Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) is changing. The firm is going to sell its most visible business just as soon as the paperwork is finished and regulators give their blessing. Nokia still has to report earnings, however. A new report from Wunderlich Securities takes a look at the coming earnings report, and concentrates on the firm’s other businesses.

Nokia

Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) acquired the outstanding half of Nokia Siemens Networks from the German company earlier on this year. That business is now the major part of Nokia’s moneymaking ability. Nokia’s earnings report will come through tomorrow morning. Wunderlich rose their price target on Nokia to €5.70, up from €3.90, in this report.

Nokia earnings expectations

Consensus analyst estimates for Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) see the company earning about one cent per share on revenue totaling €5.9 billion. Nokia is expected to make a profit for the full year, ending 2013 with a projected income of around 3 cents per share.

Investors at Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) have been rewarded for the company’s turnaround in 2013, and its sale of its mobile hardware business. Shares in the firm have increased by more than 70% since the start of the year, though most of that has come about since the company shed responsibility for its cash-burning device business.

Nokia valuation

The analysts who authored this report are looking for earnings per share of 6 euro cents from Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) on revenue of €6.7 billion. Wunderlich expects €2.5 billion of that revenue to come from Nokia Siemens Networks. It is a sum of parts analysis that leads to the increase in the price target of the company; the analysts have not changed their earnings and revenue estimates.

According to the report, NSN is going to be a significant driver of results at the company going forward. The wireless infrastructure builder has been a significant force in LTE developments in China, along with China Mobile. The Nokia Corporation (NYSE:NOK) patent portfolio is another valuable part of the business, according to the Wunderlich report.

Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) is facing a new reality in the wake of its sale of its mobile business. Judging by this report, the company’s future looks bright, but there’s still a lot of risk ahead. Nokia is no longer losing money, but it’s going to have trouble expanding in a new business.