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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 189 research reports from 5 professional analysts.
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
Companies: BATM Advanced Communications Ltd.
Shore 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
Hybridan
CyanConnode provides end-to-end communications platforms that connect Internet of Things (IoT) devices such as smart meters to a utility's billing system. The company is a global player and a market leader in India, where a new government scheme, as set out below, has mandated the procurement of 250m meters by March 2025, a significant market opportunity for CyanConnode.
Gamma’s results for the year ended 31 December are in line with the expectations confirmed in the January trading update. Revenue of £521.7m is 8% ahead of FY22, with gross profit at £267.2m showing the same progress. Adjusted EBITDA grew by 9% and PBT by 10%, although the impact of higher tax rates was seen in the 5% increase in adjusted EPS. Cash generation was strong once again, with 108% adjusted cash conversion. Year-end cash of £134.8m is £42.3m above the year before, even after the £30.5m
Companies: Gamma Communications PLC
Progressive Equity Research
Companies: PHC SRT DCTA
Cavendish
CyanConnode has steadily been making progress in India, where the national smart meter programme has been gathering pace. In July 2022, the company crossed the one million mark for meters connected to its RF network across nine Indian states. This is the aggregate RF device number in India connected since 2014 and represents market share of 22%. The latest update from the company states an order book of 2.6m RF nodes for India. Performance of smart meters is a critical aspect of the Indian progr
Hardman & Co
CyanConnode has received a large Letter of Award (LOA) for Omnimesh Cellular Modules (CNICs) from a Thai customer.
Companies: SWG DUKE LORD CLX
18th 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: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for
Companies: AYM SUN RENX KEYS GWMO BVC CEG DEVO LBG
CyanConnode’s H1 results position the company to meet our full year forecasts. The company does not need to grow revenue yoy in H2 in order to meet full year estimates. The Indian smart metering programme appears on track, with 98m smart meters already awarded to prime bidders and these orders should soon filter down to competitively well positioned subcontractors such as CyanConnode. These market drivers position the company well to grow revenue 39% in FY24 and 111% in FY25 and for a £1.9m of o
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
Companies: Filtronic plc
Revenue grew 23% in FY23 with limited contribution from Indian RDSS contracts
As revealed in last week’s interim update, strong demand continued through 1H23 and into 2H23, fuelled by demand for backhaul modules in the ongoing 5G rollout, newly won defence contracts and a post-COVID recovery in critical coms. This led to solid +5% yoy growth in 1H revenue and a current record order book of £17m – a full year’s worth of business for the group. The update also revealed that shortages and the resulting price hikes on specific components led to FTC delaying some 2H23 producti
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