Independent equity research
Is Nokia Oyj (NOKIA) a Buy, Hold or Sell?
Nokia Oyj — our independent, AI-built valuation and rating, in brief.
HOLD
12-mo fair value
€8.50
To fair value
+3%
Report dated 2026-07-26 · fair value derived independently of the market price.
The thesis, in brief
Q2'26 refresh: -29% de-rate (EUR11.56->8.22) into fair-value zone; optical/AI ramp confirming (+105% AI/cloud) but still 85th pctile own history + H1 FCF negative. Fairly valued; accumulate EUR7-7.5
How we value it
We value Nokia Oyj using Justified fwd P/E (PEG) + 7-yr FCF/DCF (EUR). The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Nokia Oyj report
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