Shares in the Finnish telecom firm Nokia are down 12% year-to-date. With low growth and inceasing competition from China the outlook is gloomy according to Saxo Bank's Head of Equity Strategy Peter Garnry. He says; "The stock is trading at a substantial premium to the market. With 12-month forward EV/EBITDA of 13.7x, it is around 50% above the STOXX 600 valuation, which seems out of touch with a 6% cashflow to assets generation in the past four quarters."