Valuation Result
Final Brand Value
Nokia — Telecommunications Equipment
Valuation date: 10/30/2026
Total Brand Value
€1.4B
This result turns the selected legal, brand, benchmark and discount-rate assumptions into one reviewable brand value estimate.
Brand Strength
72/100
Royalty Rate
0.7%
Discount Rate
10.0%
Benchmark recommendation not unlocked for this result
Sensitivity snapshot
Quick decision check for discount rate, royalty rate and long-term growth.
Variable
Lower input
Current
Higher input
WACC (Discount Rate)
10.0%
-1.0%
€1.6B
10.0%
€1.4B
+1.0%
€1.3B
Royalty Rate
0.7%
-0.5%
€425.3M
0.7%
€1.4B
+0.5%
€2.4B
Terminal Growth
1.5%
-0.5%
€1.3B
1.5%
€1.4B
+0.5%
€1.5B
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Revenue Base
€18.4B
Legal Protection
80/100
Long-term Growth
1.5%
Recommendation basis
Brand-strength range • Pro
This reference case derives its royalty rate by applying the brand-strength score to a documented industry royalty ceiling.
This valuation uses benchmark support informed by external market references and curated internal calibration.
Use this section to confirm whether the result reflects unlocked benchmark guidance or a non-benchmark method.
Forecast profile
5 years explicit forecast
High growth: 3.0%
Base growth: 2.0%
Long-term growth: 1.5%
Value build
Value for planning period: €455.6M
Terminal value: €936.4M
How the valuation is built
Valuation Build
| Year | Revenue | Royalty | After Tax | PV |
|---|---|---|---|---|
| Y1 | €18,939,640,000 | €136,365,408 | €109,092,326 | €104,015,452 |
| Y2 | €19,507,829,200 | €140,456,370 | €112,365,096 | €97,396,287 |
| Y3 | €20,093,064,076 | €144,670,061 | €115,736,049 | €91,198,341 |
| Y4 | €20,494,925,358 | €147,563,463 | €118,050,770 | €84,565,735 |
| Y5 | €20,904,823,865 | €150,514,732 | €120,411,785 | €78,415,499 |
| Explicit PV (Y1–Y5) | €455,591,314 | |||
| Terminal Value (undiscounted) | €1,437,858,379 | |||
| Terminal PV (discounted) | €936,373,317 | |||
| Total Brand Value | €1,391,964,631 |
Supporting context
This section explains the evidence and judgment used to support the recommendation and the legal, brand and financial assumptions used in the valuation.
Reference case
Nokia
Prepared reference case
Indicative value of the Nokia name in network infrastructure, mobile networks and cloud services. Patents, Nokia Technologies licensing income, the HMD phone licence, technology, contracts and enterprise value are excluded.
The capacity check uses EUR 965m of FY2025 comparable operating profit from the non-licensing businesses, not group profit including Nokia Technologies. Mobile Networks had a 2.8% comparable margin; the 2026 segment structure limits future comparability. The 1.00% name-only ceiling and 0.720% selected royalty are analyst assumptions, not an observed licence. Opening hypothetical rent of EUR 132.4m is about 13.7% of that comparable operating profit. Legal and behavioural inputs are outside-in estimates, not a trademark opinion or customer survey.
Informed by numerous sources including company reporting, investor materials, analyst research, market data and selected benchmark references where relevant.
Key inputs
Reported = directly sourced • Estimated = selected judgment • Inferred = derived from broader evidence • Assumed = inclusion choice
Revenue base
EUR 18.388bn FY2025 net sales excluding Nokia Technologiesinferred
Planning growth
3.00% for 3 years, then 2.00%estimated
Long-term growth
1.50%estimated
Royalty rate selected
0.72%estimated
Discount rate
10.00%estimated
Brand Strength
72/100 (B)estimated
Legal analysis
80/100estimated
Company disclosures
These links lead to company-issued materials. BrandValuator cross-checks indicative estimates against multiple sources; the final assumptions and judgments are our own. Each input is labeled by evidence status above.
Legal Protection
trademark Status90
scope Of Rights86
risk Profile74
litigation72
contractual Rights76
goodwill Evidence86
regulatory Compliance76
Brand Strength
marketing Investment66
quality80
availability80
distinctive Brand Codes86
mental Availability84
consideration74
trust76
choice Share70
penetration74
price Elasticity58
revenue Premium60
margin Premium56
stability62