Nokia Oyj

SEP:NOKIA Stock Report

Market Cap: Kč748.1b

Nokia Oyj Valuation

Is NOKIA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of NOKIA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: NOKIA (CZK135.64) is trading above our estimate of future cash flow value (CZK60.64)

Significantly Below Future Cash Flow Value: NOKIA is trading above our estimate of future cash flow value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NOKIA?

Key metric: As NOKIA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NOKIA. This is calculated by dividing NOKIA's market cap by their current earnings.
What is NOKIA's PE Ratio?
PE Ratio36.2x
Earnings€849.00m
Market Cap€30.76b

Price to Earnings Ratio vs Peers

How does NOKIA's PE Ratio compare to its peers?

The above table shows the PE ratio for NOKIA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average29.3x
ERIC B Telefonaktiebolaget LM Ericsson
11.7x-11.65%SEK 288.3b
000063 ZTE
32.6x8.83%CN¥179.0b
UI Ubiquiti
41.6x18.67%US$34.1b
MSI Motorola Solutions
31.1x8.91%US$65.1b
NOKIA Nokia Oyj
36.2x27.71%Kč30.8b

Price-To-Earnings vs Peers: NOKIA is expensive based on its Price-To-Earnings Ratio (36.2x) compared to the peer average (29.5x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does NOKIA's PE Ratio compare vs other companies in the European Communications Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NOKIA 36.2xIndustry Avg. 40.3xNo. of Companies7PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NOKIA is good value based on its Price-To-Earnings Ratio (36.2x) compared to the European Communications industry average (39.1x).

Price to Earnings Ratio vs Fair Ratio

What is NOKIA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NOKIA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio36.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate NOKIA's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NOKIA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentKč134.62
Kč138.00
+2.51%
18.18%Kč175.19Kč80.30n/a21
Jan ’27Kč133.62
Kč132.22
-1.05%
22.23%Kč175.22Kč80.31n/a20
Dec ’26Kč130.54
Kč131.24
+0.54%
22.23%Kč173.93Kč79.72n/a20
Nov ’26Kč143.80
Kč125.84
-12.49%
19.19%Kč169.47Kč80.35n/a20
Oct ’26Kč98.00
Kč107.99
+10.19%
16.20%Kč139.79Kč70.50n/a21
Sep ’26Kč91.82
Kč108.90
+18.61%
15.96%Kč140.82Kč73.47n/a21
Aug ’26Kč88.26
Kč109.40
+23.95%
15.96%Kč141.46Kč73.81n/a21
Jul ’26Kč110.46
Kč118.79
+7.54%
13.94%Kč149.33Kč83.92n/a22
Jun ’26Kč118.50
Kč119.33
+0.70%
13.93%Kč150.72Kč84.70n/a22
May ’26Kč112.00
Kč118.94
+6.20%
13.87%Kč150.73Kč84.71n/a22
Apr ’26Kč122.00
Kč123.56
+1.28%
12.38%Kč151.08Kč92.39n/a22
Mar ’26Kč111.80
Kč121.10
+8.32%
13.87%Kč151.10Kč92.41n/a22
Feb ’26Kč115.00
Kč118.05
+2.65%
16.89%Kč152.28Kč83.06n/a22
Jan ’26Kč103.76
Kč112.72
+8.64%
20.12%Kč151.98Kč82.90Kč133.6221
Dec ’25Kč101.64
Kč109.43
+7.67%
18.89%Kč151.57Kč83.37Kč130.5421
Nov ’25Kč107.00
Kč108.91
+1.79%
19.65%Kč152.29Kč83.76Kč143.8020
Oct ’25Kč100.00
Kč100.62
+0.62%
23.73%Kč164.43Kč73.36Kč98.0019
Sep ’25Kč97.02
Kč99.96
+3.03%
23.42%Kč162.80Kč72.63Kč91.8220
Aug ’25Kč91.36
Kč100.41
+9.90%
23.67%Kč164.54Kč73.41Kč88.2620
Jul ’25Kč88.45
Kč99.47
+12.46%
23.80%Kč163.51Kč72.95Kč110.4620
Jun ’25Kč86.18
Kč96.98
+12.53%
24.60%Kč160.43Kč71.58Kč118.5020
May ’25Kč84.55
Kč98.79
+16.84%
24.60%Kč163.42Kč72.91Kč112.0020
Apr ’25Kč83.00
Kč100.12
+20.62%
24.45%Kč164.48Kč68.32Kč122.0020
Mar ’25Kč82.98
Kč100.02
+20.53%
24.28%Kč164.43Kč68.30Kč111.8021
Feb ’25Kč84.88
Kč96.28
+13.43%
24.33%Kč160.89Kč66.83Kč115.0021
Jan ’25Kč73.42
Kč97.06
+32.20%
26.33%Kč160.69Kč66.75Kč103.7621
Kč140.07
Fair Value
3.2% undervalued intrinsic discount
21
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/01/21 17:20
End of Day Share Price 2026/01/21 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Nokia Oyj is covered by 61 analysts. 22 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Richard KramerArete Research Services LLP
James KelleherArgus Research Company