Nokia: Oddo adjusts target price
(CercleFinance.com) - Oddo has confirmed its buy rating on the Nokia share, after management organised a roadshow in Paris.
Following the first quarter and this roadshow, Oddo has adjusted its estimates (-5% for 2018 Ebit and +2.5% for 2020 Ebit) and its target price to 6.2 euros (against 5.6 euros), with a phasing difficult in the first half of 2018, although a solid momentum in terms of sales and margins in 2019-2020.
Oddo says that its 2020 adjusted EPS estimate is 8.5% above the consensus.
The group's CEO did not breakdown the 10% CAGR sales growth guidance for Technologies (patents), although he highlighted Nokia's ability to have signed patent agreements with Chinese leaders in handsets (Huawei and Xiaomi). The CEO mentioned support from the Chinese government in the monetisation of patents, Oddo added.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Following the first quarter and this roadshow, Oddo has adjusted its estimates (-5% for 2018 Ebit and +2.5% for 2020 Ebit) and its target price to 6.2 euros (against 5.6 euros), with a phasing difficult in the first half of 2018, although a solid momentum in terms of sales and margins in 2019-2020.
Oddo says that its 2020 adjusted EPS estimate is 8.5% above the consensus.
The group's CEO did not breakdown the 10% CAGR sales growth guidance for Technologies (patents), although he highlighted Nokia's ability to have signed patent agreements with Chinese leaders in handsets (Huawei and Xiaomi). The CEO mentioned support from the Chinese government in the monetisation of patents, Oddo added.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.