Nokia: Firmly forward
By Atte Riikola
Nokia's Q2 result was again strong, and the company's strategy has progressed with solid steps in the right direction throughout H1. In particular, the profitability improvement in Mobile Networks has progressed rapidly despite the challenges in the operating environment, which shows that Nokia's significant investments to improve the unit's competitiveness are delivering the right results. Nokia's share valuation still looks moderate and, in our view, offers a good expected return for the coming years if the company's strategy continues on its current trajectory.
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Nokia is a global telecommunications company. The company offers solutions in IP, broadband, digital health, and cloud-based systems. The customers are found in a broad base of markets and consist of large corporate customers, authorities, and private consumers. The business is established on a global level in all regions. Nokia was founded in 1865 and the head office is located in Esbo, Finland.
Read more on company pageKey Estimate Figures22.07.2022
| 2021 | 22e | 23e | |
|---|---|---|---|
| Revenue | 22,202.0 | 24,595.4 | 25,038.5 |
| growth-% | 1.6 % | 10.8 % | 1.8 % |
| EBIT (adj.) | 2,775.0 | 3,033.5 | 3,249.0 |
| EBIT-% (adj.) | 12.5 % | 12.3 % | 13.0 % |
| EPS (adj.) | 0.37 | 0.40 | 0.43 |
| Dividend | 0.08 | 0.12 | 0.18 |
| Dividend % | 1.4 % | 2.0 % | 3.0 % |
| P/E (adj.) | 15.3 | 14.8 | 14.0 |
| EV/EBITDA | 8.4 | 8.2 | 7.0 |
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