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Nokia OYJ ADR [NYSE: NOK] Created by Rahul Madhu March 25th , 2012 1 Presentation Overview • History/Company Overview • Misperception • Thesis Points • Catalyst • Risk • VAR • Recommendation 2 History • Founded in 1865 near Tampere • As wood pulp manufacturer • 1967 – Nokia Company , Finnish Rubber Works and Finnish Cable Works merged, into the Nokia Corporation. 3 History • By 1970s, Nokia began to focus on networking solutions. • With the adoption of GSM in Europe, the Company began to focus solely on consumer cellular devices. • Nokian Tyres/Footwear • By the start of new millennium, the company had corned the mobile cellular market. 4 Stock 5 Financials In USD Last price $5.42 Market Cap $19.63 b EPS (TTM) -.41 P/E -- Forward P/E 13.92 2010 Revenue $51.01 b Yield 3.5 % P/Sales .4 Beta 1.86 6 Company Structure: • Nokia • Mobile Solutions • Mobile Phones • Markets • Subsidiaries • Navteq [2007] • Nokia Siemens Networks [JV 2007 ] • Vertu 7 Misperceptions: Symbian • Many people perceive that Nokia will not be able to build feature phones, because they are dropping the Symbian platform for the Windows phone OS. • False, Nokia is only dropping S60, but keeping S40 OS for the feature phones. 8 Misperceptions: Symbian S60 S40 Symbian Feature phone OS Used in Very Popular Developed in Developing countries Countries 9 Misperceptions: Smartphones • Many people perceive that feature phones is dying sector and everyone is willing to switch over to smart phones. • False, Feature phone market is slowly declining and the distinction between them is almost non-exist. • Number of cellphone companies have withdrawn from this market 10 Misperceptions: Smartphones • 1 GHz CPU Sony Ericsson • 3’ Xperia X10 • 2G/3G • Bluetooth 2.1 Mini pro • 512 mB ram • 1 GHz CPU Nokia Asha • 2.6’ • 2G/3G 303 • Bluetooth 2.1 • 128 mB ram 11 Misperceptions: Hardware • Nokia phones are outdated when compared to its competitors • False, Nokia’s hardware is similar to LG, Apple. 12 Thesis Points Strength in New Strong Research Smartphone Support and Strategy Structure Development 13 Thesis Point [1]: • Nokia is rekindling its focus on smartphone segment by switching over to the Windows Phone. • Integration of Microsoft services • Xbox Live integration • Nokia Music • Nokia Drive • Zune Pass • Skype • Office Suite 14 Thesis Point [1]: • Windows phone 7 has received stellar reviews about its functionality and its ease of use. Cnet “Microsoft should be applauded for thinking outside the box, and for integrating features intelligently into the OS….” Engadget “Wonder of wonders, miracle of miracles, Windows Phone is developing into the OS we've been asking for since we first used it last year…” Gizmodo “The Windows Phone interface still feels fresh and new and different and fast, and I'm kind of amazed I'm not tired of it after a year.” 15 Thesis Point [1]: Windows phone Mango offers integration to the Microsoft Metro UI Ecosystem 16 Thesis Point [2]: • Nokia is a leader in R&D related to mobile telecommunications • It has close to ~19,000 patents • Number 2 in R&D spending last year in Europe Company Sector R&D investment (Euro) Volkswagen Automobiles 6,258.00 M Nokia Telecommunications 4,938.00 M Daimler Automobiles 4,852.00 M Sanofi-Aventis Pharmaceuticals 4,390.00 M GlaxoSmithKline Pharmaceuticals 4,378.96 M 17 Thesis Point [2]: • Nokia outspends most if not all of it competitors. 18 Thesis Point [2]: • Compelling Nokia products in 19 Thesis Point [3]: • Nokia prides itself in supporting the cellphone throughout itself useable life. • Nokia Support • Nokia Support Discussion • Nokia Care • Nokia will continue to support Symbian till 2016. • Nokia Symbian belle update February 8th , 2012 20 Thesis Point [3]: 60.0.003 [October, 2011] 51.0.6 50.0.5 40.0.5 31.0.101 31.0.008 30.0.011 21.0.101 21.0.025 20.0.012 11.0.009 11.0.008 10.4.016 10.0.010 [April, 2008] 21 Catalyst: • Nokia alliance with Microsoft is a major catalyst for the growth of Nokia in the future. • Microsoft is aggressively promoting for Windows phone. [$250 Million] • Microsoft is investing €18 Million in Apps program 22 Catalyst: • Nokia’s new CEO, Stephen Elop is willing to make sweeping changes that will increase Nokia’s profitability. • Moves telecommunication devices production to Asia • Closes non-telecom related services offered by Nokia • Restructures Nokia Siemens by cutting Union Labor 23 Catalyst: • At the moment, the Nokia windows phone is only available in limited number of markets [10 and counting]. • China Nokia lumia 800c (March 27th ) • Canada Early April 2012 • India Q2 2012 24 Risks • Nokia fails to innovate in bringing forth compelling products. • The cost cutting measure initiated by the CEO fails to revive the competitiveness of the company. • Failure to increase the number of App in the windows market place • Macroeconomic problems 25 VAR: T-Mobile • “ Lumia [710] is the second most popular phone that people are looking to buy. Unfortunately, it is not as popular as the Galaxy s2 phone” – Jonathan • “In store, we sold about 4 to 5 phones per day in the first couple of weeks of its introduction. The online sales are a lot higher…” – Brian 26 VAR: India • “I have the Micromax a70 phone, but the phone was unreliable. It crashes almost daily, because of the [an]driod OS. I am thinking of getting of the new Asha phone.” ~ Das • Have you owned Nokia phone before? • “ Yes, my first phone is Nokia 3310. It still functions after so many years ” ~ Das 27 Product Pipeline • Windows 8 Tablet Q4 2012 28 Recommendation • I recommend MII initiate 2.5% long position before Nokia releases Q1 2012 earnings. • April 19th, 2012 29 Questions? 30.
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