Nokia : Margin improvement, despite slower than expected recovery
>Neutral rating confirmed, target price € 3.3 - Based on Nokia’s Q3 24 results, we maintain our Neutral rating but have lowered our estimates by an average of 5% for 2024-2025, while our target price, based on a DCF and multiples, is unchanged at € 3.3. Despite signs of stabilisation, Nokia continues to face weakness in the telecoms market. Management was reassuring, emphasising that the new contract wins in India, Brazil, Japan, Vietnam and New Zealand will offset th...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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