Nokia Oyj (ADR)
Information Technology · Communications Equipment
Structural: Nokia is one of three global scale RAN vendors (with $ERIC + Huawei) and the prime Western beneficiary of Huawei rip-and-replace mandates across US, UK, Germany, India, and Japan. Four-segment book - Mobile Networks (~40% rev), Network Infrastructure (fixed + IP/optical), Cloud and Network Services, and Nokia Technologies (high-margin patent licensing on cellular standard-essential patents).
India 5G capex cycle (Reliance Jio + Bharti Airtel) drove the 2023-24 ramp; AT&T Open RAN win + Verizon C-band buildout anchor US.
(1) Huawei displacement is a multi-year tailwind - every Western telco swap is share that does not come back; (2) Nokia Technologies patent licensing throws off ~80% operating margin and is structurally underpriced - Apple, Samsung, Amazon, OPPO renewals are recurring; (3) AI datacenter optical + fiber-to-the-home (FTTH) builds give Network Infrastructure a second leg outside mobile; (4) FCF inflection as RAN volumes normalize post-India lump; (5) trades at single-digit EV/EBITDA with net cash balance sheet.
(1) RAN market is structurally low-growth - operator capex peaked 2022-23 and is rolling over; (2) $ERIC is winning the high-value North American share war (AT&T 5-year deal stings); (3) Open RAN commoditizes the radio - Samsung, Fujitsu, NEC erode the 3-vendor moat; (4) China is permanently lost; (5) Nokia Technologies licensing is lumpy and renewal-cliff sensitive - one bad arbitration resets the run-rate; (6) EUR-denominated cost base vs USD-heavy revenue creates persistent FX drag.
No major news in the last 7 days for NOK - only listicles and opinion pieces, which we filter out by default. See everything anyway.
No key levels recorded for this ticker.