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Strategies & Market Trends : Value Investing

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To: Dan Meleney who wrote (43054)	6/18/2011 1:31:55 PM
From: E_K_S	Read Replies (1) of 78659

Hi Dan - Isn't it interesting that the Enterprise Value for NOK & RIMM are the same, both around $12.5B. Nokia's hidden jewel is the Nokia Siemens Networks. This division is a joint venture between Nokia Oyj (50.1%) and Siemens AG (49.9%) Germany. They design and build cellular infrastructure & equipment. Revenue € 12.661 billion (2010) Operating income € 686 million (2010) en.wikipedia.org I am not too sure what the hidden assets for RIMM are (perhaps their proprietary email delivery system). It looks like Stephen Jarislowsky (formerly the company’s sixth-biggest investor, with 10.2 million shares of RIM at the end of the first quarter) has sold more than half of his stake. noir.bloomberg.com ---------------------------------------------------------------------- I am not too sure if either company is a good value based on the market share each owns. My bet continues w/ NOK & MSFT, however my last transaction was a sale of 20% of my NOK shares on 5/11/2011 for $8.52/share. I am not tempted to buy any of those shares back at this point even through the stock traded in the $5.98/share area last week. At some point The Nokia Siemans Network JV could be spun off but I am not sure what value it would bring to NOK shareholders. This partnership contributed almost 20% of NOK's $61.5 B in revenues. Maybe it's worth $1.00/share on it's own especially with their telecommunication Infrastructure contract(s) in China. At least w/ NOK there is some hope (and a vision towards transition products) with two very compelling partners Siemens and Microsoft. The initial recovery in handsets for NOK could be w/ MSFT Enterprise customers as these devices will provide a secure extension to the office which neither Apple nor Android products can claim. This will be an interesting transition to watch. Keep tuned. EKS

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