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Nordea’s Martin Nilsson believes that the current stock valuation of communications and telecom equipment manufacturer Nokia Corp (ADR) (NYSE: NOK) does not reflect the possibility of the company performing in-line with expectations. The analyst upgraded the rating for the company from Hold to Buy, while raising the price target from €5.6 to €6.
Nokia’s Attractive Valuation
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Analyst Martin Nilsson estimated the earnings power of the new company including Nokia and Alcatel Lucent SA (ADR) (NYSE: ALU) at €4 per share. He wrote, “Coupled with the upcoming cash return – a EUR 0.25 DPS in June, the start of a buyback programme equivalent to another EUR 0.25 per share and still excess cash – we find the valuation too attractive to ignore despite the challenging market conditions and cuts to consensus.”
Nilsson expects Nokia’s proposed €0.25 total dividend per share to be approved at the AGM in June. The company is also expected to initiate its €1.5 billion share buyback program besides distributing an additional dividend of €0.4-€0.5 per share.
Although Nokia’s 1Q organic revenues are likely to decline by as much as 10 percent y/y, especially due to a difficult comp quarter in old Nokia, the top-line trends are likely to improve thereafter.
“Furthermore, we do expect to see gradual improvements in the top-line trend throughout the year, with a 5% organic revenue decline for full-year 2016E,” Nilsson stated.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.