CIENA Corp (CIEN) is overvalued and Nokia Corp ADR (NOK) is overvalued.
Both trade above our estimate of their intrinsic value. NOK is the closer of the two: -152%, against -707% for CIEN.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.8% (average of 2 methods) values the shares at $45.66; the price of $368.56 is 707% above that value.
Leak Score 49/100 on 10 of 12 signals
Discounting its cash flows at 10.3% (average of 3 methods) values the shares at $4.30; the price of $10.82 is 152% above that value, and 71% of that value comes from beyond year five.
Leak Score 27/100 on 3 of 12 signals
| Metric | CIEN | NOK |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $368.56 | $10.82 |
| Intrinsic value | $45.66 | $4.30 |
| Margin of safety | -707% | -152% |
| Leak Score | 49/100 (10/12) | 27/100 (3/12) |
| Market cap | $52.3B | $60.6B |
| Revenue growth, 5 years | 6.2% | -2.1% |
| Operating margin | 14.1% | 11.1% |
| Net margin | 10.9% | 3.4% |
| Return on equity | 22.4% | 3.5% |
| Debt to equity | 1.07 | 0.16 |
| P/E | 82.2x | 74.7x |
| Forward P/E | 31.3x | 23.3x |
| P/B | 17.1x | 2.5x |
| Dividend yield | — | 1.6% |