Things look better from here

Weak quarter for Networks' BUs behind Q1 adj. EBIT -7% vs. cons. We cut '24e-'26e adj. EBIT 4-1%, mainly from MN. 2024 will be back-end loaded - we keep HOLD.

Earnings miss, but some positive comments

Technologies in the limelight

Weak Q1e for Networks' BUs, but adj. EBIT +53% y-o-y due to Technologies. We lift '24e adj. EBIT 3% on the renewed smartphone agreements. 2024 will be back-end loaded - we keep HOLD.

5G in India: continued soft data for March

Huawei continues to top R&D tables

5G in India: soft data for Feb

Another positive

India trending down

Unexciting, back-heavy 2024

14% comparable EBIT beat, but 7% sales miss. '24e-'25e comparable EBIT cut 2-1% on slightly lower sales. 2024 will be back-heavy - we reiterate HOLD.

2024e guidance in line with cons

Finally some good news

Negative momentum to continue in Q4e

We see a weak Q4e, comparable EBIT -34% y-o-y. Negative estimate revisions, mainly stemming from MN. Solid valuation support, but HOLD on neg. momentum.

No Q4 resolution is not that big of a deal

Feedback from progress update

No smoke without...

Cable peers are cautious for the near-term

Another weak quarter – uncertainties remain

Q3 comparable EBIT -23% vs. cons. Cost savings to support margins in '24e. We cut '23e-'25e comp. EBIT by 6-1% - keep HOLD.

Poor Q3, but some optimism for Q4

Lack of near-term triggers

Regained 5G competitiveness and strong NI performance in '21-'22, but recent market headwinds to persist in H2'23e. Change of analyst -– we downgrade Nokia to HOLD, TP EUR 3.9.

Market contagion

Market outlook worsening for both MN and NI. FY'24e-'25e operating profit lowered by 4-5%. Investors unlikely to return in next 3-6 months, but we keep BUY.