Nokia Oyj
Nokia Oyj, together with its subsidiaries, provides mobile, fixed, and cloud network solutions in North and Latin America, Greater China, India, Asia Pacific, Europe, the Middle East, and Africa. It operates in four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and …
Nokia Oyj, together with its subsidiaries, provides mobile, fixed, and cloud network solutions in North and Latin America, Greater China, India, Asia Pacific, Europe, the Middle East, and Africa. It operates in four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies. The company offers fixed network solutions, such as fiber and copper technologies, access infrastructure, in-home Wi-Fi solutions, and cloud and virtualization services; IP network solutions, which delivers IP edge routing and data center networking solutions for residential, mobile, enterprise, and cloud applications; and optical networks solutions, which provides optical transport networks for metro, regional, and long-haul applications. It also provides mobile technology products, agentic AI platform, and services for radio access networks and microwave radio links for transport networks; and network management solutions, as well as network planning, optimization, network deployment, and technical support services. In addition, the company offers cloud and network services, including open, secure, automated, and scalable software and solutions; and 5G core, secure autonomous networks, private wireless and industrial edge, and network APIs. Further, it licenses intellectual property, including patents, technologies, and the Nokia brand. The company serves its products and services to defense communications energy and resources, enterprise and industrial campus, private networks, public sector, and transportation industries. Nokia Oyj was founded in 1865 and is headquartered in Espoo, Finland.Priced within the modelled range
5-year outlook: Not shown because confidence is low: Normalised free-cash-flow DCF is somewhat apart.
Other models: EUR 0.24–6.37 (median 1.68). The recommended value is 279% above that median, so treat the upside with extra caution.
Why: Free cash flow is far below earnings (heavy investment), and even a three-year average understates value, so an EV/EBITDA multiple, which is not distorted by capex timing, fits best.
Details and the full model are below.
Market price within modeled range
EV/EBITDA (12x) using TTM through 30 Sep 2026 EBITDA at a 12x enterprise multiple, after subtracting debt and adding cash. Used because free cash flow is depressed by heavy investment, so cash-flow models understate value. The range uses 10x to 14x; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 4.84%, discount rate 11.50%, terminal growth 3.25% (sector defaults). See a worked example.
Blended growth assumption: 4.8% (sector default 8.5%, own revenue history -5.8%, analyst revenue consensus 8.3%).
Analyst consensus expects revenue growth of 8.3% a year; the growth assumption used is 4.8%.
Adjust assumptions
Why this model: Free cash flow is far below earnings (heavy investment), and even a three-year average understates value, so an EV/EBITDA multiple, which is not distorted by capex timing, fits best.
Compare models- Recommended: EV/EBITDA (12x) — EUR 6.37 (-9.6%)
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EPS-based Gordon proxy
— EUR 1.68 (-76.1%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 0.24 (-96.6%)
Not used: Free cash flow is only 1% of net income, so a cash-flow model is probably depressed by investment timing.
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FCFF (steady state)
— EUR 0.24 (-96.6%)
Not used: Free cash flow is only 1% of net income, so a cash-flow model is probably depressed by investment timing.
- EV/EBITDA (12x) — EUR 6.37 (-9.6%)
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Fade DCF (10-year growth fade)
— EUR 0.24 (-96.6%)
Not used: Free cash flow is only 1% of net income, so a cash-flow model is probably depressed by investment timing.
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EV/Sales (Rule of 40)
— EUR 13.94 (+97.8%)
Not used: Used only when cash-flow models land far below the price; here they do not.
| Bear EUR 5.35 | -31.8% |
| Base EUR 6.37 | -10.6% |
| Bull EUR 7.40 | 4.7% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 74 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue -3.5% a year | 4 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 14% | 10 / 20 |
Peers in Information Technology
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| NOKIA.HE (this company) | EUR 7.05 | -10.6% | 52.5 | 1.9 | 1.9% | 74 |
| SMCI Supermicro | USD 28.56 | 47.7% | 8.9 | 1.4 | – | 60 |
| ADBE Adobe Inc. | USD 240.53 | 45.0% | 12.9 | 8.0 | – | 100 |
| SNDK Sandisk | USD 873.36 | 44.1% | 6.4 | 6.9 | – | 76 |
| IT Gartner | USD 190.76 | 38.1% | 12.8 | – | – | 92 |
| INTU Intuit | USD 346.10 | 33.6% | 20.6 | 5.0 | 1.4% | 100 |
| HPQ HP Inc. | USD 29.33 | 31.9% | 11.1 | – | 4.0% | 64 |
| GIB-A.TO CGI Inc. | CAD 113.61 | 28.1% | 13.7 | 2.3 | 0.6% | 90 |
| FSLR First Solar | USD 196.17 | 25.8% | 11.4 | 1.9 | – | 84 |
| Peer median | 12.1 | 3.6 | ||||
Dividends
Paid in the last 12 months: EUR 0.14 per share · yield 1.99% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 0.140 |
| 2025 | 0.140 |
| 2024 | 0.130 |
| 2023 | 0.110 |
| 2022 | 0.060 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 06:03
| Revenue | EUR 20,591,000,000 |
|---|---|
| EBITDA | EUR 2,944,000,000 |
| EBIT | EUR 2,035,000,000 |
| Net income | EUR 772,000,000 |
| Free cash flow | EUR 6,000,000 |
| Capital expenditures | EUR 624,000,000 |
| Debt | EUR 3,374,000,000 |
| Cash | EUR 4,671,000,000 |
| Working capital | EUR 4,742,000,000 |
| Shares outstanding | 5,745,378,000 |
| Reported dividends per share | EUR 0.1356 |