5G Network Demand, Software Focus, Additional Cost Savings Reaffirm Nokia Investment Opportunity
Nokia's third-quarter results were slightly below our expectations, but we retain our longer-term thesis on the no-moat firm. We believe Nokia is poised for strong operational growth through 5G build-outs, a growing software portfolio, the broadening of its revenue stream, and a newly announced cost-reduction program. Management reiterated it is on track to achieve its 2020 targets through productivity improvements and a focus on next-generation products. We reaffirm our $7.60 fair value estimat...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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