...Business Risk: Fair Financial Risk: Modest + Volatile and cyclical demand in the telecommunications equipment market. + Despite industry consolidation, strong competition in core markets, squeezing prices and margins, with telecom operators having significant bargaining power. + High costs for restructuring, network equipment swaps, and other special items of up to 2.0 billion in our forecast for 2018¡2019 (1.2 billion in 2017), constraining our adjusted EBITDA margin in 2018 at 7%-9% (9.6% in 2017). + Top-three positions across nearly all segments in Nokia's Networks division, representing 89% of 2017 revenues, with a 24% market share in mobile radio access networks in 2017. + Comprehensive product portfolio across mobile, fixed core, and access networks, providing some protection against demand fluctuations in individual subsegments. + Highly profitable technology licensing business with EBITDA margins above 75% and more than 6% organic growth in our forecast, supported by significant...
