Summary
- Nokia Oyj remains a Strong Buy, with significant undervaluation, robust financials, and high-growth potential in key engines, such as AI, defense, and 6G.
- NOK’s Q4 beat expectations, maintaining strong net cash and projecting a midpoint of €1.46B FCF in 2026 despite higher CA…
Summary
- Nokia Oyj remains a Strong Buy, with significant undervaluation, robust financials, and high-growth potential in key engines, such as AI, defense, and 6G.
- NOK’s Q4 beat expectations, maintaining strong net cash and projecting a midpoint of €1.46B FCF in 2026 despite higher CAPEX and macro headwinds.
- Strategic partnerships, such as NVIDIA’s stake and AI-RAN collaboration, position NOK for leadership and expansion beyond traditional telecom.
- Risks include cyclical telecom spending and execution in new markets, but NOK’s balance sheet and aggressive growth focus offset concerns.
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Introduction
The last time I covered Nokia Oyj (NOK), I reiterated a Strong Buy rating, highlighting their significant undervaluation, strong financials, and high potential in a rapidly developing market, with Nvidia (
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