Nokia Oyj

NOKIA: XHEL (FIN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€2.40	Xmqb	Xjpjlvyqc

Nokia’s Q4 Earnings Look Nearly Flawless and Near-Term Strength Should Continue

Matthew Dolgin

Jan 27, 2023

In concluding a solid 2022, Nokia’s excellent fourth quarter showed strength across all segments with sales and margins. While a moderation of currency tailwinds should make reported 2023 sales less eyepopping, underlying organic growth acceleration should continue. We are raising our fair value estimate to EUR 6.00 from EUR 5.60 and believe the stock is undervalued.

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