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Strategies & Market Trends : Gorilla and King Portfolio Candidates -- Ignore unavailable to you. Want to Upgrade?

To: hueyone who wrote (53232)	12/5/2002 10:33:18 AM
From: Eric L	Read Replies (1) \| Respond to of 54805

re: ADR Filings << I have the same question for Eric regarding Nokia. What does one find the filings for these ADRs? >> Nokia reports both IAS and Pro Forma IAS quarterly. Official currency for Nokia which trades on 6 exchanges is the Euro. Reported IAS differs from Pro Forma IAS in that it does not excludes goodwill amortization and non-recurring items so it is analogous to but not identical to GAAP. At the end of each year the Nokia Annual Report (Annual Accounts) does a preliminary reconciliation to US GAAP. nokia.com By mid-year Nokia files an annual 20-F reconciling to GAAP with the SEC: nokia.com There are no quarterly SEC filings. Those companies that calculate PE of TTM GAAP for US companies (MSN Money Central, Multex proVestor, etc.) calculate Nokia et al TTM PE off reported IAS. There is one idiosyncrasy that must be taken into account with stocks of companies whose official currency is other than the US dollar. Nokia has had 10 years of consistent top line growth since Ollila took the helm and commenced a focus strategy, but growth last year in Euro's translated to a slightly down year in USD which will reverse this year due to fluctuation in exchange rate. Best, - Eric -

To: hueyone who wrote (53232)	12/5/2002 11:19:05 AM
From: Jurgis Bekepuris	Respond to of 54805

Huey, I see Eric already answered you re NOK. My answer is essentially the same. For ARMHY you can get their annual reports on their web site. I did not search for quarterlies or semi-annuals. Multexinvestor.com (also available free through Yahoo) has some conversion of quarterly numbers to US$. I cannot vouch for quality of the conversion. I can't answer your questions regarding option expensing and their effect on ARMHY. Just a note: ARMHY is a tad speculative play for me. I am somewhat willing to adopt more speculative growth expectations (e.g. 20% ROE) for them than for other stocks. Even with these assumptions it is not a buy right now, more a hold. And I will probably sell around $4-5 and never see $20-50 - if this ever happens again. ;-) Jurgis