Company Overview
Nokia Corporation is a Finnish multinational telecommunications, software, and hardware company that has been a pioneer in the industry for over 160 years. Founded in 1865, Nokia has evolved from a paper mill to a global leader in communications technology, serving over 70 countries with its innovative products and services.
Nokia's primary mission is to "empower people to achieve their best" by providing innovative and sustainable solutions that connect people, places, and things. The company's core values include innovation, customer-centricity, and collaboration, which guide its strategy and decision-making processes.
Key Products/Services
Nokia offers a wide range of products and services that cater to the needs of various industries, including telecommunications, transportation, and smart cities. Some of its key products and services include:
- Mobile Networks: Nokia provides mobile network solutions, including 5G, LTE, and SDR, which enable operators to deliver high-speed data services to their customers.
- Software: Nokia's software portfolio includes network management, security, and analytics solutions that help operators optimize their networks and improve customer experience.
- Network Infrastructure: Nokia offers a range of network infrastructure products, including routers, switches, and optical components, which enable operators to build and manage efficient networks.
- Smart Cities: Nokia provides smart city solutions, including IoT, analytics, and cybersecurity, which help cities become more sustainable, efficient, and livable.
Nokia's products and services are designed to provide numerous benefits, including improved network performance, increased efficiency, and enhanced customer experience. By leveraging its expertise in telecommunications technology, Nokia helps operators and cities achieve their goals and create a better future for all.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 5651.0 | 5523.8 | 5532.0 | 5582.0 | 5742.0 | 5742.0 | 5742.0 |
| Target Valuation (MEur) | 21478.0 | 15170.3 | 11693.6 | 10371.7 | 9109.1 | 8129.2 | 8129.2 |
| Targer Price | 3.8 | 2.75 | 2.11 | 1.86 | 1.59 | 1.42 | 1.42 |
| Potential, % | -12.2 | -10.0 | -51.0 | -66.7 | -82.1 | -84.0 | -84.0 |
| Recommendation | Hold | Hold | Sell | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 24451.9 | 16858.6 | 23887.2 | 31102.9 | 50828.2 | 50828.2 | 50828.2 |
| Price | 4.33 | 3.05 | 4.32 | 5.57 | 8.85 | 8.85 | 8.85 |
| EV | 19685.0 | 12536.0 | 19033.0 | 27725.0 | 46464.0 | 46040.0 | 45741.0 |
| P/S | 0.98 | 0.76 | 1.23 | 1.56 | 2.51 | 2.65 | 2.71 |
| EV/S | 0.79 | 0.56 | 0.98 | 1.39 | 2.3 | 2.4 | 2.44 |
| EV/EBIT | 8.49 | 7.43 | 9.54 | 34.14 | 33.66 | 24.86 | 25.91 |
| P/E | 10.79 | 24.83 | 13.82 | 48.07 | 35.92 | 26.91 | 26.99 |
| P/B | 1.15 | 0.82 | 1.16 | 1.48 | 2.26 | 2.08 | 1.93 |
| P/OCF | 16.59 | 12.8 | 9.59 | 15.03 | 25.91 | 41.39 | 46.05 |
| EV/OCF | 13.35 | 9.52 | 7.64 | 13.4 | 23.68 | 37.49 | 41.44 |
| P/FCF | -60.23 | 7.14 | 10.06 | 46.15 | 38.8 | 119.89 | 169.61 |
| EV/FCF | -48.48 | 5.31 | 8.02 | 41.13 | 35.47 | 108.6 | 152.63 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 24911.0 | 22258.0 | 19442.0 | 19889.0 | 20215.9 | 19148.3 | 18759.0 |
| Rev. Growth, % | 12.2 | -10.6 | -12.7 | 2.3 | 1.6 | -5.3 | -2.0 |
| Ebit | 2318.0 | 1688.0 | 1995.0 | 812.0 | 1380.2 | 1852.0 | 1765.6 |
| Ebit Growth, % | 7.5 | -27.2 | 18.2 | -59.3 | 70.0 | 34.2 | -4.7 |
| Ebit, % | 9.3 | 7.6 | 10.3 | 4.1 | 6.8 | 9.7 | 9.4 |
| Profit | 2266.0 | 679.0 | 1729.0 | 647.0 | 1415.1 | 1888.7 | 1882.9 |
| EPS | 0.4 | 0.12 | 0.31 | 0.12 | 0.25 | 0.33 | 0.33 |
| Profit Growth, % | 37.8 | -70.0 | 154.6 | -62.6 | 118.7 | 33.5 | -0.3 |
| Profit, % | 9.1 | 3.1 | 8.9 | 3.3 | 7.0 | 9.9 | 10.0 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 3265.0 | 2684.0 | 2163.0 | 2209.0 | 2168.1 | 2259.6 | 2267.0 |
| Acc. Receivable | 5549.0 | 4921.0 | 5248.0 | 4975.0 | 4972.0 | 5201.3 | 5145.2 |
| Cash | 5467.0 | 6234.0 | 6623.0 | 5462.0 | 5527.0 | 5951.0 | 6250.6 |
| Equity | 21333.0 | 20537.0 | 20657.0 | 20967.0 | 22509.1 | 24397.8 | 26280.7 |
| ROE, % | 10.6 | 3.3 | 8.4 | 3.1 | 6.3 | 7.7 | 7.2 |
| ROCE, % | 10.5 | 7.5 | 8.9 | 3.5 | 5.8 | 7.2 | 6.4 |
| Net Debt | -4767.0 | -4323.0 | -4854.0 | -3378.0 | -4364.0 | -4788.0 | -5087.6 |
| Gearing, % | -22.3 | -21.0 | -23.5 | -16.1 | -19.4 | -19.6 | -19.4 |
| Equity ratio, % | 49.7 | 51.6 | 52.8 | 55.8 | 60.1 | 62.9 | 67.7 |
| Acc. Payable | 4730.0 | 3388.0 | 3213.0 | 2978.0 | 2565.7 | 2617.9 | 2395.4 |
| Total Assets | 42943.0 | 39825.0 | 39149.0 | 37597.0 | 37472.6 | 38790.5 | 38792.7 |
| ROA, % | 5.3 | 1.7 | 4.4 | 1.7 | 3.8 | 4.9 | 4.9 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1474.0 | 1317.0 | 2491.0 | 2069.0 | 1962.0 | 1228.0 | 1103.7 |
| Investment Cash Flow | -1880.0 | 1043.0 | -117.0 | -1395.0 | -652.0 | -804.0 | -804.0 |
| Free Cash Flow | -406.0 | 2360.0 | 2374.0 | 674.0 | 1310.0 | 424.0 | 299.7 |
| OCF/CAPEX | 0.78 | 0.0 | 21.29 | 1.48 | 3.01 | 1.53 | 1.37 |
| Financial Cash Flow | -837.0 | -1502.0 | -2004.0 | -1609.0 | -1270.0 | 0.0 | 0.0 |
Disclaimer
Risk Disclosure: Trading in financial instruments involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
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