Nokia Oyj

OM:NOKIA SEK Stock Report

Market Cap: SEK 325.8b

Nokia Oyj Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: NOKIA SEK (SEK58.24) is trading above our estimate of fair value (SEK21.52)

Significantly Below Fair Value: NOKIA SEK is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NOKIA SEK. This is calculated by dividing NOKIA SEK's market cap by their current earnings.
What is NOKIA SEK's PE Ratio?
PE Ratio35.3x
Earnings€849.00m
Market Cap€29.94b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NOKIA SEK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average35.5x
ERIC B Telefonaktiebolaget LM Ericsson
12.3x-12.44%SEK 302.9b
HMS HMS Networks
51.1x23.84%SEK 22.4b
HEXA B Hexagon
39.9x19.90%SEK 292.3b
LUMEN LumenRadio
38.6xn/aSEK 664.3m
NOKIA SEK Nokia Oyj
35.3x24.80%SEK 29.9b

Price-To-Earnings vs Peers: NOKIA SEK is good value based on its Price-To-Earnings Ratio (35.3x) compared to the peer average (35.5x).

Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NOKIA SEK 35.3xIndustry Avg. 39.5xNo. of Companies5PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NOKIA SEK is good value based on its Price-To-Earnings Ratio (35.3x) compared to the European Communications industry average (39.5x).

Price to Earnings Ratio vs Fair Ratio

What is NOKIA SEK'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 SEK PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio35.3x
Fair PE Ratio41.2x

Price-To-Earnings vs Fair Ratio: NOKIA SEK is good value based on its Price-To-Earnings Ratio (35.3x) compared to the estimated Fair Price-To-Earnings Ratio (41.2x).

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 SEK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 58.24
SEK 59.63
+2.38%
22.23%SEK 79.02SEK 36.22n/a20
Dec ’26SEK 57.92
SEK 59.63
+2.95%
22.23%SEK 79.02SEK 36.22n/a20
Nov ’26SEK 65.80
SEK 56.44
-14.22%
19.19%SEK 76.01SEK 36.04n/a20
Oct ’26SEK 45.10
SEK 49.06
+8.78%
16.20%SEK 63.51SEK 32.03n/a21
Sep ’26SEK 40.61
SEK 49.64
+22.24%
15.96%SEK 64.19SEK 33.49n/a21
Aug ’26SEK 38.78
SEK 49.54
+27.76%
15.96%SEK 64.07SEK 33.43n/a21
Jul ’26SEK 49.24
SEK 53.84
+9.35%
13.94%SEK 67.69SEK 38.04n/a22
Jun ’26SEK 49.84
SEK 52.13
+4.59%
13.93%SEK 65.84SEK 37.00n/a22
May ’26SEK 48.10
SEK 52.55
+9.24%
13.87%SEK 66.59SEK 37.42n/a22
Apr ’26SEK 54.00
SEK 53.80
-0.36%
12.38%SEK 65.78SEK 40.23n/a22
Mar ’26SEK 51.68
SEK 54.24
+4.96%
13.87%SEK 67.67SEK 41.39n/a22
Feb ’26SEK 52.08
SEK 53.91
+3.51%
16.89%SEK 69.54SEK 37.93n/a22
Jan ’26SEK 48.91
SEK 51.71
+5.73%
20.12%SEK 69.73SEK 38.03n/a21
Dec ’25SEK 45.97
SEK 49.92
+8.60%
18.89%SEK 69.15SEK 38.03SEK 57.9221
Nov ’25SEK 50.56
SEK 49.73
-1.65%
19.65%SEK 69.53SEK 38.24SEK 65.8020
Oct ’25SEK 44.77
SEK 45.21
+0.98%
23.73%SEK 73.88SEK 32.96SEK 45.1019
Sep ’25SEK 45.29
SEK 45.20
-0.20%
23.42%SEK 73.61SEK 32.84SEK 40.6120
Aug ’25SEK 42.51
SEK 45.94
+8.08%
23.67%SEK 75.28SEK 33.59SEK 38.7820
Jul ’25SEK 41.88
SEK 45.06
+7.60%
23.80%SEK 74.08SEK 33.05SEK 49.2420
Jun ’25SEK 40.97
SEK 45.27
+10.50%
24.60%SEK 74.89SEK 33.41SEK 49.8420
May ’25SEK 40.06
SEK 46.04
+14.94%
24.60%SEK 76.16SEK 33.98SEK 48.1020
Apr ’25SEK 37.94
SEK 45.40
+19.67%
24.45%SEK 74.58SEK 30.98SEK 54.0020
Mar ’25SEK 36.51
SEK 44.27
+21.25%
24.28%SEK 72.78SEK 30.23SEK 51.6821
Feb ’25SEK 37.51
SEK 43.87
+16.98%
24.33%SEK 73.32SEK 30.46SEK 52.0821
Jan ’25SEK 33.89
SEK 43.74
+29.07%
26.33%SEK 72.40SEK 30.08SEK 48.9121
Dec ’24SEK 36.30
SEK 49.33
+35.89%
21.32%SEK 78.41SEK 36.10SEK 45.9721
SEK 59.1
Fair Value
1.5% undervalued intrinsic discount
20
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 Analysis2025/12/09 22:59
End of Day Share Price 2025/12/09 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 60 analysts. 21 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