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Technology Stocks : Nokia (NOK) -- Ignore unavailable to you. Want to Upgrade?

To: LarsA who wrote (10925)4/23/2001 11:58:58 AM
From: Caxton Rhodes  Respond to 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.



To: LarsA who wrote (10925)4/23/2001 12:07:11 PM
From: Puck  Read Replies (2) | Respond to of 34857
 
I'm getting the idea that there are many Finns who enjoy seeing Ericsson writhing in its troubles and that a strong element of nationalism undergirds their views.



To: LarsA who wrote (10925)4/23/2001 12:25:02 PM
From: Puck  Respond to of 34857
 
What do Swedes think of Ericsson, aside from the recent angst caused by the decline of every Swedish pension fund from Ericsson's share slide?


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