Nokia Oyj

DB:NOA3 Stock Report

Market Cap: €22.8b

Nokia Oyj Valuation

Is NOA3 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NOA3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NOA3 (€4.2) is trading below our estimate of fair value (€6.63)

Significantly Below Fair Value: NOA3 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NOA3?

Key metric: As NOA3 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NOA3. This is calculated by dividing NOA3's market cap by their current earnings.
What is NOA3's PE Ratio?
PE Ratio24.9x
Earnings€914.00m
Market Cap€22.79b

Price to Earnings Ratio vs Peers

How does NOA3's PE Ratio compare to its peers?

The above table shows the PE ratio for NOA3 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average28.2x
FEW Funkwerk
10.1xn/a€165.2m
UI Ubiquiti
52x29.0%US$20.3b
000063 ZTE
16.4x6.4%CN¥143.8b
CEK CeoTronics
34.2x25.1%€41.9m
NOA3 Nokia Oyj
24.9x18.0%€22.8b

Price-To-Earnings vs Peers: NOA3 is good value based on its Price-To-Earnings Ratio (24.9x) compared to the peer average (28.2x).

Price to Earnings Ratio vs Industry

How does NOA3's PE Ratio compare vs other companies in the European Communications Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NOA3 24.9xIndustry Avg. 30.2xNo. of Companies7PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NOA3 is good value based on its Price-To-Earnings Ratio (24.9x) compared to the European Communications industry average (27.6x).

Price to Earnings Ratio vs Fair Ratio

What is NOA3'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.

NOA3 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio24.9x
Fair PE Ratio17.1x

Price-To-Earnings vs Fair Ratio: NOA3 is expensive based on its Price-To-Earnings Ratio (24.9x) compared to the estimated Fair Price-To-Earnings Ratio (17.1x).

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 NOA3 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€4.20
€4.33
+3.1%
18.9%€6.00€3.30n/a21
Nov ’25€4.35
€4.29
-1.4%
19.6%€6.00€3.30n/a20
Oct ’25€3.94
€3.98
+1.0%
23.7%€6.50€2.90n/a19
Sep ’25€4.00
€3.99
-0.2%
23.4%€6.50€2.90n/a20
Aug ’25€3.67
€3.97
+8.1%
23.7%€6.50€2.90n/a20
Jul ’25€3.67
€3.95
+7.6%
23.8%€6.50€2.90n/a20
Jun ’25€3.56
€3.93
+10.2%
24.6%€6.50€2.90n/a20
May ’25€3.39
€3.93
+16.0%
24.6%€6.50€2.90n/a20
Apr ’25€3.27
€3.96
+21.0%
24.4%€6.50€2.70n/a20
Mar ’25€3.27
€3.95
+21.0%
24.3%€6.50€2.70n/a21
Feb ’25€3.34
€3.89
+16.5%
24.3%€6.50€2.70n/a21
Jan ’25€3.08
€3.93
+27.5%
26.3%€6.50€2.70n/a21
Dec ’24€3.18
€4.37
+37.4%
21.3%€6.95€3.20n/a21
Nov ’24€3.08
€4.47
+45.2%
21.8%€6.95€3.20€4.3521
Oct ’24€3.58
€4.95
+38.4%
18.9%€7.00€3.90€3.9422
Sep ’24€3.70
€4.93
+33.1%
18.8%€7.00€3.90€4.0022
Aug ’24€3.59
€4.95
+37.9%
18.5%€7.00€3.90€3.6722
Jul ’24€3.86
€5.42
+40.7%
15.7%€7.80€4.20€3.6723
Jun ’24€3.80
€5.49
+44.7%
15.3%€7.80€4.20€3.5624
May ’24€3.83
€5.52
+44.3%
15.4%€7.80€4.20€3.3923
Apr ’24€4.50
€5.80
+28.8%
13.7%€7.80€4.60€3.2725
Mar ’24€4.39
€5.82
+32.6%
13.5%€7.80€4.60€3.2724
Feb ’24€4.41
€5.82
+31.9%
13.6%€7.80€4.60€3.3424
Jan ’24€4.36
€5.95
+36.6%
13.3%€8.00€4.50€3.0825
Dec ’23€4.78
€5.94
+24.4%
13.3%€8.00€4.50€3.1825
Nov ’23€4.52
€6.01
+33.0%
13.5%€8.00€4.50€3.0823

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

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