NOKIA: BUSCANDO RED... (ANÃLISIS BANCO SABADELL)
El 5G se acelera y NOK podrá competir. COMPRARDesde los Rdos. 3T’19 (23/10) el valor cede un -37% vs ES50, afectado por la fuerte rebaja del guidance y la decisión de anular el dividendo. Unos costes mayores de lo esperado, y un panorama competitivo complicado, nos llevan revisar a la baja un -21% el EBIT ajustado’19/24, situando el P.O. en 4,2 euros/acc. (-25% vs antes), con un potencial del +38%, asumiendo un escenario conservador en margen EBIT (11% en recurrencia vs 12%/14% de guidance de NOK y 8,5% en 2019e). Las medidas tomadas para mejorar la competitividad de sus productos, asà como la aceleración del despliegue del 5G, deben facilitar la mejora operativa de NOK, que cuenta con el liderazgo en 4G y una base >300 clientes como principal baza para seguir compitiendo.
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.
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