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Nokia: Valuation nested deep in the value bin

By Atte RiikolaAnalyst
Nokia
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). Although some uncertainty about the timing of operators' investments was sensed in Nokia's Q1 report, the company's improved performance in recent years seems sustainable to us. Considering this, the share’s valuation appears very low and in light of the strengthening cash flow profile in the next few years Nokia’s profit distribution to shareholders will also be abundant.

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.

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Key Estimate Figures20.04.2023

202223e24e
Revenue24,911.025,802.325,933.1
growth-%12.2 %3.6 %0.5 %
EBIT (adj.)3,109.03,098.03,246.1
EBIT-% (adj.)12.5 %12.0 %12.5 %
EPS (adj.)0.440.410.43
Dividend0.120.180.22
Dividend %2.8 %3.4 %4.2 %
P/E (adj.)9.912.812.2
EV/EBITDA6.27.06.5

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