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Discounted Cash Flow (DCF) Analysis Unlevered


Nokia Corporation Sponsored American Depositary Shares

Nokia Corporation Sponsored American Depositary Shares (NOK)

Technology

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 16,224.2114,239.9913,637.6424,885.9627,787.6625,934.2329,616.8933,822.4838,625.2844,110.0650,373.69
Revenue (%)
EBITDA 747.941,200.431,669.25-1,271.67-655.79-420.13799.66913.211,042.881,190.971,360.09
EBITDA (%)
EBIT 747.941,200.431,669.25-1,271.67-655.79-420.13-----
EBIT (%)
Depreciation -----------
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 12,771.709,663.2610,832.3710,128.5910,303.678,179.6516,552.8818,903.3921,587.6724,653.1228,153.86
Total Cash (%)
Account Receivables 3,991.164,152.384,248.127,338.878,258.495,581.058,177.229,338.3910,664.4412,178.7913,908.18
Account Receivables (%)
Inventories 1,106.491,543.611,100.562,637.913,176.133,641.173,050.543,483.723,978.404,543.345,188.49
Inventories (%)
Accounts Payable 2,534.222,799.582,074.283,979.264,796.155,485.095,177.035,912.176,751.707,710.448,805.32
Accounts Payable (%)
Capital Expenditure -369.91-323.25-340.94-472.83-641.90-671.70-684.15-781.30-892.24-1,018.94-1,163.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.17
Diluted Shares Outstanding 6,784.89
Cost of Debt
Tax Rate -51.78
After-tax Cost of Debt 2.64
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.03
Total Debt 3,250.57
Total Equity 35,077.89
Total Capital 38,328.46
Debt Weighting 8.48
Equity Weighting 91.52
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 16,224.2114,239.9913,637.6424,885.9627,787.6625,934.2329,616.8933,822.4838,625.2844,110.0650,373.69
EBITDA 747.941,200.431,669.25-1,271.67-655.79-420.13799.66913.211,042.881,190.971,360.09
EBIT 747.941,200.431,669.25-1,271.67-655.79-420.13-----
Tax Rate 49.82%-173.46%22.50%37.83%-169.78%-51.78%-47.48%-47.48%-47.48%-47.48%-47.48%
EBIAT 375.343,282.711,293.72-790.58-1,769.19-637.68-----
Depreciation -----------
Accounts Receivable --161.23-95.74-3,090.75-919.622,677.45-2,596.18-1,161.17-1,326.05-1,514.35-1,729.39
Inventories --437.12443.06-1,537.35-538.22-465.04590.63-433.18-494.69-564.93-645.15
Accounts Payable -265.36-725.301,904.98816.89688.94-308.06735.14839.53958.741,094.88
Capital Expenditure --46.6617.69131.89169.0629.8012.4597.15110.94126.70144.69
UFCF 375.342,903.06933.43-3,381.81-2,241.082,293.47-----
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.25
Free cash flow (t + 1) -
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -4,929.08
Equity Value -
Shares Outstanding 6,784.89
Equity Value Per Share -

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
7.25 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
6.75 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
6.25 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
5.75 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
5.25 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
4.75 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
4.25 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
3.75 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
3.25 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell