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Nokia - Overview of 2012 Q4 Results - A fool's rally




Indigo Equity Research


29 Jan 2013





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Nokia - Overview of 2012 Q4 Results - A fool's rally Poor 2012 Q4 results - Finally an operating profit but EPS falls 7% The key event this Q was that Nokia produced its first operating profit since Q1 2011, and a 5.5% EBIT margin; leading to speculation that Nokia has finally turned a corner. An operating profit was mostly due to higher sales & margins in Networks, better margins in standard phones, and more other income (ie. less restructuring charges & write-offs). ...... In summary, given that industry sales of standard phones are in decline, and the growth is from smartphones, Nokia's future is bleak without a real turnaround in smartphones. ....... - Q4 Total Revenue fell €2.0 bn (-20%), to €8.0 bn; the same rate of decline as last Q. ..... Independent, buy-side, fundamental, financial analysis. This report includes: results analysis, investment thesis, recent key events, SWOT analysis …. www.indigo-equity-research.com

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