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Nokia Equity Rallies On End Of Smartphone Patent Cycle & Q1 Sales Boost

COMMUNICATIONS


  • Nokia has announced the conclusion of it’s smartphone patent license renewal cycle and have flagged a period of stability with no major smartphone agreements expiring for years.
  • They have now reached an annual net sales run-rate (i.e. contracted recurring net sales) of EUR 1.3bn and are targetting EUR 1.4-1.5bn in the MT through licensing in new areas.
  • Q1 net sales will also benefit from over EUR 400mn in catch-up net sales related to prior periods of non-payment.
  • Consesnsus for Q1 net sales is currently just under EUR 5bn which makes for a 15% YoY decrease.
  • Equity touched +2% on the day, rising just over 1% since the announcement (though off intraday highs now) while credit spreads remain muted.
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