DDM Analysis: NOKIA.HE

Valuation Snapshot

Stable Growth	$3.74 - $7.73	$5.26
Multi-Stage	$4.95 - $5.42	$5.18
Blended Fair Value	$5.22
Current Price	$4.08
Upside	27.92%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.24%	-6.34%	0.13	0.11	0.06	0.00	0.03	0.10	0.20	0.18	0.27	0.09
YoY Growth	-	-	18.33%	73.09%	3,822.22%	-93.92%	-73.57%	-48.20%	11.44%	-35.38%	193.16%	-63.22%
Dividend Yield	-	-	2.74%	3.44%	1.43%	0.03%	0.80%	3.57%	3.87%	3.96%	5.47%	1.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,160.00
(-) Cash Dividends Paid (M)	754.00
(=) Cash Retained (M)	406.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	232.00	145.00	87.00
Cash Retained (M)	406.00	406.00	406.00
(-) Cash Required (M)	-232.00	-145.00	-87.00
(=) Excess Retained (M)	174.00	261.00	319.00
(/) Shares Outstanding (M)	5,459.83	5,459.83	5,459.83
(=) Excess Retained per Share	0.03	0.05	0.06
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.03	0.05	0.06
(=) Adjusted Dividend	0.17	0.19	0.20
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	2.20%	3.20%	4.20%
Fair Value	$3.74	$5.26	$7.73
Upside / Downside	-8.41%	28.89%	89.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,160.00	1,197.17	1,235.53	1,275.12	1,315.98	1,358.15	1,398.89
Payout Ratio	65.00%	70.00%	75.00%	80.00%	85.00%	90.00%	92.50%
Projected Dividends (M)	754.00	838.02	926.65	1,020.10	1,118.58	1,222.33	1,293.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	2.20%	3.20%	4.20%
Year 1 PV (M)	776.67	784.27	791.87
Year 2 PV (M)	795.95	811.60	827.41
Year 3 PV (M)	812.08	836.15	860.69
Year 4 PV (M)	825.30	858.07	891.82
Year 5 PV (M)	835.83	877.52	920.87
PV of Terminal Value (M)	22,965.26	24,110.96	25,301.94
Equity Value (M)	27,011.09	28,278.58	29,594.59
Shares Outstanding (M)	5,459.83	5,459.83	5,459.83
Fair Value	$4.95	$5.18	$5.42
Upside / Downside	21.26%	26.95%	32.85%

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Nokia Oyj (NOKIA.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener