Nokia (NOK) Message Board

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Technology Stocks : Nokia (NOK)

NOK 6.270

-1.4%

Dec 12 9:30 AM EST

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To: LarsA who wrote (10925)	4/23/2001 11:58:58 AM
From: Caxton Rhodes	of 34857

MSDW NOK Nokia (NOK-$31-N) Fighting Against the Tide -Angela Dean/Marcus Nash NOK reported a strong C1Q01; EPS forecasts maintained. Despite lower rev growth guidance and a cut to 415MM units for our mobile phone forecasts, C1Q01 margins and market share gains mean we have left our EPS forecasts essentially unchanged. But there are still risks in both key businesses. Market share gains and modest ASP declines are likely to be harder in C2Q01 and C3Q01; GPRS phones may disappoint; Networks growth is slowing. We think the valuation does not provide a compelling "buy" case just yet. Both P/E and LTM P/Sales still look fully valued to us; our 5-year implied growth rate model of 22% looks challenging.

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