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Nokia Oyj ADR NOK

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Morningstar’s Analysis

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Economic Moat




Nokia Feels Coronavirus Impact, but 5G Growth Unperturbed; Maintaining $5.10 FVE

Brian Colello, CPA Sector Director

Analyst Note

| Brian Colello, CPA |

Nokia executed well in an expected tough second quarter and raised its full-year guidance. COVID-19 delayed implementation and other services, while a favorable product and geographic mix helped lessen the impact to the bottom line. While the firm is gently raising its 2020 guidance, we are holding steady in our long-term expectations for the Nordic telecom giant. We maintain our $5.10 (EUR 4.60) fair value estimate for no-moat Nokia, and we view shares as modestly undervalued.

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Company Profile

Business Description

Nokia is a leading vendor in the telecommunications equipment industry. The company's network business derives revenue from selling wireless and fixed-line hardware, software, and services. Nokia's technology segment licenses its patent portfolio to handset manufacturers and makes royalties from Nokia-branded cellphones. The company, headquartered in Espoo, Finland, operates on a global scale, with most of its revenue from communication service providers.

Karakaari 7
Espoo, FI-02610, Finland
T +358 104488000
Sector Technology
Industry Communication Equipment
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 98,322