DCF Tool

NOK

Nokia Corp – Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing
Analysis Results
Intrinsic Value $0.04
Latest Price $4.83
Relative Value 11179% overvalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of -39.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -39.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 0.0693 0.0643
2023 0.042 0.0361
2024 0.0254 0.0203
2025 0.0154 0.0114
2026 0.00931 0.00641
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 0.165 billion. This corresponds to a present value of 0.105 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 0.139 billion. Adding in the terminal value gives a total present value of 0.244 billion.

There are presently 5.7 billion outstanding shares, so the intrinsic value per share is 0.04.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 22,165,768,777
Current Cash 10,482,846,610
Current Liabilities 13,687,195,385
Current Debt 340,454,988
Non-Cash Working Capital (NCWC) -1,663,818,230
Change in NCWC -610,582,511
EBIT 1,990,700,262
Tax Provision 307,653,676
Depreciation and Amortization 1,238,532,265
Capital Expenditure -633,404,629
Unlevered Free Cash Flow 1,704,108,071
Current Assets 22,385,867,714
Current Cash 9,906,806,458
Current Liabilities 14,454,031,852
Current Debt 921,734,877
Non-Cash Working Capital (NCWC) -1,053,235,719
Change in NCWC -265,386,748
EBIT 1,511,645,198
Tax Provision 4,001,558,346
Depreciation and Amortization 1,228,979
Capital Expenditure -588,681,341
Unlevered Free Cash Flow -3,342,752,258
Current Assets 18,836,650,779
Current Cash 6,732,018,159
Current Liabilities 13,509,984,837
Current Debt 617,503,247
Non-Cash Working Capital (NCWC) -787,848,970
Change in NCWC 1,174,643,085
EBIT 556,985,687
Tax Provision 154,655,985
Depreciation and Amortization 1,860,354,610
Capital Expenditure -773,279,928
Unlevered Free Cash Flow 2,325,985,346
Current Assets 20,877,623,705
Current Cash 7,855,683,112
Current Liabilities 16,120,552,104
Current Debt 1,136,119,454
Non-Cash Working Capital (NCWC) -1,962,492,056
Change in NCWC -918,785,394
EBIT 449,190,086
Tax Provision 216,022,713
Depreciation and Amortization 1,663,031,998
Capital Expenditure -768,080,758
Unlevered Free Cash Flow 425,355,932
Current Assets 23,693,574,239
Current Cash 9,887,747,326
Current Liabilities 15,218,532,841
Current Debt 368,999,266
Non-Cash Working Capital (NCWC) -1,043,706,662
Change in NCWC -107,922,943
EBIT 710,532,567
Tax Provision 1,106,997,798
Depreciation and Amortization 1,899,928,260
Capital Expenditure -717,697,601
Unlevered Free Cash Flow 1,784,840,283
Current Assets 21,836,713,748
Current Cash 9,850,021,398
Current Liabilities 13,313,266,108
Current Debt 390,790,040
Non-Cash Working Capital (NCWC) -935,783,718
Change in NCWC -537,411,768
EBIT -385,509,093
Tax Provision -482,678,509
Depreciation and Amortization 1,683,565,741
Capital Expenditure -503,802,295
Unlevered Free Cash Flow 256,842,585
Current Assets 17,270,788,320
Current Cash 10,749,494,070
Current Liabilities 6,975,329,130
Current Debt 55,662,930
Non-Cash Working Capital (NCWC) -398,371,950
Change in NCWC 1,016,475,700
EBIT 1,859,796,720
Tax Provision 377,634,780
Depreciation and Amortization 349,257,600
Capital Expenditure -342,709,020
Unlevered Free Cash Flow 2,464,970,568
Current Assets 16,695,932,200
Current Cash 9,385,683,250
Current Liabilities 8,866,216,400
Current Debt 141,119,800
Non-Cash Working Capital (NCWC) -1,414,847,650
Change in NCWC 1,212,050,890
EBIT 1,823,608,450
Tax Provision -1,712,902,400
Depreciation and Amortization 361,315,350
Capital Expenditure -378,347,050
Unlevered Free Cash Flow 3,018,627,640
Current Assets 18,984,123,760
Current Cash 13,252,833,860
Current Liabilities 13,003,767,000
Current Debt 4,645,578,560
Non-Cash Working Capital (NCWC) -2,626,898,540
Change in NCWC 6,097,564,700
EBIT 1,457,247,540
Tax Provision 277,964,120
Depreciation and Amortization 1,001,771,680
Capital Expenditure -560,056,420
Unlevered Free Cash Flow 6,785,153,001

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