7
VALUATUM
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EVA and market value, Nokia (29.11.2002)
Book
value
of
Equity
15 Billion
EUR
3,1 EUR/share
Market
value
of
Nokia Oyj
178
95
Billion
EUR
19,9 EUR
/share
Market
Value
Added
 80
Billion
EUR
16,8 EUR
/share
(- EVA1)
(1+ re)1
 EVA2
(1+ re)2
+
+ ...
EVA3
(1+ re)3
EVA4
(1+ re)4
+
+ ...
/1.72
/1.92
...
Bn EUR
Current market value of Nokia and investors’ current EVA expectations for 2002E-2007E.
(in this example the estimates from 2004E- onwards are generated from current market value:  what these estimates should be so that the current market value would be justified…)
2002E     2003E      2004E     2005E       2006E        2007E
Real life:
/1.115
/1.72
/1.54
/1.38
/1.24
/1.92
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