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Research

Nokia: Market situation forces to defensive positions

By Atte RiikolaAnalyst
Nokia
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Nokia's market situation has continued to deteriorate, and the company will have to make significant cost savings in the coming years to defend its profitability. With a declining earnings trend, it is difficult to see any material upside to the share's low valuation multiples and future restructuring costs will erode free cash flow in the coming years. The company should still be able to generate a reasonably good cash flow in the coming years, which will be returned to shareholders. However, relying on this alone does not provide a sufficiently attractive expected return.

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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.

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Key Estimate Figures19.10.2023

202223e24e
Revenue24,911.023,214.522,403.5
growth-%12.2 %-6.8 %-3.5 %
EBIT (adj.)3,109.02,723.82,522.7
EBIT-% (adj.)12.5 %11.7 %11.3 %
EPS (adj.)0.440.350.33
Dividend0.120.160.18
Dividend %2.8 %2.7 %3.0 %
P/E (adj.)9.917.118.0
EV/EBITDA6.29.411.0

Forum discussions

Nokia snaps seven-day winning streak Feb. 10, 2026 4:02 https://seekingalpha.com/news/4549667-nokia-snaps-seven-day-winning-streak?mailingid...
59 minutes ago
by 0-Kelvin
2
I have a hunch that these have been earned. Name: Heard, David Position: Other senior management Issuer: Nokia Corporation Nature of the transaction...
14 hours ago
by Lexus
9
https://www.nokia.com/blog/hollow-core-fiber-not-just-for-low-latency/ Optical fiber’s ability to carry petabit-scale data rates over thousands...
15 hours ago
by 0-Kelvin
7
Telefónica – 10 Feb 26 Telefónica and Nokia Collaborate to Accelerate Network API Adoption with... Joint initiative leverages cutting-edge AI...
23 hours ago
by Lexus
16
Found this in the Nordnet comments? : On Monday, February 9, 2026, Morgan Stanley initiated coverage of Nokia with an “Overweight” rating and...
yesterday
by ruuki
17
I started projecting the situation using Fibonacci levels. We bottomed in November, and since then, a new upward wave has been forming. The ...
yesterday
by Lexus
14
On the NYSE on Friday and Monday, it closed above 7.00 USD; what does the next resistance level look like technically?
yesterday
by jps
6
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