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Nokia

HLSE:NOKIA
Snowflake Description

Flawless balance sheet with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NOKIA
HLSE
€31B
Market Cap
  1. Home
  2. FI
  3. Tech
Company description

Nokia Corporation engages in the network and technology businesses worldwide. The last earnings update was 49 days ago. More info.


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NOKIA Share Price and Events
7 Day Returns
1.4%
HLSE:NOKIA
2.2%
Europe Communications
2.5%
FI Market
1 Year Returns
21.8%
HLSE:NOKIA
32.2%
Europe Communications
3.3%
FI Market
NOKIA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Nokia (NOKIA) 1.4% 2.6% 10.7% 21.8% 6.6% 4.7%
Europe Communications 2.2% 1.7% 11.4% 32.2% 6.6% 1.4%
FI Market 2.5% 2.3% 13.6% 3.3% 25.5% 40%
1 Year Return vs Industry and Market
  • NOKIA underperformed the Communications industry which returned 32.2% over the past year.
  • NOKIA outperformed the Market in Finland which returned 3.3% over the past year.
Price Volatility
NOKIA
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Nokia undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Nokia to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Nokia.

HLSE:NOKIA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 24 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year FI Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for HLSE:NOKIA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FI Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.5%
Communications Unlevered Beta Simply Wall St/ S&P Global 1.09
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.085 (1 + (1- 20%) (12.33%))
1.129
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.13
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.54% + (1.129 * 6.51%)
7.89%

Discounted Cash Flow Calculation for HLSE:NOKIA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Nokia is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

HLSE:NOKIA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.89%)
2019 1,593.87 Analyst x6 1,477.33
2020 1,922.28 Analyst x11 1,651.45
2021 2,216.19 Analyst x6 1,764.74
2022 2,015.00 Analyst x1 1,487.21
2023 1,884.04 Est @ -6.5% 1,288.88
2024 1,801.38 Est @ -4.39% 1,142.22
2025 1,748.97 Est @ -2.91% 1,027.91
2026 1,716.18 Est @ -1.87% 934.89
2027 1,696.45 Est @ -1.15% 856.57
2028 1,685.54 Est @ -0.64% 788.83
Present value of next 10 years cash flows €12,420.03
HLSE:NOKIA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €1,685.54 × (1 + 0.54%) ÷ (7.89% – 0.54%)
€23,060.75
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €23,060.75 ÷ (1 + 7.89%)10
€10,792.42
HLSE:NOKIA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €12,420.03 + €10,792.42
€23,212.45
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €23,212.45 / 5,598.71
€4.15
HLSE:NOKIA Discount to Share Price
Calculation Result
Value per share (EUR) From above. €4.15
Current discount Discount to share price of €5.54
= -1 x (€5.54 - €4.15) / €4.15
-33.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Nokia is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Nokia's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Nokia's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
HLSE:NOKIA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €-0.10
HLSE:NOKIA Share Price ** HLSE (2019-03-21) in EUR €5.54
Europe Communications Industry PE Ratio Median Figure of 22 Publicly-Listed Communications Companies 19.79x
Finland Market PE Ratio Median Figure of 108 Publicly-Listed Companies 19.5x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Nokia.

HLSE:NOKIA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= HLSE:NOKIA Share Price ÷ EPS (both in EUR)

= 5.54 ÷ -0.10

-55.84x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Nokia is loss making, we can't compare its value to the Europe Communications industry average.
  • Nokia is loss making, we can't compare the value of its earnings to the Finland market.
Price based on expected Growth
Does Nokia's expected growth come at a high price?
Raw Data
HLSE:NOKIA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -55.84x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 24 Analysts
60.4%per year
Europe Communications Industry PEG Ratio Median Figure of 11 Publicly-Listed Communications Companies 1x
Finland Market PEG Ratio Median Figure of 91 Publicly-Listed Companies 1.69x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Nokia, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Nokia's assets?
Raw Data
HLSE:NOKIA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €2.73
HLSE:NOKIA Share Price * HLSE (2019-03-21) in EUR €5.54
Europe Communications Industry PB Ratio Median Figure of 50 Publicly-Listed Communications Companies 1.64x
Finland Market PB Ratio Median Figure of 141 Publicly-Listed Companies 2.01x
HLSE:NOKIA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= HLSE:NOKIA Share Price ÷ Book Value per Share (both in EUR)

= 5.54 ÷ 2.73

2.03x

* Primary Listing of Nokia.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Nokia is overvalued based on assets compared to the Europe Communications industry average.
X
Value checks
We assess Nokia's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Communications industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Communications industry average (and greater than 0)? (1 check)
  5. Nokia has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Nokia expected to perform in the next 1 to 3 years based on estimates from 24 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
60.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Nokia expected to grow at an attractive rate?
  • Nokia's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Nokia's earnings growth is expected to exceed the Finland market average.
  • Nokia's revenue growth is expected to exceed the Finland market average.
Annual Growth Rates Comparison
Raw Data
HLSE:NOKIA Future Growth Rates Data Sources
Data Point Source Value (per year)
HLSE:NOKIA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 24 Analysts 60.4%
HLSE:NOKIA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 24 Analysts 2.4%
Europe Communications Industry Earnings Growth Rate Market Cap Weighted Average 49.2%
Europe Communications Industry Revenue Growth Rate Market Cap Weighted Average 2.4%
Finland Market Earnings Growth Rate Market Cap Weighted Average 15.6%
Finland Market Revenue Growth Rate Market Cap Weighted Average 1.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
HLSE:NOKIA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 24 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
HLSE:NOKIA Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 3,584
2022-12-31 25,009 3,500 2,317 3
2021-12-31 24,219 2,809 1,589 11
2020-12-31 23,696 2,449 1,287 23
2019-12-31 23,074 1,305 430 24
HLSE:NOKIA Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 22,563 360 -554
2018-09-30 22,346 964 -1,128
2018-06-30 22,388 302 -1,194
2018-03-31 22,693 2,174 -1,351
2017-12-31 23,147 1,811 -1,473
2017-09-30 23,153 331 -430
2017-06-30 23,549 1,310 -357
2017-03-31 23,508 -344 -600
2016-12-31 23,641 -1,454 -751
2016-09-30 20,593 -1,507 -912
2016-06-30 17,733 -1,239 -604
2016-03-31 15,075 -881 399

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Nokia's earnings are expected to grow significantly at over 20% yearly.
  • Nokia's revenue is expected to grow by 2.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
HLSE:NOKIA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 24 Analyst Estimates (S&P Global) See Below

All data from Nokia Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

HLSE:NOKIA Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 0.41 0.41 0.41 1.00
2021-12-31 0.28 0.41 0.20 7.00
2020-12-31 0.20 0.35 0.10 14.00
2019-12-31 0.07 0.12 0.03 10.00
HLSE:NOKIA Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 -0.10
2018-09-30 -0.20
2018-06-30 -0.21
2018-03-31 -0.24
2017-12-31 -0.26
2017-09-30 -0.08
2017-06-30 -0.06
2017-03-31 -0.10
2016-12-31 -0.13
2016-09-30 -0.17
2016-06-30 -0.13
2016-03-31 0.10

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Nokia is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Nokia's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Nokia has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Nokia performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Nokia's growth in the last year to its industry (Communications).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Nokia does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Nokia's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Nokia's 1-year growth to the Europe Communications industry average as it is not currently profitable.
Earnings and Revenue History
Nokia's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Nokia Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

HLSE:NOKIA Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 22,563.00 -554.00 3,223.00 4,591.00
2018-09-30 22,346.00 -1,128.00 3,254.00 4,655.00
2018-06-30 22,388.00 -1,194.00 3,252.00 4,733.00
2018-03-31 22,693.00 -1,351.00 3,335.00 4,776.00
2017-12-31 23,147.00 -1,473.00 3,402.00 4,859.00
2017-09-30 23,153.00 -430.00 3,491.00 4,892.00
2017-06-30 23,549.00 -357.00 3,512.00 4,887.00
2017-03-31 23,508.00 -600.00 3,498.00 4,911.00
2016-12-31 23,641.00 -751.00 3,463.00 4,935.00
2016-09-30 20,593.00 -912.00 3,086.00 4,221.00
2016-06-30 17,733.00 -604.00 2,641.00 3,516.00
2016-03-31 15,075.00 399.00 2,234.00 2,803.00
2015-12-31 12,560.00 1,192.00 1,781.00 2,080.00
2015-09-30 12,399.00 1,018.00 1,628.00 2,079.00
2015-06-30 12,451.00 3,129.00 1,590.00 2,081.00
2015-03-31 12,033.00 2,779.00 1,454.00 1,899.00
2014-12-31 11,762.00 2,710.00 1,561.00 1,904.00
2014-09-30 11,730.00 2,584.00 1,448.00 2,016.00
2014-06-30 11,579.00 436.00 1,471.00 2,128.00
2014-03-31 12,233.00 387.00 1,587.00 2,493.00
2013-12-31 11,795.00 273.00 1,483.00 1,970.00
2013-09-30 2,497.00 2,512.00 115.00 1,426.00
2013-06-30 6,799.00 1,402.00 660.00 1,946.00
2013-03-31 25,962.00 -2,279.00 3,455.00 4,182.00
2012-12-31 15,400.00 -771.00 2,062.00 3,081.00
2012-09-30 32,140.00 -4,367.00 4,428.00 5,062.00
2012-06-30 33,881.00 -3,476.00 4,675.00 5,272.00
2012-03-31 35,614.00 -2,436.00 4,834.00 5,431.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Nokia has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Nokia has efficiently used its assets last year compared to the Europe Communications industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Nokia improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Nokia's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Communications industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Nokia has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Nokia's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Nokia's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Nokia is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Nokia's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Nokia's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 4.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Nokia Company Filings, last reported 2 months ago.

HLSE:NOKIA Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 15,371.00 3,822.00 7,116.00
2018-09-30 15,039.00 3,735.00 5,865.00
2018-06-30 15,090.00 3,717.00 6,105.00
2018-03-31 15,874.00 3,720.00 8,126.00
2017-12-31 16,218.00 3,907.00 8,413.00
2017-09-30 16,662.00 3,845.00 6,883.00
2017-06-30 18,012.00 3,953.00 8,326.00
2017-03-31 20,285.00 4,412.00 9,042.00
2016-12-31 20,975.00 4,056.00 9,589.00
2016-09-30 19,462.00 3,853.00 9,586.00
2016-06-30 20,223.00 3,910.00 11,231.00
2016-03-31 22,376.00 4,240.00 12,714.00
2015-12-31 10,524.00 2,129.00 10,033.00
2015-09-30 9,101.00 2,766.00 7,002.00
2015-06-30 8,978.00 2,788.00 6,739.00
2015-03-31 9,225.00 2,844.00 7,675.00
2014-12-31 8,669.00 2,727.00 7,934.00
2014-09-30 8,315.00 2,613.00 7,883.00
2014-06-30 7,355.00 2,522.00 9,137.00
2014-03-31 6,274.00 4,784.00 7,016.00
2013-12-31 6,660.00 6,687.00 9,199.00
2013-09-30 6,891.00 6,721.00 9,451.00
2013-06-30 8,628.00 5,386.00 9,766.00
2013-03-31 8,974.00 5,622.00 10,432.00
2012-12-31 9,239.00 5,597.00 10,199.00
2012-09-30 9,185.00 5,215.00 9,243.00
2012-06-30 10,320.00 5,221.00 9,738.00
2012-03-31 12,342.00 4,921.00 10,065.00
  • Nokia's level of debt (24.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (100.2% vs 24.9% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Nokia has sufficient cash runway for more than 3 years based on current free cash flow.
  • Nokia has sufficient cash runway for more than 3 years if free cash flow continues to reduce at historical rates of -61.3% each year.
X
Financial health checks
We assess Nokia's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Nokia has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Nokia's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.61%
Current annual income from Nokia dividends. Estimated to be 4.02% next year.
If you bought €2,000 of Nokia shares you are expected to receive €72 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Nokia's pays a higher dividend yield than the bottom 25% of dividend payers in Finland (2.26%).
  • Nokia's dividend is below the markets top 25% of dividend payers in Finland (4.95%).
Upcoming dividend payment

Purchase Nokia on or before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
HLSE:NOKIA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 24 Analyst Estimates (S&P Global) See Below
Europe Communications Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 2.4%
Finland Market Average Dividend Yield Market Cap Weighted Average of 101 Stocks 4.1%
Finland Minimum Threshold Dividend Yield 10th Percentile 1.5%
Finland Bottom 25% Dividend Yield 25th Percentile 2.3%
Finland Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

HLSE:NOKIA Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 0.23 2.00
2021-12-31 0.24 11.00
2020-12-31 0.23 21.00
2019-12-31 0.21 22.00
HLSE:NOKIA Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-01-31 0.200 3.691
2018-03-27 0.190 3.870
2017-10-26 0.190 4.459
2017-03-30 0.170 3.206
2016-04-21 0.160 3.387
2015-01-29 0.140 2.241
2014-04-29 0.110 1.790
2013-10-29 0.000 0.000
2013-07-18 0.000 0.000
2013-04-18 0.000 0.000
2013-01-24 0.000 0.000
2012-05-03 0.200 9.195
2011-01-27 0.400 8.991
2010-01-28 0.400 4.939
2009-03-23 0.400 4.140

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Nokia's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Nokia's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Nokia afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Nokia has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Nokia's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Rajeev Suri
COMPENSATION €7,596,098
AGE 51
TENURE AS CEO 4.8 years
CEO Bio

Mr. Rajeev Suri has been Director at Stryker Corp. since May 02, 2018. He has been the Chief Executive Officer and President of Nokia Corporation since May 01, 2014. Mr. Suri served as the Chief Executive Officer at Nokia Siemens Networks US LLC. He serves as the Chief Executive Officer and Member of the Executive Board of Nokia Solutions and Networks B.V. He has been Member of Executive Board of Nokia Solutions and Networks Oy since August 2007. He served as Chief Executive Officer and President at Nokia Networks, Inc. He served as the Chief Executive Officer of Nokia Solutions and Networks Oy from October 01, 2009 to April 2012 and served as its President. He served as the Head of Network Arm for Nokia Solutions and Networks at Nokia Corporation. With more than 25 years of international experience, he is a leader who cherishes the opportunity of transformational and turnaround assignments. He has worked in roles comprising strategy and M&A, product marketing, sales, major account leadership, regional and business unit leadership and has lived in Middle East, Asia, Africa and Europe. He served as Head of Services at Nokia Solutions and Networks B.V. He served as Head of Services at Nokia Solutions and Networks Oy from August 2007 to July 2009. He served as Head of Services at Nokia Siemens Networks from September 2007 to September 2009. He Joined Nokia in 1995 and has held numerous executive level positions. Mr. Suri served as the Head of Asia Pacific at Nokia Siemens Networks from April 2007 to August 2007. He served as Senior Vice President of Nokia Networks Asia Pacific from February 2005 to March 2007 He served as Vice President of Hutchison Customer Business Team at Nokia Networks from January 2004 to January 2005. He served as General Manager of Business Development at Nokia Networks Asia Pacific since 2003; Sales Director of BT, O2 and Hutchison Global Customers at Nokia Networks since 2002. He served as Director of Technology and Applications for BT Global Customer at Nokia Networks from 2000 to 2001. He served as Head of Global Competitive Intelligence at Nokia Networks from 1999 to 2000. He served as Head of Product Competence Center at Nokia Networks South Asia from 1997 to 1999. He served as System Marketing Manager for Cellular Transmission at Nokia Networks India from 1995 to 1997. He served as Head of Group Procurement for imports and special projects at Churchgate Group, Nigeria from 1993 to 1995. He served as National Account Manager for Transmission / Manager of Strategic Planning at ICL India form 1990 to 1993. He served at RPG Group in corporate business development for new Ventures and strategic planning. He served as Production Engineer at Calcom Electronics since 1989. Mr. Suri has been the Chairman of Leader Ship Team of Nokia Group of Nokia Corporation since May 1, 2014. He serves as Member of Executive Board at Nokia Siemens Networks US LLC. He served as a Director of Alcatel-Lucent from January 8, 2016 to November 7, 2016. Mr. Suri holds Bachelor of Engineering in Electronics and Telecommunications from Manipal Institute of Technology, Mangalore University, Karnataka, India.

CEO Compensation
  • Rajeev's compensation has been consistent with company performance over the past year.
  • Rajeev's remuneration is lower than average for companies of similar size in Finland.
Management Team Tenure

Average tenure and age of the Nokia management team in years:

4.8
Average Tenure
51
Average Age
  • The tenure for the Nokia management team is about average.
Management Team

Rajeev Suri

TITLE
President & CEO
COMPENSATION
€8M
AGE
51
TENURE
4.8 yrs

Kristian Pullola

TITLE
Chief Financial Officer
AGE
45
TENURE
2.2 yrs

Joerg Erlemeier

TITLE
Chief Operating Officer
AGE
53
TENURE
1.3 yrs

Marcus Weldon

TITLE
Corporate CTO & President of Nokia Bell Labs
AGE
50

Matt Shimao

TITLE
Head of Investor Relations

Maria Varsellona

TITLE
Chief Legal Officer & President of Nokia Technologies
AGE
48
TENURE
4.8 yrs

Susan Sheehan

TITLE
Senior Vice President of Communications
TENURE
6.8 yrs

Barry French

TITLE
Chief Marketing Officer
AGE
55
TENURE
5.2 yrs

Hans-Jürgen Bill

TITLE
Chief Human Resources Officer
AGE
58
TENURE
3.2 yrs

Sergei Khraby

TITLE
Head of Belarussian office
TENURE
12.8 yrs
Board of Directors Tenure

Average tenure and age of the Nokia board of directors in years:

3.2
Average Tenure
60
Average Age
  • The tenure for the Nokia board of directors is about average.
Board of Directors

Risto Siilasmaa

TITLE
Chairman
COMPENSATION
€440K
AGE
52
TENURE
6.8 yrs

Olivier Piou

TITLE
Vice Chairman
COMPENSATION
€199K
AGE
60
TENURE
3.2 yrs

Bruce Brown

TITLE
Independent Non-Executive Director
COMPENSATION
€209K
AGE
60
TENURE
6.8 yrs

Betsey Nelson

TITLE
Independent Non-Executive Director
COMPENSATION
€207K
AGE
58
TENURE
6.8 yrs

Ed Kozel

TITLE
Independent Non-Executive Director
COMPENSATION
€175K
AGE
63
TENURE
1.8 yrs

Kari Stadigh

TITLE
Independent Non-Executive Director
COMPENSATION
€170K
AGE
63
TENURE
7.8 yrs

Lou Hughes

TITLE
Independent Non-Executive Director
COMPENSATION
€194K
AGE
69
TENURE
3.2 yrs

Carla Smits-Nusteling

TITLE
Independent Non-Executive Director
COMPENSATION
€195K
AGE
52
TENURE
2.8 yrs

Jeanette Horan

TITLE
Independent Non-Executive Director
COMPENSATION
€175K
AGE
63
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Nokia's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Nokia has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should You Buy Nokia Corporation (HEL:NOKIA) For Its 3.7% Dividend?

Historically, Nokia Corporation (HEL:NOKIA) has been paying a dividend to shareholders. … Let's dig deeper into whether Nokia should have a place in your portfolio. … See our latest analysis for Nokia

Simply Wall St -

What Kind Of Shareholders Own Nokia Corporation (HEL:NOKIA)?

Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that used to be publicly owned tend to have lower insider ownership. … We can zoom in on the different ownership groups, to learn more about NOKIA

Simply Wall St -

How Much Did Nokia Corporation's (HEL:NOKIA) CEO Pocket Last Year?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at other big companies. … How Does Rajeev Suri's Compensation Compare With Similar Sized Companies. … Our data indicates that Nokia Corporation is worth €27.3b, and total annual CEO compensation is €8m.

Simply Wall St -

Has Nokia Corporation (HEL:NOKIA) Got Enough Cash?

Nokia Corporation (HEL:NOKIA), a large-cap worth €25.60b, comes to mind for investors seeking a strong and reliable stock investment. … Most investors favour these big stocks due to their strong balance sheet and high market liquidity, meaning there are an adundance of stock in the public market available for trading. … These companies are resilient in times of low liquidity and are relatively unimpacted by interest rate hikes.

Simply Wall St -

Nokia Corporation (HEL:NOKIA)'s Return on Capital

This share represents a portion of capital used by the company to operate the business, and it is important the company is able to use the capital base efficiently to create adequate cash flows for you as an investor. … Therefore, looking at how efficiently Nokia is able to use capital to create earnings will help us understand your potential return. … Investors use many different metrics but the analysis below focuses on return on capital employed (ROCE).

Simply Wall St -

Have Investors Priced In Nokia Corporation's (HEL:NOKIA) Growth?

saw a double-digit share price rise of over 10% in the past couple of months on the HLSE. … With many analysts covering the large-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … However, could the stock still be trading at a relatively cheap price

Simply Wall St -

Is Nokia Corporation (HLSE:NOKIA) A Smart Pick For Income Investors?

In the past 10 years Nokia Corporation (HLSE:NOKIA) has returned an average of 3.00% per year to investors in the form of dividend payouts. … 5 questions to ask before buying a dividend stock … When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas:

Simply Wall St -

Are Nokia Corporation (HEL:NOKIA) Shareholders Getting A Good Deal?

I will be analysing Nokia’s FCF by looking at its FCF yield and its operating cash flow growth. … Free Cash Flow = Operating Cash Flows – Net Capital Expenditure Free Cash Flow Yield = Free Cash Flow / Enterprise Value where Enterprise Value = Market Capitalisation + Net Debt Nokia’s yield of 6.18% last year indicates its ability to produce cash at the same rate as the market index, taking into account the company’s size. … Current +1 year +2 year +3 year Operating Cash Flow (OCF) €2.17B €1.56B €2.16B €2.68B OCF Growth Year-On-Year -28.13% 38.16% 24.33% OCF Growth From Current Year -0.71% 23.44% Next Steps: Nokia is compensating investors at a cash yield similar to the wider market portfolio.

Simply Wall St -

Who Are The Major Shareholders In Nokia Corporation (HEL:NOKIA)?

View our latest analysis for Nokia HLSE:NOKIA Ownership_summary May 18th 18 Institutional Ownership Institutions account for 44.41% of NOKIA's outstanding shares, a significant enough holding to move stock prices if they start buying and selling in large quantities, especially when there are relatively small amounts of shares available on the market to trade. … Insider Ownership Insiders form another group of important ownership types as they manage the company's operations and decide the best use of capital. … Thus, investors not need worry too much about the consequences of these holdings.Next Steps: The company's high institutional ownership makes margin of safety a very important consideration to existing investors since long bull and bear trends often emerge when these big-ticket investors see a change in long-term potential of the company.

Simply Wall St -

Why You Need To Look At This Factor Before Buying Nokia Corporation (HEL:NOKIA)

Nokia has a beta of 1, which means that the percentage change in its stock value will be higher than the entire market in times of booms and busts. … An asset-heavy company tends to have a higher beta because the risk associated with running fixed assets during a downturn is highly expensive. … However, this is the opposite to what NOKIA’s actual beta value suggests, which is higher stock volatility relative to the market.

Simply Wall St -

Company Info

Description

Nokia Corporation engages in the network and technology businesses worldwide. The company operates in four segments: Ultra Broadband Networks, Global Services, IP Networks and Applications, and Nokia Technologies. It provides hardware, software, and services for telecommunications operators, enterprises, and related markets/verticals. It also offers fixed networking solutions, such as copper based solutions; fiber-to-the-home solutions, including Ethernet point-to-point, gigabit passive optical networks, EPON, and 10 gigabit next generation fiber technologies; fiber access products, solutions, and services; and public switched telephone network transformation, ultra-broadband network design, deployment and operation, site implementation and outside plant, and multi-vendor maintenance services. In addition, the company provides network implementation, care, and professional services for mobile networks; and managed services, such as network and service management, build-operate-transfer model, hosting, analytics, Internet of Things (IoT), cloud, and security operation services for the fixed, mobile, applications, Internet protocol (IP), and optical domains. Further, it offers network planning and optimization services to enhance the network performance and quality, and analytics-based services; and network architecture, integration, customization, and migration services. Additionally, the company provides IP/optical networking solutions, including IP routing and optical transport systems, software, and services; software solutions, such as customer experience management, network operations and management, communications and collaborations, policy and charging, as well as Cloud, IoT, security, and analytics platforms; and submarine networks and radio frequency systems. It has a collaboration agreement with Filtronic and CommScope Holding Company, Inc.; and strategic alliance with Infosys. The company was founded in 1865 and is headquartered in Espoo, Finland.

Details
Name: Nokia Corporation
NOKIA
Exchange: HLSE
Founded: 1865
€30,994,459,080
5,598,710,094
Website: http://www.nokia.com
Address: Nokia Corporation
Karaportti 3,
Espoo,
Uusimaa, 02610,
Finland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
HLSE NOKIA Common Stock OMX Nordic Exchange Helsinki FI EUR 02. Jan 1992
OTCPK NOKB.F Common Stock Pink Sheets LLC US USD 02. Jan 1992
DB NOA3 Common Stock Deutsche Boerse AG DE EUR 02. Jan 1992
XTRA NOA3 Common Stock XETRA Trading Platform DE EUR 02. Jan 1992
LSE 0HAF Common Stock London Stock Exchange GB EUR 02. Jan 1992
SWX NOKIA Common Stock SIX Swiss Exchange CH CHF 02. Jan 1992
ENXTPA NOKIA Common Stock Euronext Paris FR EUR 02. Jan 1992
OM NOKIA SEK Common Stock OMX Nordic Exchange Stockholm SE SEK 02. Jan 1992
BIT NOKIA Common Stock Borsa Italiana IT EUR 02. Jan 1992
WBAG NOKI Common Stock Wiener Boerse AG AT EUR 02. Jan 1992
SEP NOKIA Common Stock The Stock Exchange Prague Co. Ltd. CZ CZK 02. Jan 1992
BUSE NOKIA Common Stock Budapest Stock Exchange HU HUF 02. Jan 1992
NYSE NOK ADR EACH REPR 1 ORD NPV New York Stock Exchange US USD 01. Jul 1994
XTRA NOAA ADR EACH REPR 1 ORD NPV XETRA Trading Platform DE EUR 01. Jul 1994
BST NOAA ADR EACH REPR 1 ORD NPV Boerse-Stuttgart DE EUR 01. Jul 1994
LSE 0K8D ADR EACH REPR 1 ORD NPV London Stock Exchange GB USD 01. Jul 1994
BMV NOK N ADR EACH REPR 1 ORD NPV Bolsa Mexicana de Valores MX MXN 01. Jul 1994
Number of employees
Current staff
Staff numbers
103,000
Nokia employees.
Industry
Communications Equipment
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/21 20:39
End of day share price update: 2019/03/21 00:00
Last estimates confirmation: 2019/03/20
Last earnings filing: 2019/01/31
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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 here.