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Nokia’s Network Infrastructure Business Bounces Back With a Boom in Q1; Increasing FVE to EUR 4

Mark Cash Senior Equity Analyst

Analyst Note

| Mark Cash |

Nokia’s first-quarter results came in appreciably higher than our expectations, as its network infrastructure business experienced a sharp bounceback in demand compared with the prior year. We are raising our fair value estimate for no-moat Nokia to EUR 4 from EUR 3.80 based on more optimistic growth expectations for mobile networks and network infrastructure products, in addition to gradual improvements expected in the firm’s operating margin profile. Shares jumped by 12% in intraday trading on the positive results, and we view shares as fairly valued.

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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 Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 90,000