Nokia provides telecom equipment and services that are used to build wireless and fixed-line networks. It operates in four segments. The mobile networks segment, which sells equipment and services to telecom carriers to power public wireless networks, is the largest, followed closely by network infrastructure. Network infrastructure focuses on fixed networks, including infrastructure, solutions, and components for IP networks, optical networks, and submarine networks. Cloud and network services is a nascent segment catering to enterprises with as-a-service platforms. Nokia also has a sizable research division and patent business, where it licenses technology used by handset providers, consumer electronics firms, and other firms making electronic and Internet of Things products.

Financial Strength

8/10

Name	Current	Vs Industry
Cash-To-Debt	1.59
Equity-to-Asset	0.52
Debt-to-Equity	0.25
Debt-to-EBITDA	1.76
Interest Coverage	13.63
Piotroski F-Score	6/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	1.53	Distress Grey Safe
Beneish M-Score	-2.58	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

4/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	0.8
	3-Year EBITDA Growth Rate	11.7
	3-Year FCF Growth Rate	-19.5
	3-Year Book Growth Rate	18.8
	Future 3-5Y EPS without NRI Growth Rate	-9.49
	Future 3-5Y Total Revenue Growth Rate	-0.6

Momentum Rank

4/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	77.77
	9-Day RSI	64.42
	14-Day RSI	58.01
	6-1 Month Momentum %	6.46
	12-1 Month Momentum %	-23.84

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	1.66
	Quick Ratio	1.41
	Cash Ratio	0.75
	Days Inventory	85.49
	Days Sales Outstanding	88.06
	Days Payable	108.5

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	3.74
	Dividend Payout Ratio	0.39
	Forward Dividend Yield %	4.98
	5-Year Yield-on-Cost %	3.74
	3-Year Average Share Buyback Ratio	0.5
	Shareholder Yield %	7.73

Profitability Rank

5/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	39.03
	Operating Margin %	6.74
	Net Margin %	2.99
	FCF Margin %	2.99
	ROE %	3.15
	ROA %	1.61
	ROIC %	2.34
	ROC (Joel Greenblatt) %	64.08
	ROCE %	6.31
	Years of Profitability over Past 10-Year	6

GF Value Rank

10/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	30.09
	Forward PE Ratio	12.32
	PE Ratio without NRI	11.82
	Shiller PE Ratio	17.01
	Price-to-Owner-Earnings	21.35
	PEG Ratio	0.66
	PS Ratio	0.83
	PB Ratio	0.89
	Price-to-Tangible-Book	1.31
	Price-to-Free-Cash-Flow	26.69
	Price-to-Operating-Cash-Flow	13.73
	EV-to-EBIT	7.65
	EV-to-Forward-EBIT	9.39
	EV-to-EBITDA	4.83
	EV-to-Forward-EBITDA	6.36
	EV-to-Revenue	0.64
	EV-to-Forward-Revenue	0.7
	EV-to-FCF	21.4
	Price-to-Projected-FCF	0.72
	Price-to-Median-PS-Value	0.69
	Price-to-Peter-Lynch-Fair-Value	0.52
	Price-to-Graham-Number	0.81
	Earnings Yield (Greenblatt) %	13.07
	FCF Yield %	3.63
	Forward Rate of Return (Yacktman) %	25.89

GF Value: €4.35

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