Nokia: Improved performance not fully reflected in the valuation
Nokia's Q1 result was strong and generally the company's comments dispelled at least our previous concerns about earnings development this year, which had grown due to the Russian invasion of Ukraine. In particular, the rate of the turnaround of Mobile Networks in Q1 was a positive surprise and Nokia's significant investments in improving the unit's competitiveness in the last 18 months are now delivering results. Overall, Nokia's share valuation is moderate and provides a good expected return for the next few years as the strategy progresses. However, in the short term, the generally sour stock market sentiment can hold back the upside potential in the multiples.
Nokia
Nokia är ett globalt bolag verksamma inom telekomsektorn. Bolaget erbjuder lösningar inom IP, bredband, digital hälsa och molnbaserade system. Kunderna återfinns inom ett flertal marknader bland olika företagskunder, myndigheter och privata konsumenter. Verksamheten är etablerad på global nivå. Nokia grundades ursprungligen 1865 och bolagets huvudkontor ligger i Esbo.
Read more on company pageKey Estimate Figures2022-04-29
2021 | 22e | 23e | |
---|---|---|---|
Omsättning | 22 202,0 | 23 322,0 | 23 924,3 |
tillväxt-% | 1,60 % | 5,04 % | 2,58 % |
EBIT (adj.) | 2 775,0 | 2 862,3 | 3 105,7 |
EBIT-% | 12,50 % | 12,27 % | 12,98 % |
EPS (adj.) | 0,37 | 0,37 | 0,40 |
Utdelning | 0,08 | 0,12 | 0,18 |
Direktavkastning | 1,44 % | 3,54 % | 5,32 % |
P/E (just.) | 15,27 | 9,24 | 8,46 |
EV/EBITDA | 8,41 | 4,34 | 3,49 |