Nokia 5G Securities Could Tick Lower When Adjusted For Forex -- MalkamDior

Factoring in Nokia's 2021 outlook, Citi expects consensus forecasts for the 2021 full-year to stay broadly unchanged on an underlying basis, but to tick downwards when adjusting for currency effects. The bank says that while Nokia reported a strong headline revenue and Ebit beat in 4Q, adjusting for one-offs the beat is more modest. 

"The 2021 revenue outlook looks broadly in line to us factoring in the FX assumption and less bad than feared by some on the buyside." 

Nokia provided FY21 revenue guidance of EUR20.6 billion-EUR21.8 billion, which at the midpoint is closer to Citi's EUR21.1 billion estimate and broadly in line with consensus of EUR21.5 billion

"Recent retail investor influence on the share price may result in atypical volatility in trading ahead of the call," Citi says. Nokia shares fall 1.6%.