NOKIA OYJ (NOA3.DE) Stock Fundamental Analysis
FRA:NOA3 - Deutsche Boerse Ag - FI0009000681 - Common Stock - Currency: EUR
Taking everything into account, NOA3 scores 5 out of 10 in our fundamental rating. NOA3 was compared to 25 industry peers in the Communications Equipment industry. Both the profitability and the financial health of NOA3 get a neutral evaluation. Nothing too spectacular is happening here. NOA3 is valued correctly, but it does not seem to be growing.
1. Profitability
1.1 Basic Checks
In the past year NOA3 was profitable.
NOA3 had a positive operating cash flow in the past year.
NOA3 had positive earnings in 4 of the past 5 years.
In the past 5 years NOA3 always reported a positive cash flow from operatings.
1.2 Ratios
With a decent Return On Assets value of 2.00%, NOA3 is doing good in the industry, outperforming 72.00% of the companies in the same industry.
With a decent Return On Equity value of 3.79%, NOA3 is doing good in the industry, outperforming 72.00% of the companies in the same industry.
With a decent Return On Invested Capital value of 3.60%, NOA3 is doing good in the industry, outperforming 64.00% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for NOA3 is significantly below the industry average of 9.99%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2% | ||
| ROE | 3.79% | ||
| ROIC | 3.6% |
ROA(3y)4.94%
ROA(5y)2.38%
ROE(3y)9.78%
ROE(5y)3.69%
ROIC(3y)4.03%
ROIC(5y)4.01%
1.3 Margins
NOA3's Profit Margin of 4.10% is fine compared to the rest of the industry. NOA3 outperforms 72.00% of its industry peers.
NOA3's Profit Margin has improved in the last couple of years.
NOA3 has a Operating Margin of 8.08%. This is in the better half of the industry: NOA3 outperforms 68.00% of its industry peers.
In the last couple of years the Operating Margin of NOA3 has grown nicely.
NOA3 has a Gross Margin of 44.23%. This is comparable to the rest of the industry: NOA3 outperforms 52.00% of its industry peers.
NOA3's Gross Margin has improved in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 8.08% | ||
| PM (TTM) | 4.1% | ||
| GM | 44.23% |
OM growth 3Y-3.28%
OM growth 5Y14.2%
PM growth 3Y-3.13%
PM growth 5Y194.44%
GM growth 3Y5.04%
GM growth 5Y5.25%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), NOA3 is destroying value.
The number of shares outstanding for NOA3 has been reduced compared to 1 year ago.
NOA3 has less shares outstanding than it did 5 years ago.
The debt/assets ratio for NOA3 has been reduced compared to a year ago.
2.2 Solvency
NOA3 has an Altman-Z score of 2.11. This is not the best score and indicates that NOA3 is in the grey zone with still only limited risk for bankruptcy at the moment.
NOA3 has a Altman-Z score of 2.11. This is comparable to the rest of the industry: NOA3 outperforms 56.00% of its industry peers.
The Debt to FCF ratio of NOA3 is 2.83, which is a good value as it means it would take NOA3, 2.83 years of fcf income to pay off all of its debts.
NOA3 has a Debt to FCF ratio of 2.83. This is in the better half of the industry: NOA3 outperforms 64.00% of its industry peers.
NOA3 has a Debt/Equity ratio of 0.14. This is a healthy value indicating a solid balance between debt and equity.
NOA3 has a better Debt to Equity ratio (0.14) than 76.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.14 | ||
| Debt/FCF | 2.83 | ||
| Altman-Z | 2.11 |
ROIC/WACC0.53
WACC6.84%
2.3 Liquidity
A Current Ratio of 1.36 indicates that NOA3 should not have too much problems paying its short term obligations.
NOA3's Current ratio of 1.36 is in line compared to the rest of the industry. NOA3 outperforms 44.00% of its industry peers.
NOA3 has a Quick Ratio of 1.15. This is a normal value and indicates that NOA3 is financially healthy and should not expect problems in meeting its short term obligations.
The Quick ratio of NOA3 (1.15) is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.36 | ||
| Quick Ratio | 1.15 |
3. Growth
3.1 Past
NOA3 shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 6.45%.
Measured over the past years, NOA3 shows a quite strong growth in Earnings Per Share. The EPS has been growing by 11.14% on average per year.
Looking at the last year, NOA3 shows a decrease in Revenue. The Revenue has decreased by -9.02% in the last year.
The Revenue has been decreasing by -3.79% on average over the past years.
EPS 1Y (TTM)6.45%
EPS 3Y1.77%
EPS 5Y11.14%
EPS Q2Q%-66.67%
Revenue 1Y (TTM)-9.02%
Revenue growth 3Y-4.69%
Revenue growth 5Y-3.79%
Sales Q2Q%-5.94%
3.2 Future
The Earnings Per Share is expected to grow by 0.13% on average over the next years.
Based on estimates for the next years, NOA3 will show a small growth in Revenue. The Revenue will grow by 2.41% on average per year.
EPS Next Y-17.02%
EPS Next 2Y-2.97%
EPS Next 3Y0.5%
EPS Next 5Y0.13%
Revenue Next Year6.48%
Revenue Next 2Y4.93%
Revenue Next 3Y3.99%
Revenue Next 5Y2.41%
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 12.92, which indicates a correct valuation of NOA3.
Based on the Price/Earnings ratio, NOA3 is valued cheaply inside the industry as 92.00% of the companies are valued more expensively.
NOA3 is valuated cheaply when we compare the Price/Earnings ratio to 27.30, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 11.62 indicates a reasonable valuation of NOA3.
NOA3's Price/Forward Earnings ratio is rather cheap when compared to the industry. NOA3 is cheaper than 96.00% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of NOA3 to the average of the S&P500 Index (21.76), we can say NOA3 is valued slightly cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.92 | ||
| Fwd PE | 11.62 |
4.2 Price Multiples
NOA3's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. NOA3 is cheaper than 84.00% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of NOA3 indicates a somewhat cheap valuation: NOA3 is cheaper than 72.00% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 12.86 | ||
| EV/EBITDA | 7.67 |
4.3 Compensation for Growth
The decent profitability rating of NOA3 may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)1.16
EPS Next 2Y-2.97%
EPS Next 3Y0.5%
5. Dividend
5.1 Amount
NOA3 has a Yearly Dividend Yield of 1.91%. Purely for dividend investing, there may be better candidates out there.
NOA3's Dividend Yield is comparable with the industry average which is at 5.67.
NOA3's Dividend Yield is comparable with the S&P500 average which is at 2.37.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.91% |
5.2 History
The dividend of NOA3 has a limited annual growth rate of 5.44%.
Dividend Growth(5Y)5.44%
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
91.46% of the earnings are spent on dividend by NOA3. This is not a sustainable payout ratio.
The dividend of NOA3 is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP91.46%
EPS Next 2Y-2.97%
EPS Next 3Y0.5%
FRA:NOA3 (7/11/2025, 7:00:00 PM)
4.265
-0.1 (-2.25%)
Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupTechnology Hardware & Equipment
GICS IndustryCommunications Equipment
Earnings (Last)
Earnings (Next)
Inst Owners34.44%
Inst Owner ChangeN/A
Ins Owners0.07%
Ins Owner ChangeN/A
Market Cap22.99B
Analysts70.81
Price Target4.95 (16.06%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.91% |
Yearly Dividend0.13
Dividend Growth(5Y)5.44%
DP91.46%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)1.62%
Min EPS beat(2)-27.18%
Max EPS beat(2)30.42%
EPS beat(4)2
Avg EPS beat(4)-2.5%
Min EPS beat(4)-27.18%
Max EPS beat(4)30.42%
EPS beat(8)3
Avg EPS beat(8)-4.29%
EPS beat(12)6
Avg EPS beat(12)-1.77%
EPS beat(16)10
Avg EPS beat(16)6.47%
Revenue beat(2)1
Avg Revenue beat(2)-1.27%
Min Revenue beat(2)-3.71%
Max Revenue beat(2)1.17%
Revenue beat(4)1
Avg Revenue beat(4)-5.83%
Min Revenue beat(4)-11.71%
Max Revenue beat(4)1.17%
Revenue beat(8)1
Avg Revenue beat(8)-8.12%
Revenue beat(12)3
Avg Revenue beat(12)-5.18%
Revenue beat(16)4
Avg Revenue beat(16)-4.36%
PT rev (1m)0.94%
PT rev (3m)-3.12%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-9.44%
EPS NY rev (1m)0%
EPS NY rev (3m)-0.65%
Revenue NQ rev (1m)0.02%
Revenue NQ rev (3m)2.75%
Revenue NY rev (1m)0%
Revenue NY rev (3m)3.96%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.92 | ||
| Fwd PE | 11.62 | ||
| P/S | 1.2 | ||
| P/FCF | 12.86 | ||
| P/OCF | 9.93 | ||
| P/B | 1.11 | ||
| P/tB | 1.82 | ||
| EV/EBITDA | 7.67 |
EPS(TTM)0.33
EY7.74%
EPS(NY)0.37
Fwd EY8.61%
FCF(TTM)0.33
FCFY7.77%
OCF(TTM)0.43
OCFY10.08%
SpS3.56
BVpS3.85
TBVpS2.34
PEG (NY)N/A
PEG (5Y)1.16
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2% | ||
| ROE | 3.79% | ||
| ROCE | 5.68% | ||
| ROIC | 3.6% | ||
| ROICexc | 4.9% | ||
| ROICexgc | 8.24% | ||
| OM | 8.08% | ||
| PM (TTM) | 4.1% | ||
| GM | 44.23% | ||
| FCFM | 9.32% |
ROA(3y)4.94%
ROA(5y)2.38%
ROE(3y)9.78%
ROE(5y)3.69%
ROIC(3y)4.03%
ROIC(5y)4.01%
ROICexc(3y)5.79%
ROICexc(5y)5.89%
ROICexgc(3y)8.68%
ROICexgc(5y)9.27%
ROCE(3y)6.35%
ROCE(5y)6.32%
ROICexcg growth 3Y-10.42%
ROICexcg growth 5Y11%
ROICexc growth 3Y-8.64%
ROICexc growth 5Y12.18%
OM growth 3Y-3.28%
OM growth 5Y14.2%
PM growth 3Y-3.13%
PM growth 5Y194.44%
GM growth 3Y5.04%
GM growth 5Y5.25%
F-Score6
Asset Turnover0.49
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.14 | ||
| Debt/FCF | 2.83 | ||
| Debt/EBITDA | 1.16 | ||
| Cap/Depr | 52.02% | ||
| Cap/Sales | 2.76% | ||
| Interest Coverage | 6.24 | ||
| Cash Conversion | 90.29% | ||
| Profit Quality | 227.64% | ||
| Current Ratio | 1.36 | ||
| Quick Ratio | 1.15 | ||
| Altman-Z | 2.11 |
F-Score6
WACC6.84%
ROIC/WACC0.53
Cap/Depr(3y)53.08%
Cap/Depr(5y)50.54%
Cap/Sales(3y)2.6%
Cap/Sales(5y)2.5%
Profit Quality(3y)92.93%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)6.45%
EPS 3Y1.77%
EPS 5Y11.14%
EPS Q2Q%-66.67%
EPS Next Y-17.02%
EPS Next 2Y-2.97%
EPS Next 3Y0.5%
EPS Next 5Y0.13%
Revenue 1Y (TTM)-9.02%
Revenue growth 3Y-4.69%
Revenue growth 5Y-3.79%
Sales Q2Q%-5.94%
Revenue Next Year6.48%
Revenue Next 2Y4.93%
Revenue Next 3Y3.99%
Revenue Next 5Y2.41%
EBIT growth 1Y-6.92%
EBIT growth 3Y-7.82%
EBIT growth 5Y9.88%
EBIT Next Year11.92%
EBIT Next 3Y12.52%
EBIT Next 5Y7.08%
FCF growth 1Y404.8%
FCF growth 3Y-0.72%
FCF growth 5YN/A
OCF growth 1Y132.06%
OCF growth 3Y-1.71%
OCF growth 5Y44.92%