growth combined with a supportive pricing environment, driving a solid earnings trajectory which is further amplified by operating leverage and mix improvements.   Despite having industry leading margins, the company is trading at a P/B of just 1.4x, a 46% discount to its peers and trades at 20% discount on a forward P/E basis. In this second part on Hankook Tire, we will deep dive on the following: Value driversCatalystsValuation perspectivesRisks

The Cheapest and Most Profitable Tire Company in the World:  Catalysts and Valuation (Part 2 of 2)

Thematic (Sector/Industry)

In this in-depth report, I will cover the following:<ul><li>Current state of the global auto industry including the Auto OEM, Auto-parts, and Tire industry verticals</li><li>An assessment of the industry structure of each vertical</li><li>Impact of technology disruption</li><li>Investment implications</li></ul>

In this in-depth report, I will cover the following:Current state of the global auto industry including the Auto OEM, Auto-parts, and Tire industry verticalsAn assessment of the industry structure of each verticalImpact of technology disruptionInvestment implications

An Assessment of the Global Auto Industry:  OEMs, Auto Suppliers, and Tire Companies

United States

Cooper Tire & Rubber Company manufactures and markets replacement tires. The Company focuses on the manufacture and sale of passenger and light truck replacement tires. Cooper also manufactures radial medium truck tires and materials and equipment for the truck tire retread industry.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Cooper Tire & Rubber (CTB US)

Goodyear Posts Highest Q1 Revenue In A Decade

The Goodyear Tire and Rubber Company’s net sales have grown by 40pc in the first quarter of this year compared to the first quarter of 2021 driven...

Helixtap

Nokian Renkaat (TYRES FH)- Tire Manufacturer Facing Multiple Headwinds

Rising input costs, likely new tariffs that may result in tires dumped in Europe, increasing accounting adjustments amid C-Suite changes & above...

Robert C Prather Jr

U.S. Market Sending Mixed Signals

In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Materials, Health Care, & Services

Vermilion Research

The Cheapest and Most Profitable Tire Company in the World: Catalysts and Valuation (Part 2 of 2)

Hankook Tire has the strongest growth profile amongst its global tire peers over the next few years from robust unit volume growth combined with a...

Julian Yoon

An Assessment of the Global Auto Industry: OEMs, Auto Suppliers, and Tire Companies

In this in-depth report, I will cover the following: Current state of the global auto industry including the Auto OEM, Auto-parts, and Tire...

Julian Yoon

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)