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Technology Stocks : Nokia (NOK)

NOK 6.070

-1.5%

Dec 5 3:59 PM EST

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To: Eric L who wrote (7011)	8/25/2000 3:30:56 PM
From: Maverick	of 34857

ML:NOK handset will have 33% mkt shr in 2H00 12 Month Price Objective: EUR80/$76 Investment Highlights: • We re-iterate our Buy on Nokia following the recent share price correction. • We are lowering our 2000 estimate from EUR0.79 to EUR0.77 due to an expected 300 basis points decline in Mobile Phone handset margins in Q3 to 18.9% (EPS for 00Q3 goes to EUR0.15 from EUR0.19). • We are maintaining our 2001 estimate of EUR1.06, as we believe Nokia will get back on track both in terms of handset margins and new model launches by year-end. • At 42X 2001 estimates and a PEG of 1.8 versus peer average of approximately 1.9, we believe Nokia is an attractive investment. Fundamental Highlights: • We believe Nokia’s handset business will gain share in 2H of year, reaching our 33% market share estimate. • New models in low, medium and high end bracket should improve mix in 00Q4. • We believe the likely shortfall in 00Q3 results will be a one-off and that management will execute and regain market confidence in the near future.

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