Discounted Cash Flow

Nokia Corp. ADR

NOK · Based on 10 years of SEC filings

DCF estimate unavailable — only_6_profitable_out_of_10

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $23.6b $-766.0m $287.0m -3.2% $-0.13
2017 $23.1b (-2.1%) $-1.5b (-95.0%) $1.0b (257.5%) -6.5% (-99.2%) $-0.26 (-100.0%)
2018 $22.6b (-2.5%) $-340.0m (77.2%) -1.5% (76.7%) $-0.06 (76.9%)
2019 $23.3b (3.3%) $7.0m (102.1%) 0.0% (102.0%) $0.00 (100.0%)
2020 $21.9b (-6.3%) $-2.5b (-36142.9%) -11.5% (-38555.9%) $-0.45
2021 $22.2b (1.6%) $1.6b (164.3%) 7.3% (163.3%) $0.29 (164.4%)
2022 $24.9b (12.2%) $4.2b (161.9%) $1.2b 17.1% (133.4%) $0.76 (162.1%)
2023 $22.3b (-10.6%) $665.0m (-84.4%) $1.0b (-13.4%) 3.0% (-82.5%) $0.12 (-84.2%)
2024 $19.2b (-13.6%) $1.3b (92.0%) $1.8b (78.3%) 6.6% (122.4%) $0.23 (91.7%)
2025 $19.9b (3.5%) $651.0m (-49.0%) $1.4b (-20.2%) 3.3% (-50.7%) $0.12 (-47.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model

only_6_profitable_out_of_10

Once the company meets all DCF eligibility criteria (sufficient history, profitability, growth trends), an estimate will become available automatically. No action is needed.