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Technology Stocks : Nokia Corp. (NOK)

NOK 6.810

-4.8%

Nov 4 3:59 PM EST

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Jurgis Bekepuris

From: veco	11/23/2013 3:23:13 PM
	1 Recommendation Read Replies (2) of 9255

In July Siemens sold 50% of Nokia Siemens Networks to Nokia for $2.2 billion so they valued whole NSN equity for $4.4 billion. NSN is 95+% of New Nokia operating earnings and 93% of revenue so how could this be valued at 18 billion dollars now(29 billion minus net cash)? It earned 742 million euros in first 9 months so that would be like 1 billion euros ( or 1,3 billion dollars) for the year. Now that would make sense. But than why did Siemens sold it so cheap? P/operating earnings of 3,5 is way to cheap. So, as I see it there are two explanations: a) people who run Siemens are totally clueless b) they know that those high earnings are not sustainable. So which is it?

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