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Nokia Corp. (NOK) | Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Nokia Corp., FCFE calculation

USD $ in millions, translated from EUR €

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  12 months ended Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
Profit (loss) attributable to equity holders of the parent (1,510) 2,455  1,277  5,551  10,521 
(Profit) loss attributable to non-controlling interests (420) (673) (904) (138) (670)
Net noncash charges 4,235  1,437  4,083  2,589  793 
Change in net working capital (828) 3,117  201  (3,544) 883 
Net cash from operating activities 1,476  6,336  4,657  4,459  11,527 
Capital expenditures (775) (901) (761) (1,237) (1,044)
Proceeds from sale of fixed assets 62  28  143  75  105 
Proceeds from long-term borrowings 640  5,591  994  168 
Repayment of long-term borrowings (66) (8) (300) (47) (23)
Proceeds from (repayment of) short-term borrowings (77) 174  (4,073) 4,024  965 
Free cash flow to equity (FCFE) 623  6,269  5,257  8,267  11,698 
Item Description The company
FCFE Free cash flow to equity is the cash flow available to Nokia Corp.'s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Nokia Corp.'s FCFE increased from 2009 to 2010 but then declined significantly from 2010 to 2011.

Price to FCFE Ratio, Current

Nokia Corp., current P/FCFE

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  Nokia Corp. Technology
No. shares of common stock outstanding 3,744,956,052  
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions) 623   
FCFE per share 0.17  
Current share price (P) 5.08  
Ratio
P/FCFE 30.55 10.47

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Nokia Corp., P/FCFE calculation

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  No. shares of common stock outstanding1 3,744,956,052 3,744,956,052 3,744,956,052 3,800,948,552 3,982,811,957
  Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)2 623  6,269  5,257  8,267  11,698 
FCFE per share4 0.17 1.67 1.40 2.17 2.94
  Share price1, 3 5.08 8.49 14.84 9.11 29.30
  P/FCFE, Comparison to Industry
Nokia Corp.5 30.55 5.07 10.57 4.19 9.98
  Industry, Technology 9.76 10.08 13.90 9.76

1 Data adjusted for splits and stock dividends.

2 See Details »

3 Close price on the filing date of Nokia Corp.'s Annual Report.

2011 Calculations

4 FCFE per share = FCFE ÷ No. shares of common stock outstanding
622,729,636 ÷ 3,744,956,052 = 0.17

5 P/FCFE = Share price ÷ FCFE per share
= 5.08 ÷ 0.17 = 30.55

Ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders' equity. Nokia Corp.'s P/FCFE ratio declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.