Company Valuation: Nokia Oyj

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 31,473 24,175 16,899 23,017 31,170 48,151 - -
Change - -23.19% -30.1% 36.2% 35.42% 54.48% - -
Enterprise Value (EV) 1 27,531 19,408 12,576 18,163 27,792 44,704 43,769 42,636
Change - -29.51% -35.2% 44.42% 53.02% 60.86% -2.09% -2.59%
P/E ratio 19.2x 5.77x 25.4x 18.6x 46.4x 33.8x 26.7x 23.6x
PBR 1.81x 1.13x 0.82x 1.11x 1.48x 2.21x 2.13x 2.04x
PEG - 0x -0.3x 0.2x -1x 0x 1x 1.8x
Capitalization / Revenue 1.42x 0.97x 0.76x 1.13x 1.57x 2.34x 2.26x 2.18x
EV / Revenue 1.24x 0.78x 0.57x 0.9x 1.4x 2.18x 2.05x 1.93x
EV / EBITDA 7.91x 5.06x 4.04x 5.02x 10.3x 14.1x 12.2x 11.3x
EV / EBIT 9.92x 6.24x 5.3x 6.93x 13.7x 19.1x 16.1x 14.3x
EV / FCF 13.3x 22.2x 18.9x 8.99x 19x 25.3x 21.9x 18.1x
FCF Yield 7.5% 4.5% 5.29% 11.1% 5.27% 3.96% 4.57% 5.54%
Dividend per Share 2 0.08 0.12 0.13 0.14 0.14 0.1443 0.1543 0.1646
Rate of return 1.44% 2.77% 4.26% 3.28% 2.51% 1.68% 1.8% 1.92%
EPS 2 0.29 0.75 0.12 0.23 0.12 0.2544 0.3218 0.3641
Distribution rate 27.6% 16% 108% 60.9% 117% 56.7% 47.9% 45.2%
Net sales 1 22,202 24,911 22,258 20,279 19,904 20,534 21,350 22,086
EBITDA 1 3,479 3,838 3,110 3,616 2,699 3,179 3,599 3,774
EBIT 1 2,775 3,109 2,375 2,619 2,024 2,336 2,724 2,980
Net income 1 1,623 4,250 665 1,277 651 1,374 1,738 2,033
Net Debt 1 -3,942 -4,767 -4,323 -4,854 -3,378 -3,447 -4,382 -5,515
Reference price 2 5.574 4.327 3.052 4.274 5.572 8.592 8.592 8.592
Nbr of stocks (in thousands) 5,646,452 5,587,016 5,537,060 5,384,608 5,593,993 5,604,171 - -
Announcement Date 2/3/22 1/26/23 1/25/24 1/30/25 1/29/26 - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
33.77x2.18x14.06x1.68% 56.7B
27.65x5.59x14.51x1.96% 334B
48.75x16.49x34.92x-.--% 202B
20.17x0.82x14.98x2.57% 173B
30.96x10.84x26.6x0.52% 132B
31.94x6.37x18.84x1.1% 73.87B
113.07x11.43x53.55x-.--% 70.02B
66.97x - - - 62.89B
199.98x22.47x70.98x-.--% 63.63B
28.23x6.03x21.2x1.56% 50.88B
Average 60.15x 9.13x 29.96x 1.04% 121.85B
Weighted average by Cap. 46.96x 8.57x 25.56x 1.23%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield