Nokia (NOKIA.HE) Stock Analysis & AI Equity Report
Nokia (NOKIA.HE) overview
Nokia (NASDAQ Helsinki: NOKIA.HE) stock analysis and AI equity research. Nokia shares trade at 13.90 EUR; Valuatum rates NOKIA.HE SELL with a 11.50 EUR 12-month price target (-17.2% vs the current share price). This Communication Equipment equity research report covers Nokia's valuation, value-pool analysis, reverse valuation, financial forecasts, key ratios, risks and catalysts.
Key metrics & valuation multiples
52-week range 3.59 EUR – 13.58 EUR · 1-year change +207.9% · 3-year change +279.3%.
Executive summary
Nokia (NOKIA.HE, NASDAQ Helsinki) is a Finnish communication-equipment maker that is increasingly priced as an AI data-center networking provider; in this Valuatum equity research report dated 5 June 2026 we rate the stock SELL with a 12-month target price of 11.50 EUR against a current price of 13.90 EUR, implying roughly 17.2% downside. Market capitalisation is EUR 76 bn and enterprise value is EUR 74.7 bn.
The core valuation tension is a sharply bifurcated enterprise value. The Mobile Infrastructure segment generates roughly 73% of estimated 2026 group EBIT yet commands less than half of the group's EUR 74.7 billion enterprise value, while the Optical & IP Networks segment produces only about 28% of revenue and 31% of EBIT but is valued at EUR 35.5 billion (47.5% of EV) at an aggressive 49x EV/EBIT multiple on just EUR 725 million of 2026E EBIT. On a reverse-valuation basis the embedded assumptions are demanding: to justify its EUR 35.5 billion allocation, Optical & IP Networks must grow revenue from EUR 5.8 billion to roughly EUR 9.0 billion while expanding EBIT margins from 12.5% toward 19%. With the whole group EV at 31.5x 2026E EBIT and priced for flawless execution in the hyperscaler optical market, we conclude the premium is fragile and reiterate the SELL call. The scenario base case implies EUR 13.43 per share, and a de-rating to a 20x hardware multiple could erase EUR 20.5 billion of EV and drive shares toward EUR 9.92.
Investment thesis — three reasons
Nokia commands a massive EUR 74.7 billion enterprise value, driven heavily by its optical networking segment trading at an aggressive 49x multiple on just EUR 725 million in estimated earnings.
Value pool analysis — enterprise-value allocation
The value pool analysis decomposes Nokia's enterprise value into the distinct businesses and options the market is paying for. The allocation across each pool is shown below; the full segment economics are in the report.
Current profit engine generating roughly 73% of group EBIT but priced at a modest 21.3x EBIT multiple as a mature cash cow. Its 14.5% blended margin masks a ~4% hardware operating margin combined with the high-margin IP licensing business, which generates around EUR 1.5 billion of annual revenue at operating margins above 70%.
Reverse valuation
The reverse valuation tests whether the revenue, margin and multiple assumptions embedded in Nokia's EUR 74.7 billion enterprise value are coherent, with the Optical & IP Networks segment as the sole variable driving major valuation swings while Mobile Infrastructure is held at its baseline maturity multiple. Because Nokia holds a net cash position of about EUR 1.5 billion, equity value modestly exceeds enterprise value.
Nokia financial statements & estimates
All figures in EUR millions unless noted; per-share data in EUR.
Unlock the full Nokia report
The full PDF adds the complete reverse-valuation scenario model, segment financial statements and estimates, the full risk & catalyst analysis, and the institutional one-page snapshot. Instant download for €4.99.
Nokia (NOKIA.HE) stock — frequently asked questions
Is Nokia (NOKIA.HE) a buy or a sell?
Valuatum's latest AI equity report rates Nokia (NOKIA.HE) SELL, with a 12-month price target of 11.50 EUR versus a 13.90 EUR share price (-17.2%). The full report explains the rationale behind the rating.
What is the Nokia (NOKIA.HE) share price target?
The current Valuatum 12-month price target for Nokia is 11.50 EUR, implying -17.2% versus the current share price. Unlock the report for the valuation behind the target.
How is Nokia (NOKIA.HE) valued?
The Nokia AI equity report values the company using value-pool analysis and a reverse valuation (a DCF-style framework), with segment financial estimates, key ratios, risks and catalysts. Buy the report to read the full valuation.
Where can I get the Nokia (NOKIA.HE) equity research report?
Buy the Nokia (NOKIA.HE) AI equity report PDF on this page for instant download, or generate a fresh report for any listed company.
Sources & methodology
- Primary data: Valuatum Equity Research, Nokia report dated 5 June 2026 (company value map; group enterprise value EUR 74,739m, current quote 13.895 EUR).
- Consensus estimates: 2026E consensus pre-tax profit of EUR 2,017m used for consensus comparisons.
- Market data: Ticker NOKIA.HE current price 13.90 EUR as of 5 June 2026; 2024 net sales EUR 19,220m; 2026E group EBIT EUR 2,372m (analyst-generated estimate).
This report was generated using Valuatum's AI equity research framework — a structured enterprise-value and value-pool methodology built on 25+ years of professional equity research practice. See the methodology for the full approach.
Disclaimer: This is an AI-generated research material for informational purposes only. It is not investment advice or a buy/sell recommendation. Always perform your own analysis. Valuatum Oy, Helsinki, Finland.