contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Atte Riikola

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.

Well, well. I think I’m about to stir up a ‘hornet’s nest’ now. I’m thinking about Satonen’s new fancy ‘kick law’ versus this categorization of Nokia employees. It seems like 5% will leave around January 2026 with a small shrug of the shoulders. It’s going great.

It’s kind of Taylorism, sometimes dowadays not good!  Central to Taylorism is the transfer of control over how work gets done from workers to management. In the 21st century one version of that thinking, Digital Taylorism, is evident at companies that track workers’ computers, phones and other technology to be sure the company is getting the most out of its employees.

I guess they are trying to wake people up here, a bit like Elop woke people up with his “burning platform” email. The risk might be that the aging workforce in Europe turns against the management. What makes selecting underperformers difficult is that Nokia has had co-determination/change negotiations (YT-neuvottelut) practically every year for the past 20 years, and in these, most clear underperformers have typically left. If a team of 10 still has two underperformers in 2025 and they leave in the next co-determination round, then next year, in 2026, new underperformers would have to be found from the same team, and so on.

It may well be that there are units where there simply isn’t a single top or terrible employee, but I don’t personally believe in such a thing. I think that with this move, Hotard will now see the reason why productivity development in Europe is so far behind the US. You can start looking from the answers of the shop steward and professors.

Or are we preparing in such a strange way for something to come? Or are all employees being woken up to be ready or to perform better?

Strange way to proceed like this, a big dent in the image!                   Helsingin Sanomat – 15 Dec 25              Palkitseminen | Nokia ryhtyi luokittelemaan työntekijöitään hyviin ja...    Nokian eurooppalainen yritysneuvosto arvostelee ankarasti työntekijöiden uutta arviointimenetelmää, jossa esihenkilöt pakotetaan luokittelemaan työntekijät hyviin ja huonoihin.

Hotard is at least doing things. Somehow Elop comes to mind, perhaps a slightly better version though. The HR director’s departure in the summer might at least partly be due to this. In practice, this is where those who will be laid off in the next change negotiations are chosen.                   Helsingin Sanomat – 15 Dec 25              Palkitseminen | Nokia ryhtyi luokittelemaan työntekijöitään hyviin ja...    Nokian eurooppalainen yritysneuvosto arvostelee ankarasti työntekijöiden uutta arviointimenetelmää, jossa esihenkilöt pakotetaan luokittelemaan työntekijät hyviin ja huonoihin.

Nokia

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. 

<p>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.</p> 

	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 %	2.3 %	3.4 %
P/E (adj.)	15.3	12.5	12.8
EV/EBITDA	8.4	7.0	6.5

Nokia: No miracles required with the low valuation

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Key Estimate Figures21.10.2022

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