NOKIA: WHATEVER IT TAKES (ANÁLISIS BANCO SABADELL)
A tiempo de reengancharse a la carrera por el 5G. COMPRARDesde los Rdos. 3T’20 (29/10) el valor cede un -20% vs ES50, afectado por un panorama completivo difícil, que precisa de inversiones adicionales (c. 200 M euros BS(e); 1% ventas). Esto nos lleva a revisar a la baja un -17% el EBIT ajustado’20/25, situando el P.O. en 3,9 euros/acc. (-25% vs antes; +15% potencial), asumiendo un escenario conservador del margen EBIT en recurrencia (10,6% vs 11,8% antes, nivel del consenso ya en 2022). La transición a los nuevos chips 5G (más baratos y eficientes) avanza mejor de lo esperado, y es clave en la recuperación de la capacidad competitiva. Además, la revisión de las políticas de seguridad de las telecos supone un upside adicional (NOK ya captura c.43% del nuevo negocio generado por el caso Huawei).
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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