Nokia ended the year with a strong earnings beat, and the turnaround that the company's strategy has been aiming for has been right on track for the past two years. The company's comparable operating profit has taken a leap from the previous level of around EUR 2 billion to over EUR 3 billion, while the quality of the result has improved due to reduced one-off items. Nokia's share valuation (2023e P/E 10x) looks low already considering the current performance, and with good execution of the strategy there is still room for earnings growth through both top-line growth and margin improvement.