Nokia (Buy, TP: EUR6.50) - EPS revisions have just started
We were surprised by the modest share-price reaction to Nokia’s Q2 report and revised 2021 guidance, as consensus 2022e earnings multiples have only marginally expanded. Nokia is continuing to trade at a substantial discount to peers. Its regained competitiveness has become fairly evident, and we see more tailwinds than headwinds ahead. We believe it is still early in the upwards earnings revision cycle for Nokia and have raised our target price to EUR6.50 (6.10) and reiterate our BUY.Nokia is an Internet and communications technology company based in Finland. Co.'s operations are focused on three businesses: network infrastructure software, hardware and services, which Co. offers through Networks; location intelligence, which Co. provides through HERE; and advanced technology development and licensing, which Co. pursues through Technologies. Co. maintains a global presence with operations and Researh & Development facilities located in Europe, North America and Asia, and sales in approximately 130 countries. Co. has an installed base of around 600 customers worldwide and these operators serve over 4 billion subscribers.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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