What is the expected free cash flow range for Nokia in 2022
ring that we have a technology leadership, not only today, but also longer term, why we invest more in Bell Labs and also the NGP, our venture fund that Pekka just mentioned.
And in both of these areas, we also have a business in. When it comes to NGP, we just announced today a new fund, Fund V, and that's about a USD 400 million fund that we'll invest in the next coming years in areas that are strategically relevant to Nokia. And if you look at the track record of NGP, it's being very good. So far, they have had about 15% to 20% IRR at maturity.
In addition to that, of course, the good financial position that we have, we have to secure that we can fulfill those commitments we have toward our customers. And that's why we will intelligently think how to increase the inventory levels that we have, especially in these situations where we see that there's supply chain constraints. And if we look at our working capital rotation days, we've seen a pretty good development in the past two years' time. And also, the inventory rotation days have been declining in a nice way.
And I'm not worried about if we increase inventories, inventory levels as such because that will definitely benefit our top line and margins. You see a slight increase in accounts receivables toward the end of the year. And I would say that this is mainly because of we reduced the sale of receivables. So the underlying development is very good.
And when it comes to the distribution to our shareholders, thanks to the strong liquidity position that we have. Actually, the board of directors have today proposed to the AGM a EUR 0.08 of dividend for results of 2021, and this will be paid on a quarterly basis. Also, to manage our capital structure and excess cash, the board of directors will initiate now a share buyback program with the intention of repurchasing up to EUR 600 million over the next coming two years. And let's go over to '22 outlook and giving some more details of each of these three different areas.
And just stating the outlook itself on the net sales side, EUR 22.6 billion to EUR 23.8 billion, and the comparable operating margin between 11% and 13.5%. Free cash flow, we actually have changed how we guide that in the future. So now it's a conversion from comparable operating profit to cash flow. And we believe that in 2022, that will be between 25% to 55%.
And let's look into each of these in a little bit more detail, what is the background and support for these. Starting with the top line. If we look at the operating -- the addressable market, we see that it's growing about 3% on constant currencies. And we see growth across all businesses.
In Mobile Networks, the driver is 5G deployments. In Network Infrastructure, it is connectivity, investments in national broadband initiatives and also the fixed wireless. And when it comes to cloud and network services, we see continued growth in enterprise sector, especially in private wireless, but also Webscale like Edge computing. And regionally, I would say that we see growth in all regions, especially in North America, Europe and Asia Pacific.
And of course, without the constraints that we see in the supply chain, I think we would see higher growth than this as well. Just a couple of words about Mobile Networks as well. This is now excluding China. And Network Infrastructure is excluding the Submarine business.
And mobile networks growth of 3%. I would say that if we compare with external analyst firms like Dell'Oro, this is pretty much aligned with their expectations as well. This is now in constant currencies in euros, while they usually have USD. And also the perimeter is a little bit different.
They only look the RAN while we have a little bit wider perimeter. And if we look at operating margin, we can see that starting from '21 and excluding the one-offs, about 150 basis points we land at 11%. And we see that sales growth and operational improvements will be the main driver of the margin improvements during this year, of course, tempered by the impact from supply chain costs, general cost inflation an
ring that we have a technology leadership, not only today, but also longer term, why we invest more in Bell Labs and also the NGP, our venture fund that Pekka just mentioned.
And in both of these areas, we also have a business in. When it comes to NGP, we just announced today a new fund, Fund V, and that's about a USD 400 million fund that we'll invest in the next coming years in areas that are strategically relevant to Nokia. And if you look at the track record of NGP, it's being very good. So far, they have had about 15% to 20% IRR at maturity.
In addition to that, of course, the good financial position that we have, we have to secure that we can fulfill those commitments we have toward our customers. And that's why we will intelligently think how to increase the inventory levels that we have, especially in these situations where we see that there's supply chain constraints. And if we look at our working capital rotation days, we've seen a pretty good development in the past two years' time. And also, the inventory rotation days have been declining in a nice way.
And I'm not worried about if we increase inventories, inventory levels as such because that will definitely benefit our top line and margins. You see a slight increase in accounts receivables toward the end of the year. And I would say that this is mainly because of we reduced the sale of receivables. So the underlying development is very good.
And when it comes to the distribution to our shareholders, thanks to the strong liquidity position that we have. Actually, the board of directors have today proposed to the AGM a EUR 0.08 of dividend for results of 2021, and this will be paid on a quarterly basis. Also, to manage our capital structure and excess cash, the board of directors will initiate now a share buyback program with the intention of repurchasing up to EUR 600 million over the next coming two years. And let's go over to '22 outlook and giving some more details of each of these three different areas.
 And just stating the outlook itself on the net sales side, EUR 22.6 billion to EUR 23.8 billion, and the comparable operating margin between 11% and 13.5%. Free cash flow, we actually have changed how we guide that in the future. So now it's a conversion from comparable operating profit to cash flow. And we believe that in 2022, that will be between 25% to 55%.
And let's look into each of these in a little bit more detail, what is the background and support for these. Starting with the top line. If we look at the operating -- the addressable market, we see that it's growing about 3% on constant currencies. And we see growth across all businesses.
In Mobile Networks, the driver is 5G deployments. In Network Infrastructure, it is connectivity, investments in national broadband initiatives and also the fixed wireless. And when it comes to cloud and network services, we see continued growth in enterprise sector, especially in private wireless, but also Webscale like Edge computing. And regionally, I would say that we see growth in all regions, especially in North America, Europe and Asia Pacific.
And of course, without the constraints that we see in the supply chain, I think we would see higher growth than this as well. Just a couple of words about Mobile Networks as well. This is now excluding China. And Network Infrastructure is excluding the Submarine business.
And mobile networks growth of 3%. I would say that if we compare with external analyst firms like Dell'Oro, this is pretty much aligned with their expectations as well. This is now in constant currencies in euros, while they usually have USD. And also the perimeter is a little bit different.
They only look the RAN while we have a little bit wider perimeter. And if we look at operating margin, we can see that starting from '21 and excluding the one-offs, about 150 basis points we land at 11%. And we see that sales growth and operational improvements will be the main driver of the margin improvements during this year, of course, tempered by the impact from supply chain costs, general cost inflation an