Financials Nokia Oyj

Equities

NOKIA

FI0009000681

Communications & Networking

Market Closed - Nasdaq Helsinki Other stock markets 09:30:00 06/09/2024 pm IST			5-day change	1st Jan Change
3.846 ^EUR	-2.12%		-3.31%	+26.03%

04/09	Vodafone: calls for consolidation in Europe's 5G sector	CF
04/09	Nokia: calls for more 5G investment in Europe	CF

Projected Income Statement: Nokia Oyj

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,344	21,870	22,202	24,911	22,258	20,156	20,318	20,732
Change	-	-6.31%	1.52%	12.2%	-10.65%	-9.44%	0.8%	2.04%
EBITDA ¹	2,794	2,839	3,479	3,838	3,110	3,348	3,227	3,397
Change	-	1.61%	22.54%	10.32%	-18.97%	7.66%	-3.63%	5.27%
EBIT ¹	2,003	2,114	2,775	3,109	2,375	2,530	2,422	2,664
Change	-	5.54%	31.27%	12.04%	-23.61%	6.51%	-4.25%	9.99%
Interest Paid ¹	-337	-184	-176	-38	-137	-101	-54	-52.25
Earnings before Tax (EBT) ¹	156	834	1,926	2,184	1,499	2,047	1,746	2,094
Change	-	434.62%	130.94%	13.4%	-31.36%	36.57%	-14.73%	19.93%
Net income ¹	14	-2,431	1,623	4,250	665	1,252	1,309	1,597
Change	-	-	-	161.86%	-84.35%	88.25%	4.53%	22.02%
Announcement Date	06/02/20	04/02/21	03/02/22	26/01/23	25/01/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	5,688	6,903	4,914	5,093	5,294	6,569	5,076	5,313	5,399	6,414	5,348	5,873	6,241	7,449	5,859	5,710	4,982	5,707	4,667	4,466	4,794	6,069	4,432	4,670	4,896
Change	-	21.36%	-28.81%	3.64%	3.95%	24.08%	-22.73%	4.67%	1.62%	18.8%	-16.62%	9.82%	6.27%	19.36%	-21.35%	-2.54%	-12.75%	14.55%	-18.22%	-4.31%	7.34%	26.6%	-26.97%	5.37%	4.84%
EBITDA ¹	661	1,228	299	607	765	1,270	822	858	808	1,086	757	896	840	1,345	656	811	604	1,040	760	613	649.3	1,189	462.7	603.8	831
Change	-	85.78%	-75.65%	103.01%	26.03%	66.01%	-35.28%	4.38%	-5.83%	34.41%	-30.29%	18.36%	-6.25%	60.12%	-51.23%	23.63%	-25.52%	72.19%	-26.92%	-19.34%	5.92%	83.2%	-61.1%	30.49%	37.64%
EBIT ¹	478	1,134	116	423	486	1,090	551	682	633	908	583	714	658	1,154	479	626	424	846	597	423	480.1	1,008	270.6	441.9	595.5
Change	-	137.24%	-89.77%	264.66%	14.89%	124.28%	-49.45%	23.77%	-7.18%	43.44%	-35.79%	22.47%	-7.84%	75.38%	-58.49%	30.69%	-32.27%	99.53%	-29.43%	-29.15%	13.5%	109.92%	-73.15%	63.27%	34.76%
Charge d'intérêts ¹	-113	-46	-66	-27	-78	-13	-52	-39	-47	-38	-40	-27	29	1	-19	-54	-37	-32	-41	27	-13	-14.5	-12	-12	-12
Earnings before Tax (EBT) ¹	168	809	-130	165	276	523	372	416	446	693	256	541	509	878	401	407	179	512	451	461	332.7	760.5	67	323	482
Change	-	381.55%	-	-	67.27%	89.49%	-28.87%	11.83%	7.21%	55.38%	-63.06%	111.33%	-5.91%	72.5%	-54.33%	1.5%	-56.02%	186.03%	-11.91%	2.22%	-27.83%	128.6%	-91.19%	382.09%	49.23%
Net income ¹	82	563	-117	80	193	-2,601	261	344	342	676	219	460	427	3,154	289	290	139	-43	438	-142	289.8	551	35	233	353
Change	-	586.59%	-	-	141.25%	-	-	31.8%	-0.58%	97.66%	-67.6%	110.05%	-7.17%	638.64%	-90.84%	0.35%	-52.07%	-	-	-	-	90.11%	-93.65%	565.71%	51.5%
Announcement Date	24/10/19	06/02/20	30/04/20	31/07/20	29/10/20	04/02/21	29/04/21	29/07/21	28/10/21	03/02/22	28/04/22	21/07/22	20/10/22	26/01/23	20/04/23	20/07/23	19/10/23	25/01/24	18/04/24	18/07/24	-	-	-	-	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Nokia Oyj

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-1,730	-2,485	-3,942	-4,767	-4,323	-4,082	-4,527	-5,496
Change	-	-243.64%	-258.63%	-220.93%	-190.69%	-194.43%	-210.9%	-221.4%
Announcement Date	06/02/20	04/02/21	03/02/22	26/01/23	25/01/24	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Nokia Oyj

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	690	479	560	601	652	541.1	568.8	576.9
Change	-	-30.58%	16.91%	7.32%	8.49%	-17%	5.11%	1.43%
Free Cash Flow (FCF) ¹	-300	1,280	2,065	873	665	1,633	1,576	1,766
Change	-	-526.67%	61.33%	-57.72%	-23.83%	145.56%	-3.51%	12.1%
Announcement Date	06/02/20	04/02/21	03/02/22	26/01/23	25/01/24	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Nokia Oyj

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	11.97%	12.98%	15.67%	15.41%	13.97%	16.61%	15.88%	16.38%
EBIT Margin (%)	8.58%	9.67%	12.5%	12.48%	10.67%	12.55%	11.92%	12.85%
EBT Margin (%)	0.67%	3.81%	8.67%	8.77%	6.73%	10.16%	8.59%	10.1%
Net margin (%)	0.06%	-11.12%	7.31%	17.06%	2.99%	6.21%	6.44%	7.7%
FCF margin (%)	-1.29%	5.85%	9.3%	3.5%	2.99%	8.1%	7.76%	8.52%
FCF / Net Income (%)	-2,142.86%	-52.65%	127.23%	20.54%	100%	130.45%	120.41%	110.62%
Profitability
ROA	0.04%	3.86%	4.26%	10.24%	1.61%	3.39%	3.62%	4.2%
ROE	8%	10.45%	12.4%	12.78%	7.68%	9.09%	8.12%	8.65%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.96%	2.19%	2.52%	2.41%	2.93%	2.68%	2.8%	2.78%
CAPEX / EBITDA (%)	24.7%	16.87%	16.1%	15.66%	20.96%	16.16%	17.63%	16.98%
CAPEX / FCF (%)	-230%	37.42%	27.12%	68.84%	98.05%	33.14%	36.1%	32.66%
Items per share
Cash flow per share ¹	0.0693	0.3134	0.4618	0.26	0.2358	0.4054	0.3884	0.4334
Change	-	352.11%	47.35%	-43.7%	-9.31%	71.94%	-4.2%	11.58%
Dividend per Share ¹	-	-	0.08	0.12	0.13	0.139	0.1521	0.1688
Change	-	-	-	50%	8.33%	6.9%	9.44%	10.96%
Book Value Per Share ¹	2.73	2.24	3.08	3.82	3.72	3.861	3.987	4.217
Change	-	-17.95%	37.5%	24.03%	-2.62%	3.79%	3.27%	5.76%
EPS ¹	-	-0.43	0.29	0.75	0.12	0.2418	0.247	0.292
Change	-	-	-167.44%	158.62%	-84%	101.52%	2.16%	18.21%
Nbr of stocks (in thousands)	56,17,087	56,28,955	56,46,452	55,87,016	55,37,060	54,64,010	54,64,010	54,64,010
Announcement Date	06/02/20	04/02/21	03/02/22	26/01/23	25/01/24	-	-	-