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    Did Nokia’s Energy-Efficient, Open RAN–Ready 5G Pivot Just Shift Nokia Oyj's (HLSE:NOKIA) Investment Narrative?

    Simply Wall St·01/07/2026 06:33:47
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    • Nokia Oyj has recently refocused its business around 5G and network infrastructure, emphasizing mobile networks, IP routing, optical transport, fixed broadband, private wireless, and cloud-native software to act as a full-stack technology partner rather than a commodity equipment supplier.
    • An interesting angle is Nokia's push into energy-efficient radios, open RAN–ready gear, and private wireless for industrial use, which leans on its extensive patent portfolio to differentiate it against Ericsson, Huawei, and Cisco.
    • Next, we’ll examine how Nokia’s push into energy-efficient, open RAN–ready 5G infrastructure could influence its existing investment narrative.

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    Nokia Oyj Investment Narrative Recap

    For Nokia, you need to believe that its shift to a full-stack 5G and network infrastructure partner can translate into steadier earnings and better use of its patent and software assets. The latest focus on energy-efficient, open RAN ready gear supports existing catalysts around private wireless and cloud-native networks, but does not fundamentally change the near term dependence on carrier capex cycles or the risk that Mobile Networks revenue remains pressured by intense competition and commoditization.

    Among recent announcements, the Vodafone Italy end to end Open RAN trial stands out because it directly links Nokia’s open RAN ready portfolio to a live 5G standalone network. That kind of deployment aligns with the thesis that new architectures and private wireless use cases can offset slower growth in traditional mobile networks, but it also highlights how exposed Nokia is to how quickly large operators actually scale such rollouts.

    However, investors should be aware that Nokia’s heavy reliance on large carrier spending and seasonal earnings concentration could...

    Read the full narrative on Nokia Oyj (it's free!)

    Nokia Oyj's narrative projects €21.0 billion revenue and €1.7 billion earnings by 2028. This requires 3.0% yearly revenue growth and an earnings increase of about €800 million from €909.0 million today.

    Uncover how Nokia Oyj's forecasts yield a €5.43 fair value, in line with its current price.

    Exploring Other Perspectives

    HLSE:NOKIA 1-Year Stock Price Chart
    HLSE:NOKIA 1-Year Stock Price Chart

    Seven fair value estimates from the Simply Wall St Community span roughly €2.43 to €7.20 per share, underscoring how far apart individual views can be. When you set those alongside Nokia’s reliance on still evolving 5G and private wireless demand, it becomes clear why it helps to compare several independent viewpoints before forming an opinion.

    Explore 7 other fair value estimates on Nokia Oyj - why the stock might be worth as much as 29% more than the current price!

    Build Your Own Nokia Oyj Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.