Quick Silver: NokiaI (OW; TP €18) | Feedback & Thoughts

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Quick Silver: NokiaI (OW; TP €18) | Feedback & Thoughts

ely because guidance was maintained when underlying order momentum has accelerated so meaningfully.

After a stock that had already fallen around 40% from its highs, following significant de-grossing and a much cleaner

positioning backdrop, this felt like a well-set-up print, particularly for long-only investors who had been waiting for further

evidence of execution. In my view, Nokia has now delivered two consecutive quarters that reinforce the underlying

investment case. I struggle to identify what more the company realistically could have delivered today beyond raising

guidance. The price action therefore feels far more reflective of an unforgiving market backdrop and as one client put it

“obviously we were living in a different world then when everyone wanted optical /datacenter infrastructure exposure” –

Once sentiment / demand returns, Nokia for me remains one of the more interesting candidates for the re-gross.

TMT FLOW + THOUGHTS

This morning’s earnings have reinforced just how difficult the current tape remains. Perhaps the biggest surprise has been Nokia’s

share price reaction, having opened up 6% and faded despite what I view as an exceptional set of results. The standout was AI-

related orders, which came in at €2.8bn, comfortably ahead of the €1.3-1.5bn buy-side bogey that many investors debated with

me yesterday. For a stock that has already corrected around 40% from its recent highs, the scale of AI-driven demand being

demonstrated should, in my view, have been rewarded far more positively. Instead, we’re seeing another example of

fundamentally strong results failing to translate into meaningful share price performance. BESI has seen a similarly frustrating