Projected Income Statement: Nokia Oyj

Forecast Balance Sheet: Nokia Oyj

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 -3,942 -4,767 -4,323 -4,854 -3,378 -3,219 -4,074 -5,380
Change - -20.93% 9.31% -12.28% 30.41% 4.71% -26.56% -32.06%
Announcement Date 2/3/22 1/26/23 1/25/24 1/30/25 1/29/26 - - -
1EUR in Million
Estimates

Cash Flow Forecast: Nokia Oyj

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 560 601 652 472 606 952.5 859.7 756.2
Change - 7.32% 8.49% -27.61% 28.39% 57.19% -9.75% -12.03%
Free Cash Flow (FCF) 1 2,065 873 665 2,021 1,465 1,688 1,983 2,453
Change - -57.72% -23.83% 203.91% -27.51% 15.25% 17.45% 23.72%
Announcement Date 2/3/22 1/26/23 1/25/24 1/30/25 1/29/26 - - -
1EUR in Million
Estimates

Forecast Financial Ratios: Nokia Oyj

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 15.67% 15.41% 13.97% 17.83% 13.56% 15.39% 17.27% 18.36%
EBIT Margin (%) 12.5% 12.48% 10.67% 12.91% 10.17% 11.48% 13.36% 14.8%
EBT Margin (%) 8.67% 8.77% 6.73% 10.31% 4.6% 9.71% 11.66% 13.09%
Net margin (%) 7.31% 17.06% 2.99% 6.3% 3.27% 6.99% 8.5% 9.88%
FCF margin (%) 9.3% 3.5% 2.99% 9.97% 7.36% 8.09% 8.97% 10.42%
FCF / Net Income (%) 127.23% 20.54% 100% 158.26% 225.04% 115.75% 105.63% 105.4%

Profitability

        
ROA 4.26% 10.24% 1.61% 5.49% 4.14% 2.98% 4.08% 4.76%
ROE 12.4% 12.78% 7.68% 10.53% 7.63% 9.07% 10.12% 11.26%

Financial Health

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

Capital Intensity

        
CAPEX / Current Assets (%) 2.52% 2.41% 2.93% 2.33% 3.04% 4.56% 3.89% 3.21%
CAPEX / EBITDA (%) 16.1% 15.66% 20.96% 13.05% 22.45% 29.65% 22.52% 17.49%
CAPEX / FCF (%) 27.12% 68.84% 98.05% 23.35% 41.37% 56.42% 43.35% 30.82%

Items per share

        
Cash flow per share 1 0.4618 0.26 0.2358 0.4508 0.3764 0.4439 0.4839 0.6247
Change - -43.7% -9.31% 91.16% -16.5% 17.94% 9% 29.09%
Dividend per Share 1 0.08 0.12 0.13 0.14 0.14 0.1508 0.163 0.1765
Change - 50% 8.33% 7.69% 0% 7.74% 8.09% 8.28%
Book Value Per Share 1 3.08 3.82 3.72 3.84 3.76 3.857 4.025 4.305
Change - 24.03% -2.62% 3.23% -2.08% 2.59% 4.34% 6.97%
EPS 1 0.29 0.75 0.12 0.23 0.12 0.2515 0.3288 0.4134
Change - 158.62% -84% 91.67% -47.83% 109.58% 30.74% 25.72%
Nbr of stocks (in thousands) 5,646,452 5,587,016 5,537,060 5,384,608 5,593,993 5,610,103 5,610,103 5,610,103
Announcement Date 2/3/22 1/26/23 1/25/24 1/30/25 1/29/26 - - -
1EUR
Estimates
2026 *2027 *
P/E 35.2x 26.9x
PBR 2.29x 2.2x
EV / Sales 2.23x 2.06x
Yield 1.7% 1.84%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
AAA
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
23
Last Close Price
8.852EUR
Average target price
10.81EUR
Spread / Average Target
+22.08%

Quarterly revenue - Rate of surprise