Comparable Companies Analysis - Nokia Corporation

Target is Nokia Corporation (NYSE : NOK) and selected trading comps are Apple Inc. (NASDQW : AAPL) Samsung Electronics Co. (NYSE : SSNFL) and Blackberry Limited. (NASDAQ : BBRY).
Athough the target is NOK, opinions and price targets are determined for every trading comps' stock. Thereby, suggestions are made for a 3-month investment and a longer-term 1-year investment.
Data dates back to February 16th, but this will not affect anything about the estimate, because the multiples and price have remained similar.

Trading Multiple	NOK	AAPL	SSNFL	BBRY	Mean (average)
Current share price	7.14	544	1250	8.98
% of 52-wk.high	87%	94%	84%	53.4%
Enterprise Value (millions)	9 460	126 250	106 689	7448
P/E	159	13.3	44	N/A	72.1
P/S	2.1	2.89	5.75	0.59	2.8325
P/B	8.6	4.19	11.8	1.76	6.5825
EV/EBITDA	8.76	2.58	1.95	N/A	13.29
EV/SALES	0.74	0.74	2.4	0.93	1.293
Leverage	6.18	0.35	0.2	N/A	2.243
ROE	2.08%	30.6%	25.9%	-66.8%	-2.055%
ROA	59.8%	19.3%	17.4%	-92.9%	0.9%
Gross margin	11.3%	37.6%	39.8%	-9.94%	19.7%
EBITDA margin	8.5%	28.7%	24.0%	-110.4%	-12.3%
Net profit margin	1.3%	21.7%	13.1%	-90.0%	13.6%
Ex-dividend	4.05.2012	6.02.2014	27.12.2013	N/A
Dividend Yield	N/A	2.30%	1.02%	N/A
Opinion	Hold	Buy	Buy	Hold
Price target	8 $	600 $	1400 $	10 $

1-year comparison between Nokia, Apple, Samsung and Blackberry on February 16th

• Next 3-months recommendation to Samsung, because April 11 Samsung launches a new smarthphone Galaxy S5, which has a 5.2-inch screen and many other impoved features. The only worrying factor for the reviewers seems to be non-evolutionary design. Nonetheless, stock price has also been decreasing in last two months, so there is room to grow. In addition, their substantial market share in China remains, because Apple has not been doing very well there and trading multiples indicate Samsung has low debt (leverage multiple), P/E is reasonable for a growth stock and margins are only slightly lower compared to Apple.

• Next 1-year recommendation to Apple, because as usual they represent their products in autumn and hopefully the high expectations help the stock maintain its bullish trend. Also, Apple has started developing its own wristwatch with a bending screen and new iPhone software integrated into cars. In addition, Apple has the best trading multiples compared to its trading comps (competitors). All in all, Apple has higher margins and other multiples are relatively better.