Nokia (Hold, TP: EUR3.30) - Changing events
The share price has fallen 5% since the AT&T setback, but on our 2024–2025e EPS reduced 12–19%, the valuation multiples have expanded. We believe most negative news is priced in and see value support, but given the lack of catalysts to reverse the subdued earnings momentum and uncertainty on RAN competitiveness to drive a re-rating other than potential break-up speculation, we have downgraded to HOLD (BUY) and lowered our target price to EUR3.3 (4.0), and continue to favour Ericsson in the sector.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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