Projected Income Statement: Nokia Oyj

Forecast Balance Sheet: Nokia Oyj

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 -2,485 -3,942 -4,767 -4,323 -4,854 -3,017 -3,587 -4,549
Change - -58.63% -20.93% 9.31% -12.28% 37.85% -18.89% -26.82%
Announcement Date 04/02/21 03/02/22 26/01/23 25/01/24 30/01/25 - - -
1EUR in Million
Estimates

Cash Flow Forecast: Nokia Oyj

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
CAPEX 1 479 560 601 652 472 636.6 599 615.5
Change - 16.91% 7.32% 8.49% -27.61% 34.87% -5.91% 2.76%
Free Cash Flow (FCF) 1 1,280 2,065 873 665 2,021 1,441 1,873 2,243
Change - 61.33% -57.72% -23.83% 203.91% -28.71% 30.02% 19.75%
Announcement Date 04/02/21 03/02/22 26/01/23 25/01/24 30/01/25 - - -
1EUR in Million
Estimates

Forecast Financial Ratios: Nokia Oyj

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027

Profitability

        
EBITDA Margin (%) 12.98% 15.67% 15.41% 13.97% 17.83% 13.87% 15.85% 17%
EBIT Margin (%) 9.67% 12.5% 12.48% 10.67% 12.91% 9.79% 11.73% 12.62%
EBT Margin (%) 3.81% 8.67% 8.77% 6.73% 10.31% 6.52% 9.48% 10.68%
Net margin (%) -11.12% 7.31% 17.06% 2.99% 6.3% 4.62% 7.25% 8.27%
FCF margin (%) 5.85% 9.3% 3.5% 2.99% 9.97% 7.26% 9.05% 10.5%
FCF / Net Income (%) -52.65% 127.23% 20.54% 100% 158.26% 157.14% 124.84% 126.87%

Profitability

        
ROA 3.86% 4.26% 10.24% 1.61% 5.49% 2.35% 3% 3.64%
ROE 10.45% 12.4% 12.78% 7.68% 10.53% 7.52% 8.68% 9.4%

Financial Health

        
Leverage (Debt/EBITDA) - - - - - - - -
Debt / Free cash flow - - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 2.19% 2.52% 2.41% 2.93% 2.33% 3.21% 2.89% 2.88%
CAPEX / EBITDA (%) 16.87% 16.1% 15.66% 20.96% 13.05% 23.13% 18.26% 16.94%
CAPEX / FCF (%) 37.42% 27.12% 68.84% 98.05% 23.35% 44.19% 31.98% 27.44%

Items per share

        
Cash flow per share 1 0.3134 0.4618 0.26 0.2358 0.4508 0.3846 0.4095 0.466
Change - 47.35% -43.7% -9.31% 91.16% -14.67% 6.46% 13.8%
Dividend per Share 1 - 0.08 0.12 0.13 0.14 0.1402 0.1498 0.1629
Change - - 50% 8.33% 7.69% 0.16% 6.82% 8.72%
Book Value Per Share 1 2.24 3.08 3.82 3.72 3.84 3.801 3.908 4.087
Change - 37.5% 24.03% -2.62% 3.23% -1.01% 2.81% 4.58%
EPS 1 -0.43 0.29 0.75 0.12 0.23 0.1632 0.2453 0.3113
Change - 167.44% 158.62% -84% 91.67% -29.04% 50.31% 26.9%
Nbr of stocks (in thousands) 5,628,955 5,646,452 5,587,016 5,537,060 5,384,608 5,592,973 5,592,973 5,592,973
Announcement Date 04/02/21 03/02/22 26/01/23 25/01/24 30/01/25 - - -
1EUR
Estimates
2025 *2026 *
P/E ratio 32x 21.3x
PBR 1.37x 1.34x
EV / Sales 1.32x 1.24x
Yield 2.68% 2.87%
More valuation ratios * Estimated data

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
AAA
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
21
Last Close Price
5.226EUR
Average target price
5.433EUR
Spread / Average Target
+3.96%
Consensus

Quarterly revenue - Rate of surprise