Nokia’s network businesses declined more than expected in Q1, but thanks to one-off patent income, profit and cash flow were at a good level in absolute terms. Nokia continues to expect a significant recovery in the network businesses towards the end of the year, which is already reflected in a strengthening order book for Network Infrastructure. We see even more uncertainty around the development of Mobile Networks, and the unit's weak earnings outlook for the coming years will, in our view, slow the correction of Nokia's low valuation.