Nokia (Hold, TP: EUR3.60) - Nokia Technologies saves Q1e
Nokia is not a top-line case but we expect it to show strong resilience on non-IFRS EBIT in Q1 (we are 5% above post-Q4 Infront consensus), supported by Nokia Technologies catch-up payments amid still-weak end-markets. The stock remains in value territory, as we find its patent portfolio could represent ~80% of its EV, valuing the stub at a 2024e EV/EBIT of 3.2x. That said, we reiterate our HOLD with a new EUR3.6 (3.7) target price on our view of a lack of catalysts to drive a re-rating other than potential break-up speculation short-term.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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