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Research Database
NOK1V.HSE Recommendation Accumulate
Risk - Target price 15.5
  Share price 15.16
 
 Company Views - Nokia
Estimates updated
Price updated
Page generated
Older estimates		 17.Oct.2003 12:18 (EEST)
6.Nov.2003 23:00 (EET)
7.Nov.2003 03:01 (EET)
 

Analyst: Erkki Vesola, +358 10 236 4712
erkki.vesola@mandatum.fi


Sales per division 2000 2001 2002 2003e 2004e 2005e
1. Networks 7714.0 7534.0 6539.0 5338.1 5556.4 5928.7
2. Mobile Phones 21887.0 23158.0 23211.0 23455.7 25503.5 27214.0
3. Others 854.0 585.0 459.0 360.0 378.0 450.0
4. Internal -79.0 -86.0 -193.0 -143.0 -146.4 -178.5
 
Total 30376.0 31191.0 30016.0 29010.8 31291.5 33414.3

Ebit per division 2000 2001 2002 2003e 2004e 2005e
(Ebit margin)            
1. Networks 1400.0 1073.0 416.0 -432.0 342.3 613.0
18.1% 14.2% 6.4% -8.1% 6.2% 10.3%
2. Mobile Phones 4897.0 4648.0 5293.0 5428.7 5674.7 5792.3
22.4% 20.1% 22.8% 23.1% 22.3% 21.3%
3. Others -307.0 -327.0 -59.0 -143.0 -10.0 45.0
-35.9% -55.9% -12.9% -39.7% -2.6% 10.0%
4. Internal -129.0 -157.0 -230.0 -75.0 -145.0 -175.0
163.3% 182.6% 119.2% 52.4% 99.1% 98.1%
 
Total 5861.0 5237.0 5420.0 4778.7 5862.0 6275.3
19.3% 16.8% 18.1% 16.5% 18.7% 18.8%

Sales growth 2000 2001 2002 2003e 2004e 2005e
 
1. Networks 36.0% -2.3% -13.2% -18.4% 4.1% 6.7%
2. Mobile Phones 66.0% 5.8% 0.2% 1.1% 8.7% 6.7%
3. Others -14.2% -31.5% -21.5% -21.6% 5.0% 19.0%
4. Internal 1.3% 8.9% 124.4% -25.9% 2.4% 21.9%
 
Total 53.6% 2.7% -3.8% -3.3% 7.9% 6.8%

Growth in Ebit 2000 2001 2002 2003e 2004e 2005e
 
1. Networks 29.4% -23.4% -61.2% -203.8% -179.2% 79.1%
2. Mobile Phones 58.0% -5.1% 13.9% 2.6% 4.5% 2.1%
3. Others 12.5% 6.5% -82.0% 142.4% -93.0% -550.0%
4. Internal 0.0% 21.7% 46.5% -67.4% 93.3% 20.7%
 
Total 50.0% -10.6% 3.5% -11.8% 22.7% 7.1%