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The Screen · Technology · Communication Equipment
Nokia Corp ADR
NOK · the NYSE · USD · 78,005 employees
Nokia Oyj, together with its subsidiaries, provides mobile, fixed, and cloud network solutions in North and Latin America, Greater China, India, Asia Pacific, Europe, the Middle East, and Africa.
Positioning political buying, disclosed 2026-09-18
Options put/call open interest 2.02, read 2026-11-04
Ethical passes the values gate
Price8.48 USD
Fair value13.96
Ethical score70.0/100
Value readUndervaluedas of 3 Nov 2026
Our investment reviews on this name
2026-10-11Read Distribution10.94-22.5% to today ✓Markup gives way to Distribution after a 26% slide in 14 weeks
2026-07-02Read Markup14.80-42.7% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Nokia Corp ADR holds its Distribution at $8.48. Consolidating, no directional conviction, held for 6 days.
As held on the ledger · 2026-11-03
Phase
Distribution · caution
Quantitative state
Consolidating, no directional conviction, held for 6 days
Price at the screen
$8.48
Valuation
78.14 trailing · 22.02 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.76
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
11.74%
Below 33%
Interest-bearing debt is just 11.7% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
3.83%
Below 33%
Cash held in interest-bearing accounts and securities is 3.8% of assets, under the one-third limit.
Pass
Receivables
27.76%
Below 49%
Money owed to the company is 27.8% of assets, under the 49% limit.
Pass
Revenue purity
1.78%
Below 5%
Only 1.8% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Nokia clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 12%, inside the ~33% line, and interest is about 2% of its income, under the ~5% line, so it passes.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
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Today NOK passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 3 Nov 2026: it trades at roughly a 39% discount to our $13.96 fair value, narrow competitive moat, 8.40% revenue growth.
Fair value range in USD, drawn from the 2026-11-03 screen. The gold marker is the market price at the same screen. A 39.3% discount to the base estimate.
Where our models see it going: fair-value estimate $13.96, with a range of $9.69 to $16.15, dated to the 2026-11-03 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Nokia Trades Cheap But Delivers Little Growth
Picture a veteran network supplier still wiring the world's phones and factories long after the big contracts moved on. Nokia sits at a forward P/E of 20.6 times while revenue edges up just 2 percent a year and profit margins sit at 4 percent. Return on equity is only 4 percent and the moat is narrow. The ethical screen clears, yet the opportunity rating stays none.
The analyst crowd calls it a buy with a median target of 15 dollars, but the numbers show a business that earns too little on its capital and grows too slowly to justify the multiple. A 37 percent gap to fair value does not change the fact that this is a low-return operation in a competitive field.
Risk centres on further margin pressure if 5G spending slows or rivals take share. Currency moves and patchy demand in emerging markets add another layer of uncertainty. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to Finland and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
NOK trades on the NYSE (the company is based in Finland). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-01Distribution$8.56-10.6%Entry 16
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 10.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are up 153%. Our forward projection puts the odds of a 10% gain over the next month near 45%. The street (9 analysts) rates it buy, with a mean price target of $15.
2026-10-25Distribution$9.57+0.0%Entry 15
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 153%. Our forward projection puts the odds of a 10% gain over the next month near 45%. The street (9 analysts) rates it buy, with a mean price target of $15.
2026-10-18Distribution$9.57-12.5%Entry 14
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 12.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 116% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 153%. Our forward projection puts the odds of a 10% gain over the next month near 45%. The street (9 analysts) rates it buy, with a mean price target of $15.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 116% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 153%. Our forward projection puts the odds of a 10% gain over the next month near 45%. The street (9 analysts) rates it buy, with a mean price target of $15.
2026-10-02Markup$10.94+16.0%Entry 12
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 16.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 116% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 153%. Our forward projection puts the odds of a 10% gain over the next month near 45%. The street (9 analysts) rates it buy, with a mean price target of $15.
2026-08-24Markup$9.43-6.8%Entry 11
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 6.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 116% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 153%. Our forward projection puts the odds of a 10% gain over the next month near 45%. The street (9 analysts) rates it buy, with a mean price target of $15.
2026-07-23Markup$10.12+0.0%Entry 10
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 116% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 153%. Our forward projection puts the odds of a 10% gain over the next month near 45%. The street (9 analysts) rates it buy, with a mean price target of $15. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-22Markup$10.12+0.0%Entry 9
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 116% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 153%. Our forward projection puts the odds of a 10% gain over the next month near 45%. The street (9 analysts) rates it buy, with a mean price target of $15. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-21Markup$10.12+0.0%Entry 8
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 116% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 153%. Our forward projection puts the odds of a 10% gain over the next month near 45%. The street (9 analysts) rates it buy, with a mean price target of $15. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-20Markup$10.12+0.0%Entry 7
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 116% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 153%. Our forward projection puts the odds of a 10% gain over the next month near 45%. The street (9 analysts) rates it buy, with a mean price target of $15. It reported earnings in this window, a natural checkpoint for the thesis.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
