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.
|22Dec16 04:33||GNW||Nokia expands patent litigation against Apple in Asia, Europe and the US|
|22Dec16 10:00||GNW||Nokia, Vodafone and Telit collaborate to expand the IoT ecosystem using NB-IoT technology|
|21Dec16 06:09||GNW||Nokia sues Apple in Europe and the US for infringement of Nokia patents|
|15Dec16 04:30||GNW||Settlement of the litigation relating to Nokia's public buy-out offer and squeeze-out for Alcatel-Lucent securities|
|15Dec16 07:00||GNW||Nokia to acquire Deepfield to power network and service automation with real-time, big data analytics|
|13Dec16 07:00||GNW||du prepares for fastest fiber broadband in the UAE with successful test of Nokia's next-generation 40 Gigabit TWDM-PON technology|
|12Dec16 09:00||GNW||Nokia and Vodafone trial cloud-based RAN architecture|
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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.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
Small Cap Breakfast
19 Jan 17
SuperAwesome — The London based specialist in e-compliance is considering an IPO in its home town according to City A.M. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January
The Cybersecurity Rebellion: “No, I’m Spartacus!”
07 Jun 16
Steve “Woz” Wozniak, infamous co-founder of Apple, was the latest culprit to send shivers across the tech world by claiming Cybersecurity is the greatest threat the world has faced since the atom bomb. Mr Wozniak was alluding to the heightened sense of fear that recent high profile breaches have caused Cybersecurity to be put at the forefront of political, corporate and now it would appear, investor agendas. As the topic gains increasing awareness, it gives rise to a number of companies claiming to be a “thought leader” in the Cybersecurity space, holding the best IP and the best routes to market. With many companies singing from the same loss making hymn sheet it is making it ever difficult to spot the true “Spartacus” from the crowd.
Shareholder approval sought for revised terms
19 Jan 17
Vislink has modified the terms of the agreement to sell the assets of Vislink Communication Systems (VCS). The total consideration payable remains $16m. This will now be split into an initial cash consideration of $6.5m and $9.5m deferred consideration payable in secured loan notes, which must be redeemed within 45 days of the disposal completing. Shareholder approval of the modified terms is required before the disposal can complete. We leave our estimates, which assume that VCS remains within the group, unchanged and will review them on completion.