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.