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Nokia Oyj ADR NOK

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Capital Allocation


Nokia's Strategic Update Previews March 2021 Capital Markets Day; Maintaining EUR 3.80 FVE

Mark Cash Equity Analyst

Analyst Note

| Mark Cash |

No-moat Nokia’s December 2020 strategic update was a precursor to its capital markets day planned for March 18, 2021. Management laid out six strategic beliefs: Networks are becoming more critical for communication service providers but increasingly for enterprises too; customers will look to best-of-breed elements; technology leadership drives returns and growth; Nokia will jettison efforts if not leading; silicon, software, and service will take over monolithic system demand; and commitment to innovation provides long-term opportunity. The primary capital-allocation priority is research and development to capture the 5G opportunity; the next imperative is shareholder returns. The previously guided outlook for group-level results in 2020 and 2021 hasn't changed, and we are maintaining our EUR 3.80 fair value estimate.

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Company Profile

Business Description

Nokia is a leading vendor in the telecommunications equipment industry. The company's network business derives revenue from selling wireless and fixed-line hardware, software, and services. Nokia's technology segment licenses its patent portfolio to handset manufacturers and makes royalties from Nokia-branded cellphones. The company, headquartered in Espoo, Finland, operates on a global scale, with most of its revenue from communication service providers.

Karakaari 7
Espoo, FI-02610, Finland
T +358 104488000
Sector Technology
Industry Communication Equipment
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 98,322