Nokia (Hold, TP: EUR3.70) - Signals of EPS revision trough
Nokia is not a top-line case, and the execution below the top line was impressive, as it beat Infront consensus’ adj. EBIT by 11% despite a 7% net sales miss. Its H2-tilted guidance suggests Infront consensus EPS should hold and a trough in the EPS reduction trend could support the valuation. We have increased our 2024–2025e EPS by 1–5% due to margin resilience and its EUR600m share buyback programme. We have raised our target price to EUR3.7 (3.3) and reiterate our HOLD on a lack of triggers other than potential break-up speculation as Mobile Networks become less relevant in 2024e.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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