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Nokia published its Q3 results which missed the consensus estimates by 12% and 10% for sales and Ni, respectively. However, it has re-iterated its FY23 guidance (supported largely by network services) and has also re-iterated its 2024-26 target of >14% comparable operating profit but with the help of a newly-announced cost-cutting programme.
Companies: Nokia Oyj
AlphaValue
Nokia published Q1 profits that were weaker than the market had expected due to the geographical mix. Like Ericsson, Nokia saw an accelerated roll-out of 5G in India (15% of sales in Q1 vs 5% in FY22) which is usually less profitable and cash intensive initially. Net sales were up by 10% to €5.9bn, beating the market estimate of €5.7bn. However, the comparable net profit stood at 342m (-18% yoy and -11% vs market consensus).
Nokia showed that it benefits from resilient growth despite the uncertain macro environment, with a strong performance from its core activity. However, its margins were poor due to a sharp decrease in Nokia Technologies revenues, which is the most profitable business. In addition, it is struggling to pass on price increases to customers and is absorbing the impact of inflation. All in all, a worrying set of results.
Following the poor results of Ericsson last week, the market had sanctioned Nokia in anticipation. However, the sound results in its two largest business units have proven to be resilient, and the strong dollar impact combined with the improvement in operational efficiency has offset the rise in costs. The business remains supply constrained, but the supply chain is expected to ease in the next half year, which should unlock higher growth in sales for Nokia.
The list of the headwinds impacting Nokia’s first quarter is long and it might have seemed reasonable to assume that the financial figures would be soft. However, Nokia delivered a strong beat in all financial metrics for its first quarter report, and we believe it is well set to reach the high-end of its FY22 guidance.
Nokia has published decent results, broadly in line with consensus after it published last month a preliminary statement to warn the market its margins would be above guidance for both FY21 and FY22. The positive news comes from the announcement of a share buy-back programme of €600m.
This is a special report on Nokia Corporation – the Finnish telecom giant with one of the most radical business transformations ever seen. The company was once a global leader in a rapidly evolving mobile phone market where its market share was destroyed. After some heavy management changes, Pekka Lundmark took over the reins of Nokia and it has now evolved to become a trusted hardware partner for telecom networks with a strong commitment to innovation and technology leadership across mobile, fi
Baptista Research
Nokia has published strong Q3 results, putting aside concerns about profitability levels due to the loss of the Verizon contract a year ago. Although it has had some consequences on the Mobile Network segment numbers, Nokia has generated growth in all other sectors through the emphasis on new technology.
Nokia has already warned the market that the results would be better than previously guided, and we were not disappointed! The results came in above consensus and guidance has been re-adjusted positively.
Nokia posted an excellent set of results, with better-than-expected sales driven by unexpected growth in Networks. The positive contribution of this segment to EBIT is a positive surprise.
Nokia released a decent set of results, with a slight positive surprise on both sales and profitability. Going forward, the guidance is in line with estimates.
Overall, Q3 results were not exciting and the outlook was clearly disappointing. We see downward pressure on our estimates owing to the new guidance provided by the management. We will therefore trim our estimates.
Nokia achieved a strong Q2 performance despite multiple headwinds. The company posted a strong level of profitability which was above consensus expectation, along with a solid cash performance. This gave management more confidence on the FY20, leading to an increase in the guidance.
Nokia’s first-quarter results were in line with the consensus and our expectations. The company saw the first COVID-19 impacts in Q1, but Q2 will be the most impacted. As a result, the company slightly lowered its FY20 guidance. We, however, remain confident of its prospects beyond 2020.
Nokia’s results’ beat provides some relief and meets 2019 guidance, while the 2020 guidance is left unchanged. We expect soft growth in 2020, offset by improving profitability. The company made significant progress towards a new, and competitive, SoC, which should give the company a better competitive solution going forward.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Nokia Oyj. We currently have 28 research reports from 5 professional analysts.
Just 15 months after winning its first order in the Low Earth Orbit (LEO) satellite communications market, Filtronic has announced a 5-year strategic partnership with SpaceX which includes an initial $19.7m (£15.8m) E-band amplifier production order for delivery in FY25. As a result, we upgrade our FY24/FY25 forecasts and lift our target price to 57.4p (was 37.5p), equivalent to 74% upside. Although this is the first time SpaceX’s Starlink has been named as a Filtronic customer, this is now the
Companies: Filtronic plc
Cavendish
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
Filtronic has signed a strategic partnership and commercial agreement with SpaceX which includes a production order worth £15.8m and warrants that could be exercised for up to 10% of existing share capital. Filtronic announced its first orders from SpaceX in January 2023, although the customer was unnamed at that point. Since then, SpaceX has placed orders totalling $43m (including yesterday’s order) for products to support the build out of its Starlink low Earth orbit (LEO) satellite constellat
Edison
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
CyanConnode exceeded FY24 revenue expectations and has high visibility into FY25, supported by strong deliveries and a growing backlog respectively.
Companies: CyanConnode Holdings plc
Zeus Capital
Artificial intelligence (AI) is a double-edged sword in cybersecurity. Whilst new AI models, architectures, and innovations are emerging to protect the security posture of organisations, attackers are also benefiting from deepfakes, sophisticated phishing, and automation of malicious codes. To ensure the impact of AI on cybersecurity to be a net-positive, we need to pit good AI against bad AI. Point solutions enhanced with machine learning: Global cybersecurity has been built with point soluti
Companies: EPIC DARK TIDE IGP IOM NCC CHRT CNS CLCO TERN SWG CCS SYS BVC
SRT Marine Systems has reported a change of year end from 12-months to March 2024 to 15-months to June 2024, with revenue forecasts extended by three months for both new year ends, and an encouraging operational update. The company is concerned that government related paperwork on two existing CG projects (SEA and ME) may not be completed in time for a March invoice and risks falling into the next quarter. In one jurisdiction where there a number of new project prospects, the company must meet s
Companies: SRT Marine Systems plc
Filtronic’s recent investment and focus on high-performance radio frequency (RF) design and manufacturing is starting to pay off, with recent new customer wins, development contracts and volume production orders boosting the order backlog. H124 results do not reflect this recent success: revenue was essentially flat and investment in sales and engineering reduced EBITDA. However, the strong backlog gives management confidence that revenue and profit will exceed consensus estimates for FY24 and F
Companies: PHC SRT DCTA
Calnex has released a pre-close trading update for the year to March 2024, indicating that revenue would be £16.3m, c£0.7m below our forecast, partly due to the timing of orders at the end of the period. Group trading has been impacted by the well-documented, continuing challenges in the Telecoms sector which have seen delayed project timings leading to corresponding delays in customer spending. Administrative costs are being controlled and are focussed on maintaining R&D. Calnex remains confide
Companies: Calnex Solutions Plc
Companies: BATM Advanced Communications Ltd.
Shore Capital
Filtronic has reported results in-line with management expectations for H1/24, and now expects to perform ahead of our forecasts for FY24E and FY25E in terms of revenue and profit. We are raising our revenue forecasts for FY24E and FY25E by 14.6% and 6.2% respectively, and our EBITDA forecasts by 85.2% and 28.0% respectively. The increase in expectation is driven by a strong recent acceleration in order flow, including a £7.8m order announced today. In this report we present a detailed review of
6th February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje
Companies: ROQ NCYT ALU FTC ECK ORCP BIOM PYC SPR REAT
FY23 revenues and EBITDA were in line with expectations. The major news was that BT plans to shed more than 40% of staff. At the end of the decade the EBITDA could reach £11bn with the massive restructuring announced and capex could return to €3.5bn per year. EBITDA less capex could be multiplied by 2.5 and therefore also the dividend. This could value BT at 385 pence at that time. We maintain our opinion at Add on the stock.
Companies: BT Group plc
A decent Q1 performance despite the expected headwinds from cost-of-living pressure and cost inflation. The group is clearly a fairly safe long-term buy and hold. BT plans to shed more than 40% of staff by the end of the decade. In parallel it is further accelerating its FTTP deployment with high capex. But at the end of this phase EBITDA-capex could be multiplied by 2.5. Speculation could also again reignite as Drahi’s empire (owning 24.5% of BT) is being shaken by corruption cases.
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