Nokia

Nokia continues to extend its footprint in the telecom sector from its Espoo headquarters. The company's resilience, supported by 86k employees and an annual revenue near $24B, makes it a structural reference for investors and partners across Europe.

The group's regional balance sheet allows it to invest counter-cyclically, an advantage few competitors can match in the current rate environment.

“Nokia is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Governance upgrades and a more transparent disclosure cadence are gradually narrowing the historical valuation gap with global peers.