Nokia (NYSE:NOK) Licensing Revenue declined from Euro 1.49 billion in 2019 to about Euro 1.40 billion in 2020. We expect the metric to remain roughly flat in 2021 and rise marginally from 2022 onwards.
We expect organic growth to continue, driven by Nokia’s sizeable patent portfolio.
We think the growth in the licensing, as well as the networking business, is more than priced into Nokia stock. We value Nokia at about $4.60 per share, marking a downside of about 20% from the current market price.
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