NOKIA OYJ (NOA3.DE) Stock Fundamental Analysis
FRA:NOA3 - Deutsche Boerse Ag - FI0009000681 - Common Stock - Currency: EUR
We assign a fundamental rating of 5 out of 10 to NOA3. NOA3 was compared to 26 industry peers in the Communications Equipment industry. NOA3 has an average financial health and profitability rating. 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.
In the past year NOA3 had a positive cash flow from operations.
Of the past 5 years NOA3 4 years were profitable.
In the past 5 years NOA3 always reported a positive cash flow from operatings.
1.2 Ratios
NOA3's Return On Assets of 2.83% is fine compared to the rest of the industry. NOA3 outperforms 61.54% of its industry peers.
NOA3 has a Return On Equity of 5.17%. This is in the better half of the industry: NOA3 outperforms 61.54% of its industry peers.
NOA3 has a Return On Invested Capital of 2.89%. This is comparable to the rest of the industry: NOA3 outperforms 57.69% of its industry peers.
NOA3 had an Average Return On Invested Capital over the past 3 years of 4.03%. This is significantly below the industry average of 10.22%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.83% | ||
| ROE | 5.17% | ||
| ROIC | 2.89% |
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 has a better Profit Margin (5.30%) than 61.54% of its industry peers.
NOA3's Profit Margin has improved in the last couple of years.
NOA3 has a better Operating Margin (6.21%) than 61.54% of its industry peers.
NOA3's Operating Margin has improved in the last couple of years.
NOA3's Gross Margin of 44.23% is in line compared to the rest of the industry. NOA3 outperforms 46.15% of its industry peers.
In the last couple of years the Gross Margin of NOA3 has grown nicely.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 6.21% | ||
| PM (TTM) | 5.3% | ||
| 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.
The number of shares outstanding for NOA3 has been reduced compared to 5 years ago.
NOA3 has a better debt/assets ratio than last year.
2.2 Solvency
NOA3 has an Altman-Z score of 2.12. 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.
Looking at the Altman-Z score, with a value of 2.12, NOA3 is in the better half of the industry, outperforming 61.54% of the companies in the same industry.
NOA3 has a debt to FCF ratio of 2.77. This is a good value and a sign of high solvency as NOA3 would need 2.77 years to pay back of all of its debts.
With a Debt to FCF ratio value of 2.77, NOA3 perfoms like the industry average, outperforming 57.69% of the companies in the same industry.
NOA3 has a Debt/Equity ratio of 0.16. This is a healthy value indicating a solid balance between debt and equity.
NOA3's Debt to Equity ratio of 0.16 is fine compared to the rest of the industry. NOA3 outperforms 73.08% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.16 | ||
| Debt/FCF | 2.77 | ||
| Altman-Z | 2.12 |
ROIC/WACC0.43
WACC6.66%
2.3 Liquidity
NOA3 has a Current Ratio of 1.46. This is a normal value and indicates that NOA3 is financially healthy and should not expect problems in meeting its short term obligations.
With a Current ratio value of 1.46, NOA3 perfoms like the industry average, outperforming 42.31% of the companies in the same industry.
NOA3 has a Quick Ratio of 1.21. This is a normal value and indicates that NOA3 is financially healthy and should not expect problems in meeting its short term obligations.
Looking at the Quick ratio, with a value of 1.21, NOA3 is in line with its industry, outperforming 50.00% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.46 | ||
| Quick Ratio | 1.21 |
3. Growth
3.1 Past
The Earnings Per Share has been growing slightly by 3.33% over the past year.
The Earnings Per Share has been growing by 11.14% on average over the past years. This is quite good.
Looking at the last year, NOA3 shows a decrease in Revenue. The Revenue has decreased by -2.91% in the last year.
The Revenue has been decreasing by -3.79% on average over the past years.
EPS 1Y (TTM)3.33%
EPS 3Y1.77%
EPS 5Y11.14%
EPS Q2Q%-33.33%
Revenue 1Y (TTM)-2.91%
Revenue growth 3Y-4.69%
Revenue growth 5Y-3.79%
Sales Q2Q%1.79%
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 Year4.19%
Revenue Next 2Y3.77%
Revenue Next 3Y3.24%
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
NOA3 is valuated reasonably with a Price/Earnings ratio of 11.39.
Based on the Price/Earnings ratio, NOA3 is valued cheaper than 84.62% of the companies in the same industry.
NOA3's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 26.73.
The Price/Forward Earnings ratio is 9.62, which indicates a very decent valuation of NOA3.
Based on the Price/Forward Earnings ratio, NOA3 is valued cheaply inside the industry as 92.31% of the companies are valued more expensively.
NOA3 is valuated cheaply when we compare the Price/Forward Earnings ratio to 34.61, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.39 | ||
| Fwd PE | 9.62 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, NOA3 is valued a bit cheaper than 76.92% of the companies in the same industry.
NOA3's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. NOA3 is cheaper than 65.38% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 12.82 | ||
| EV/EBITDA | 7.05 |
4.3 Compensation for Growth
NOA3 has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)1.02
EPS Next 2Y-2.97%
EPS Next 3Y0.5%
5. Dividend
5.1 Amount
NOA3 has a Yearly Dividend Yield of 3.98%.
The stock price of NOA3 dropped by -23.77% in the last 3 months. With lower prices the dividend yield is higher, but it may be a sign investors do not trust the long term dividend.
Compared to an average industry Dividend Yield of 6.27, NOA3 pays a better dividend. On top of this NOA3 pays more dividend than 88.46% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.39, NOA3 pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.98% |
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
NOA3 pays out 69.51% of its income as dividend. This is not a sustainable payout ratio.
NOA3's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP69.51%
EPS Next 2Y-2.97%
EPS Next 3Y0.5%
FRA:NOA3 (8/11/2025, 7:00:00 PM)
3.531
0 (-0.14%)
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 Cap18.99B
Analysts70.81
Price Target4.61 (30.56%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.98% |
Yearly Dividend0.13
Dividend Growth(5Y)5.44%
DP69.51%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-25.98%
Min EPS beat(2)-27.18%
Max EPS beat(2)-24.77%
EPS beat(4)1
Avg EPS beat(4)-9.74%
Min EPS beat(4)-27.18%
Max EPS beat(4)30.42%
EPS beat(8)3
Avg EPS beat(8)-6.28%
EPS beat(12)5
Avg EPS beat(12)-5%
EPS beat(16)9
Avg EPS beat(16)-1.1%
Revenue beat(2)0
Avg Revenue beat(2)-5.77%
Min Revenue beat(2)-7.83%
Max Revenue beat(2)-3.71%
Revenue beat(4)1
Avg Revenue beat(4)-5.52%
Min Revenue beat(4)-11.71%
Max Revenue beat(4)1.17%
Revenue beat(8)1
Avg Revenue beat(8)-8.3%
Revenue beat(12)2
Avg Revenue beat(12)-5.98%
Revenue beat(16)3
Avg Revenue beat(16)-4.86%
PT rev (1m)-6.86%
PT rev (3m)-9.66%
EPS NQ rev (1m)-15.94%
EPS NQ rev (3m)-17.72%
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)-3.42%
Revenue NQ rev (3m)0.88%
Revenue NY rev (1m)-2.15%
Revenue NY rev (3m)-1.84%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.39 | ||
| Fwd PE | 9.62 | ||
| P/S | 0.99 | ||
| P/FCF | 12.82 | ||
| P/OCF | 9.33 | ||
| P/B | 0.96 | ||
| P/tB | 1.57 | ||
| EV/EBITDA | 7.05 |
EPS(TTM)0.31
EY8.78%
EPS(NY)0.37
Fwd EY10.4%
FCF(TTM)0.28
FCFY7.8%
OCF(TTM)0.38
OCFY10.72%
SpS3.58
BVpS3.67
TBVpS2.26
PEG (NY)N/A
PEG (5Y)1.02
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.83% | ||
| ROE | 5.17% | ||
| ROCE | 4.56% | ||
| ROIC | 2.89% | ||
| ROICexc | 3.76% | ||
| ROICexgc | 6.03% | ||
| OM | 6.21% | ||
| PM (TTM) | 5.3% | ||
| GM | 44.23% | ||
| FCFM | 7.7% |
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-Score8
Asset Turnover0.53
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.16 | ||
| Debt/FCF | 2.77 | ||
| Debt/EBITDA | 1.41 | ||
| Cap/Depr | 53.68% | ||
| Cap/Sales | 2.88% | ||
| Interest Coverage | 4.88 | ||
| Cash Conversion | 91.3% | ||
| Profit Quality | 145.2% | ||
| Current Ratio | 1.46 | ||
| Quick Ratio | 1.21 | ||
| Altman-Z | 2.12 |
F-Score8
WACC6.66%
ROIC/WACC0.43
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)3.33%
EPS 3Y1.77%
EPS 5Y11.14%
EPS Q2Q%-33.33%
EPS Next Y-17.02%
EPS Next 2Y-2.97%
EPS Next 3Y0.5%
EPS Next 5Y0.13%
Revenue 1Y (TTM)-2.91%
Revenue growth 3Y-4.69%
Revenue growth 5Y-3.79%
Sales Q2Q%1.79%
Revenue Next Year4.19%
Revenue Next 2Y3.77%
Revenue Next 3Y3.24%
Revenue Next 5Y2.41%
EBIT growth 1Y-26.17%
EBIT growth 3Y-7.82%
EBIT growth 5Y9.88%
EBIT Next Year11.92%
EBIT Next 3Y12.52%
EBIT Next 5Y7.08%
FCF growth 1Y3797.37%
FCF growth 3Y-0.72%
FCF growth 5YN/A
OCF growth 1Y187.57%
OCF growth 3Y-1.71%
OCF growth 5Y44.92%