Nokia : More drastic ‘big reset’ than expected + the ‘whatever its costs’ stance to play a role in 5G = -20%
>More drastic “big reset” than anticipated, but we are sticking to our Buy rating, as we are giving management the benefit of the doubt - Nokia's Q3 2020 results, reported yesterday, were broadly in line (despite weaker-than-expected revenue), but, most importantly, it 1/ warned on 2020, 2/ issued much lower-than-forecast 2021 margin guidance (7-10% vs a consensus of 10.6%) and 3/ dropped its 3-5 year operating margin target of 12-14%. Pending clarification on its str...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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