Nokia Oyj

BIT:1NOKIA Stock Report

Market Cap: €22.8b

Nokia Oyj Valuation

Is 1NOKIA 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 1NOKIA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 1NOKIA (€4.22) is trading below our estimate of fair value (€6.23)

Significantly Below Fair Value: 1NOKIA is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 1NOKIA?

Key metric: As 1NOKIA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 1NOKIA. This is calculated by dividing 1NOKIA's market cap by their current earnings.
What is 1NOKIA's PE Ratio?
PE Ratio24.9x
Earnings€914.00m
Market Cap€22.79b

Price to Earnings Ratio vs Peers

How does 1NOKIA's PE Ratio compare to its peers?

The above table shows the PE ratio for 1NOKIA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average35x
UI Ubiquiti
52x29.0%US$20.3b
000063 ZTE
16.4x6.4%CN¥143.8b
FFIV F5
24.6x10.7%US$13.8b
JNPR Juniper Networks
47.1x30.9%US$12.1b
1NOKIA Nokia Oyj
24.9x18.0%€22.8b

Price-To-Earnings vs Peers: 1NOKIA is good value based on its Price-To-Earnings Ratio (24.9x) compared to the peer average (35x).

Price to Earnings Ratio vs Industry

How does 1NOKIA's PE Ratio compare vs other companies in the European Communications Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
1NOKIA 24.9xIndustry Avg. 30.2xNo. of Companies7PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 1NOKIA 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 1NOKIA'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.

1NOKIA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio24.9x
Fair PE Ratio22.1x

Price-To-Earnings vs Fair Ratio: 1NOKIA is expensive based on its Price-To-Earnings Ratio (24.9x) compared to the estimated Fair Price-To-Earnings Ratio (22.1x).

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 1NOKIA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€4.22
€4.33
+2.6%
18.9%€6.00€3.30n/a21
Nov ’25€4.38
€4.29
-1.9%
19.6%€6.00€3.30n/a20
Oct ’25€3.94
€3.98
+0.9%
23.7%€6.50€2.90n/a19
Sep ’25€3.99
€3.99
+0.06%
23.4%€6.50€2.90n/a20
Aug ’25€3.69
€3.97
+7.6%
23.7%€6.50€2.90n/a20
Jul ’25€3.68
€3.95
+7.6%
23.8%€6.50€2.90n/a20
Jun ’25€3.59
€3.93
+9.4%
24.6%€6.50€2.90n/a20
May ’25€3.41
€3.93
+15.3%
24.6%€6.50€2.90n/a20
Apr ’25€3.29
€3.96
+20.1%
24.4%€6.50€2.70n/a20
Mar ’25€3.26
€3.95
+21.2%
24.3%€6.50€2.70n/a21
Feb ’25€3.33
€3.89
+16.8%
24.3%€6.50€2.70n/a21
Jan ’25€3.05
€3.93
+28.8%
26.3%€6.50€2.70n/a21
Dec ’24€3.20
€4.37
+36.5%
21.3%€6.95€3.20n/a21
Nov ’24€3.09
€4.47
+44.7%
21.8%€6.95€3.20€4.3821
Oct ’24€3.58
€4.95
+38.1%
18.9%€7.00€3.90€3.9422
Sep ’24€3.73
€4.93
+32.2%
18.8%€7.00€3.90€3.9922
Aug ’24€3.59
€4.95
+37.7%
18.5%€7.00€3.90€3.6922
Jul ’24€3.84
€5.42
+41.1%
15.7%€7.80€4.20€3.6823
Jun ’24€3.80
€5.49
+44.5%
15.3%€7.80€4.20€3.5924
May ’24€3.84
€5.52
+44.1%
15.4%€7.80€4.20€3.4123
Apr ’24€4.53
€5.80
+27.9%
13.7%€7.80€4.60€3.2925
Mar ’24€4.39
€5.82
+32.6%
13.5%€7.80€4.60€3.2624
Feb ’24€4.35
€5.82
+33.8%
13.6%€7.80€4.60€3.3324
Jan ’24€4.34
€5.95
+37.0%
13.3%€8.00€4.50€3.0525
Dec ’23€4.78
€5.94
+24.5%
13.3%€8.00€4.50€3.2025
Nov ’23€4.50
€6.01
+33.4%
13.5%€8.00€4.50€3.0923

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

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