Nokia: No miracles required with the low valuation
Based on the Q3 report, Nokia's earnings turnaround is progressing well this year, but there is still uncertainty about next year's earnings level. Key concerns relate to the size and timing of Nokia Technologies’ patent revenues, which were previously seen as very stable, and a downturn in the hottest 5G cycle in the high-margin North American market. Uncertainty is also reflected in the low valuation of Nokia's share, which we believe has upside potential as more visibility is gained on next year's performance.
Login required
This content is only available for logged in users
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 Figures21.10.2022
| 2021 | 22e | 23e | |
|---|---|---|---|
| Revenue | 22,202.0 | 24,966.9 | 25,414.3 |
| growth-% | 1.6 % | 12.5 % | 1.8 % |
| EBIT (adj.) | 2,775.0 | 3,043.5 | 3,003.7 |
| EBIT-% (adj.) | 12.5 % | 12.2 % | 11.8 % |
| EPS (adj.) | 0.37 | 0.42 | 0.41 |
| Dividend | 0.08 | 0.12 | 0.18 |
| Dividend % | 1.4 % | 1.5 % | 2.2 % |
| P/E (adj.) | 15.3 | 19.4 | 20.0 |
| EV/EBITDA | 8.4 | 11.7 | 11.1 |
Forum discussions
