Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NOKIA OYJ. We currently have 4 research reports from 1 professional analysts.
|01Dec16 02:47||GNW||Telefonica prepares for 5G with successful test of Nokia's next-generation fiber technology XGS-PON|
|01Dec16 10:00||GNW||Nokia brand licensee HMD Global is now the new home of Nokia phones|
|30Nov16 02:00||GNW||Nokia and Hewlett Packard Enterprise expand collaboration on Enterprise of Things|
|30Nov16 06:15||GNW||Exercises with stock options of Nokia Corporation|
|29Nov16 03:00||GNW||Nokia Corporation - Managers' transactions|
|29Nov16 11:00||GNW||Nokia and Elisa deliver first cloud-based Voice over LTE and Voice over Wi-Fi® service in Finland|
|28Nov16 01:00||GNW||TDC Group and Nokia increase Danish broadband speeds to deliver better customer experience|
Frequency of research reports
Research reports on
Weak guidance in networks, but still better than Ericsson
27 Oct 16
Nokia reported Q3 revenues of €5,952m, down 6.9% yoy at comparable figures. The Ultra Broadband Networks segment went down by 12.7% yoy (€3,903m), due to a fall in Mobile Networks (€3,318m, -15%) partially offset by growth in the Fixed Networks business (€585m, +3.4% yoy); IP Networks and Applications came in at €1,420m, down yoy (-8.5%), while Nokia Technologies displayed a massive surge yoy (€353m, +108.9%) thanks to c. €100m of non-recurring sales related to the Samsung licensing agreement. The non-IFRS gross margin came in at 39.7%, up 200bp yoy, for an IFRS gross margin of 37.6%. The adjusted EBIT margin came in at 9.3%, down 140bp yoy, for an IFRS EBIT margin of 0.9%, leading to an IFRS loss of €139m. The company maintained its expectations of a decline in sales of its Networks business for 2016, although it specified that the cause was a decline in the overall addressable market. The net sales in this unit is expected to decline at the same pace as in Q3. The capex forecast has also been cut by €100m down to €550m. The nomination of Mr Kristian Pullola as new CFO was also announced, effective from 1 January 2017, as Mr Timo Ihamuotila will join ABB.
Even less growth, even more synergies: transition will last
04 Aug 16
Nokia reported Q1 revenues of €5,676m, down 10.8% yoy at comparable. Within the new reporting perimeter, the Ultra Broadband Networks segment went down by 11.5% yoy, due to a fall in Mobile Networks (€3,185m, -14.4%) partially offset by growth in the Fixed Networks business (€622m, +7.2% yoy); IP Networks and Applications came in at €1,421m, sharply down yoy (-10.8%), while Nokia Technologies declined yoy (€194m, -11.4%) but would have been up by 10% excluding the impact of non-recurring effects in Q2 15. The non-IFRS gross margin came in at 38.8%, down 60bp sequentially, for an IFRS gross margin of 36.3%. The adjusted EBIT margin came in at 5.8%, down 40bp sequentially, while the IFRS EBIT margin was a negative 13.6% with a loss of €790m, due to additional merger-related and restructuring costs. Non-IFRS net profit reached €171m, vs. an IFRS loss of €726m. The company maintained its expectations of a decline in sales of its Networks business for 2016, while the non-IFRS EBIT margin is now expected to be within a 7-9% range. The 2018 synergies objective is now set at €1.2bn vs. the previous mark of €900m.
Still difficult market conditions in wireless, which burden a solid execution
10 May 16
Nokia reported Q1 revenues of €5,603m, down 8.6% yoy at comparable. Within the new reporting perimeter, the Ultra Broadband Networks segment went down by 11.8% yoy, due to a fall in Mobile Networks (€3,116m, -15.5%) partially offset by growth in the Fixed Networks business (€613m, +13.3% yoy); IP Networks and Applications came in at €1,452m, slightly up yoy (+1.3%), while Nokia Technologies witnessed a sharp decline (€198m, -27.5%) due to strong non-recurring effects in Q1 15 which are now absent. The non-IFRS gross margin came in at 39.4%, up 250bp yoy, while the IFRS gross margin fell to 28.3% due to €651m of merger-related costs. The non-IFRS EBIT margin reached 6.2%, up 170bp yoy, while the IFRS EBIT margin was a negative 12.9% with a loss of €712m, due to additional merger-related costs. Non-IFRS net profit reached €139m, vs. an IFRS loss of €613m. The company expects a decline in sales of its Networks business for 2016, while the non-IFRS EBIT margin is expected to be above 7%. The 2018 synergies objective is now set above the €900m mark.
Licensing to offset networks, hampered by softening market conditions in Wireless
11 Feb 16
Nokia reported Q4 revenues of €3,609m, up 2.8% yoy at comparable perimeters but down 3% at constant exchange rates. Nokia Networks accounted for €3.20m, corresponding to a reported 4.6% decrease, while Nokia Technologies witnessed a 170% yoy increase thanks to the multi-year licensing agreement with Samsung. The IFRS gross margin came in at 46.4%, leading to a non-IFRS EBIT margin of 20.3%. The IFRS EBIT margin came in at 17.8%, up 590bp yoy thanks to the strong performance in Nokia Technologies (EBIT margin of 80.9%), boosted by the licensing agreement. Net profit reached €499m, for an EPS of €0.13 (€0.15 for the adjusted EPS). The company announced that the sale of HERE was successful, which translated into cash proceeds of €2.55bn. Concerning Alcatel, the company started combined operations in early January. The €900m of synergies are confirmed to be achieved in the full year 2018, while the €200m of annual interest expense reductions will be reached in 2016 instead of 2017. The exceptional dividend of €0.10 has been confirmed, while the normal dividend has been increased to €0.16. No guidance was provided for FY 2016, due to uncertainties caused by the acquisition of Alcatel. Q1 16 is expected to be impacted by headwinds in the wireless market, with a greater than normal seasonal decline.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
N+1 Singer - Morning Song 03-11-2016
03 Nov 16
Overall trading for the year appears to have started slightly slowly overall but with underlying revenues making progress and profits flat for the period. Slow profit progress was already expected due to the previously signalled growth orientated investment being made. A material timing change on a Compliance unit contract, strong growth in AXCO and buoyant Health performance bode well for revenue performance looking forward. Visibility levels are said to be good underpinning managements confidence that the group is on track for the year. Wilmington remains a good play on the growth in global regulation and compliance. BUY
Strategic focus at interims
30 Nov 16
KCOM’s interims show a focus on the continuing transformation of the business in cost and investment, under a single brand. The benefit of the cash injection from the network sale has led to the opportunity for significant investment both in the Hull & East Yorkshire division and the nationwide Enterprise division, to create a platform for growth. With a reiterated commitment to a minimum 6p dividend for FY17 and FY18, ongoing cost-saving initiatives, and proof of customer enthusiasm for the integrated platform which investment will further support, KCOM continues to deliver an attractive dividend in anticipation of its return to headline growth. Target 130p reiterated.