Financials Nokia Oyj

Equities

NOKIA

FI0009000681

Communications & Networking

Market Closed - Nasdaq Helsinki 11:29:43 2024-05-08 am EDT After market 11:45:55 am
3.482 EUR +0.59% Intraday chart for Nokia Oyj 3.453 -0.85%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 18,514 17,737 31,473 24,175 16,899 19,234 - -
Enterprise Value (EV) 1 16,784 15,252 27,531 19,408 12,576 15,176 14,354 13,038
P/E ratio - -7.33 x 19.2 x 5.77 x 25.4 x 12.4 x 12.4 x 11.3 x
Yield - - 1.44% 2.77% 4.26% 3.88% 4.25% 4.89%
Capitalization / Revenue 0.79 x 0.81 x 1.42 x 0.97 x 0.76 x 0.89 x 0.88 x 0.87 x
EV / Revenue 0.72 x 0.7 x 1.24 x 0.78 x 0.57 x 0.7 x 0.66 x 0.59 x
EV / EBITDA 6.01 x 5.37 x 7.91 x 5.06 x 4.04 x 4.46 x 4.22 x 3.76 x
EV / FCF -55.9 x 11.9 x 13.3 x 22.2 x 18.9 x 9.1 x 7.71 x 6.41 x
FCF Yield -1.79% 8.39% 7.5% 4.5% 5.29% 11% 13% 15.6%
Price to Book 1.21 x 1.41 x 1.81 x 1.13 x 0.82 x 0.91 x 0.88 x 0.84 x
Nbr of stocks (in thousands) 5,617,087 5,628,955 5,646,452 5,587,016 5,537,060 5,523,070 - -
Reference price 2 3.296 3.151 5.574 4.327 3.052 3.482 3.482 3.482
Announcement Date 2/6/20 2/4/21 2/3/22 1/26/23 1/25/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 23,344 21,870 22,202 24,911 22,258 21,585 21,788 22,060
EBITDA 1 2,794 2,839 3,479 3,838 3,110 3,400 3,399 3,470
EBIT 1 2,003 2,114 2,775 3,109 2,375 2,564 2,577 2,764
Operating Margin 8.58% 9.67% 12.5% 12.48% 10.67% 11.88% 11.83% 12.53%
Earnings before Tax (EBT) 1 156 834 1,926 2,184 1,499 1,908 1,971 2,227
Net income 1 14 -2,431 1,623 4,250 665 1,502 1,436 1,702
Net margin 0.06% -11.12% 7.31% 17.06% 2.99% 6.96% 6.59% 7.71%
EPS 2 - -0.4300 0.2900 0.7500 0.1200 0.2804 0.2799 0.3078
Free Cash Flow 1 -300 1,280 2,065 873 665 1,668 1,861 2,034
FCF margin -1.29% 5.85% 9.3% 3.5% 2.99% 7.73% 8.54% 9.22%
FCF Conversion (EBITDA) - 45.09% 59.36% 22.75% 21.38% 49.05% 54.75% 58.6%
FCF Conversion (Net income) - - 127.23% 20.54% 100% 111.01% 129.61% 119.51%
Dividend per Share 2 - - 0.0800 0.1200 0.1300 0.1352 0.1479 0.1702
Announcement Date 2/6/20 2/4/21 2/3/22 1/26/23 1/25/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 6,414 5,348 5,873 6,241 7,449 5,859 5,710 4,982 5,707 4,667 4,844 5,424 6,642 4,834 5,304
EBITDA 1 1,086 757 896 840 1,345 656 811 604 1,040 760 565.9 770.6 1,224 557.1 785
EBIT 1 908 583 714 658 1,154 479 626 424 846 597 357.5 563.5 1,027 356.5 557.5
Operating Margin 14.16% 10.9% 12.16% 10.54% 15.49% 8.18% 10.96% 8.51% 14.82% 12.79% 7.38% 10.39% 15.47% 7.37% 10.51%
Earnings before Tax (EBT) 1 693 256 541 509 878 401 407 179 512 451 257.3 386.3 774.5 221.5 439.5
Net income 1 676 219 460 427 3,154 289 290 139 -43 438 180.3 278.2 525.3 157.5 321.5
Net margin 10.54% 4.09% 7.83% 6.84% 42.34% 4.93% 5.08% 2.79% -0.75% 9.39% 3.72% 5.13% 7.91% 3.26% 6.06%
EPS 2 0.1200 0.0400 0.0800 0.0800 0.5600 0.0500 0.0500 0.0200 -0.0100 0.0800 0.0344 0.0579 0.1039 0.0600 0.0500
Dividend per Share 2 0.0800 - 0.0200 0.0200 - 0.0300 - 0.0300 0.0400 0.0400 0.0200 0.0200 0.0514 0.0150 0.0200
Announcement Date 2/3/22 4/28/22 7/21/22 10/20/22 1/26/23 4/20/23 7/20/23 10/19/23 1/25/24 4/18/24 - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 1,730 2,485 3,942 4,767 4,323 4,058 4,880 6,196
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 -300 1,280 2,065 873 665 1,668 1,861 2,034
ROE (net income / shareholders' equity) 8% 10.5% 12.4% 12.8% 7.68% 8.97% 8.07% 8.59%
ROA (Net income/ Total Assets) 0.04% 3.86% 4.26% 10.2% 1.61% 4.01% 3.64% 4.35%
Assets 1 39,326 -62,912 38,120 41,504 41,384 37,459 39,489 39,106
Book Value Per Share 2 2.730 2.240 3.080 3.820 3.720 3.820 3.950 4.120
Cash Flow per Share 2 0.0700 0.3100 0.4600 0.2600 0.2400 0.4000 0.4000 0.4800
Capex 1 690 479 560 601 652 598 604 603
Capex / Sales 2.96% 2.19% 2.52% 2.41% 2.93% 2.77% 2.77% 2.73%
Announcement Date 2/6/20 2/4/21 2/3/22 1/26/23 1/25/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
D-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
21
Last Close Price
3.482 EUR
Average target price
3.929 EUR
Spread / Average Target
+12.83%
Consensus
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