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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






Income statement 2000 2001 2002 2003e 2004e 2005e
Turnover 30376.0 31191.0 30016.0 29010.8 31291.5 33414.3
EBITDA 6730.0 6667.0 6731.0 5906.5 6640.5 7000.7
EBIT 5861.0 5237.0 5420.0 4778.7 5862.0 6275.3
Pre-tax profit 5947.0 5350.0 5557.0 4995.3 5927.7 6591.9
Reported earnings 4027.0 3789.0 3948.0 3395.0 3927.7 4360.5
Free cash flow 177.8 2884.7 4914.4 3789.2 3325.0 4044.8

Balance sheet 2000 2001 2002 2003e 2004e 2005e
Fixed assets 4875.0 5226.0 4535.0 4228.0 4309.1 4424.4
Shareholders' equity 10985.0 12401.0 14454.0 16630.7 19228.7 21549.0
Interest bearing debt 1289.0 1038.0 564.0 1225.0 1300.0 1375.0
Total assets 19890.0 22427.0 23327.0 25512.2 28254.7 31080.3

Net debt -2894.0 -5087.0 -8787.0 -11442.2 -13511.0 -15763.4

Key figures 2000 2001 2002 2003e 2004e 2005e
Turnover growth % 53.6% 2.7% -3.8% -3.3% 7.9% 6.8%
EBITDA % 22.2% 21.4% 22.4% 20.4% 21.2% 21.0%
EBIT % 19.3% 16.8% 18.1% 16.5% 18.7% 18.8%
ROE % 43.6% 32.4% 29.4% 21.8% 21.9% 21.4%
ROI % 59.0% 42.5% 40.4% 30.3% 32.5% 30.9%
Equity ratio 55.5% 55.5% 62.2% 65.4% 68.3% 69.5%
Gearing -26.3% -41.0% -60.8% -68.8% -70.3% -73.2%

Share data 2000 2001 2002 2003e 2004e 2005e
EPS (adj.) 0.86 0.80 0.82 0.71 0.82 0.91
FCF per share 0.04 0.61 1.03 0.79 0.69 0.84
Div. per share 0.28 0.27 0.28 0.30 0.45 0.55
Book Value per share 2.34 2.62 3.02 3.47 4.01 4.49

Pricing and key ratios 2000 2001 2002 2003e 2004e 2005e
Share price 47.50 24.70 14.40 15.16 15.16 15.16
Market Cap 222876.3 117017.0 68945.9 72693.2 72693.2 72693.2
EV 219982.3 111930.0 60158.9 61251.0 59182.2 56929.8
 
P/E 55.3 30.9 17.5 21.4 18.5 16.7
P/FCF 1253.3 40.6 14.0 19.2 21.9 18.0
P/BV 20.6 9.6 4.8 4.4 3.8 3.4
P/S 7.3 3.8 2.3 2.5 2.3 2.2
EV/EBITDA 32.7 16.8 8.9 10.4 8.9 8.1
Div. yield % 0.6% 1.1% 1.9% 2.0% 3.0% 3.6%