Nokia Oyj

BATS-CHIXE:NOKIAS Stock Report

Market Cap: SEK 547.8b

Nokia Oyj Valuation

Is NOKIAS 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 Fair Value

What is the Fair Price of NOKIAS 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: NOKIAS (SEK120.3) is trading below our estimate of future cash flow value (SEK150.1)

Significantly Below Future Cash Flow Value: NOKIAS is trading below future cash flow value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NOKIAS. This is calculated by dividing NOKIAS's market cap by their current earnings.
What is NOKIAS's PE Ratio?
PE Ratio64.2x
Earnings€774.00m
Market Cap€49.66b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NOKIAS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average61.6x
FTC Filtronic
55.2x8.94%UK£549.9m
HLMA Halma
37.3x9.50%UK£13.9b
MSI Motorola Solutions
32.8x9.88%US$68.8b
CIEN Ciena
120.9x30.41%US$55.0b
NOKIAS Nokia Oyj
64.2x25.31%SEK 49.7b

Price-To-Earnings vs Peers: NOKIAS is expensive based on its Price-To-Earnings Ratio (64.2x) compared to the peer average (61.6x).

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 NOKIAS's PE Ratio compare vs other companies in the European Communications Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies9PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NOKIAS is expensive based on its Price-To-Earnings Ratio (64.2x) compared to the European Communications industry average (24x).

Price to Earnings Ratio vs Fair Ratio

What is NOKIAS'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.

NOKIAS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio64.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate NOKIAS'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 NOKIAS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
SEK 118.76
0%
34.60%SEK 197.82SEK 51.10n/a22
Jul ’27n/a
SEK 117.22
0%
34.35%SEK 199.28SEK 51.48n/a22
Jun ’27SEK 145.33
SEK 101.44
-30.20%
26.47%SEK 151.48SEK 50.31n/a22
May ’27n/a
SEK 94.73
0%
24.88%SEK 129.76SEK 50.28n/a22
Apr ’27SEK 77.54
SEK 72.22
-6.86%
17.23%SEK 96.01SEK 50.73n/a21
Mar ’27n/a
SEK 61.76
0%
15.76%SEK 76.82SEK 37.34n/a21
Feb ’27n/a
SEK 60.02
0%
16.81%SEK 76.07SEK 36.98n/a21
Jan ’27n/a
SEK 58.96
0%
22.23%SEK 78.14SEK 35.81n/a20
Dec ’26n/a
SEK 59.63
0%
22.23%SEK 79.02SEK 36.22n/a20
Nov ’26n/a
SEK 56.44
0%
19.19%SEK 76.01SEK 36.04n/a20
Oct ’26n/a
SEK 49.06
0%
16.20%SEK 63.51SEK 32.03n/a21
Sep ’26n/a
SEK 49.64
0%
15.96%SEK 64.19SEK 33.49n/a21
Aug ’26n/a
SEK 49.54
0%
15.96%SEK 64.07SEK 33.43n/a21
Jul ’26n/a
SEK 53.84
0%
13.94%SEK 67.69SEK 38.04n/a22
Jun ’26n/a
SEK 52.13
0%
13.93%SEK 65.84SEK 37.00SEK 145.3322
May ’26n/a
SEK 52.55
0%
13.87%SEK 66.59SEK 37.42n/a22
Apr ’26SEK 52.26
SEK 53.80
+2.96%
12.38%SEK 65.78SEK 40.23SEK 77.5422
Mar ’26n/a
SEK 54.24
0%
13.87%SEK 67.67SEK 41.39n/a22
Feb ’26n/a
SEK 53.91
0%
16.89%SEK 69.54SEK 37.93n/a22
Jan ’26n/a
SEK 51.71
0%
20.12%SEK 69.73SEK 38.03n/a21
Dec ’25n/a
SEK 49.92
0%
18.89%SEK 69.15SEK 38.03n/a21
Nov ’25n/a
SEK 49.73
0%
19.65%SEK 69.53SEK 38.24n/a20
Oct ’25n/a
SEK 45.21
0%
23.73%SEK 73.88SEK 32.96n/a19
Sep ’25n/a
SEK 45.20
0%
23.42%SEK 73.61SEK 32.84n/a20
Aug ’25n/a
SEK 45.94
0%
23.67%SEK 75.28SEK 33.59n/a20
Jul ’25n/a
SEK 45.06
0%
23.80%SEK 74.08SEK 33.05n/a20
SEK 146.86
Fair Value
18.1% undervalued intrinsic discount
22
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/17 15:45
End of Day Share Price 2026/07/06 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

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 60 analysts. 24 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