Buy, Sell, Or Hold Nokia Stock?

1. Nokia stock rose 37% in 2024, outperforming S&P 500's 22%. Positive sales outside the U.S. 2. Third-quarter sales dropped 8% to €4.3 billion, but net income rose 22%. Cost management efforts are key. 3. Nokia expects 2024 operating profit between €2.3-€2.9 billion. Free cash flow may be 30-60% of profit. 4. Stock trades at 11x 2025 earnings, more attractive than Ericsson's 15x. Valuation is considered reasonable.