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Analyst Research Report Snapshot


Nokia - Company Profile - A flawed strategy




Indigo Equity Research


29 Jan 2013





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Investment thesis - The turnaround strategy is fundamentally flawed Nokia's competitive edge was in manufacturing low-cost (standard) handsets in high volumes. But this segment is shrinking and faces increasing competition from Asian manufacturers. Nokia hasn't recovered from missing the shift in consumer demand to smartphones and apps. Adopting Windows OS was misguided as it lacks content to compete with iPhone & Android. The vicious circle is few sales means few developers for apps, few apps means few sales …. Another problem is that as sales & market share decline, economies of scale are lost and margins fall; making it harder to compete. Thus, it is increasingly hard to regain lost ground. Once handset manufacturers stumble (eg. Motorola, RIM, HTC …) they rarely recover. In summary, the turnaround strategy is fundamentally flawed and Nokia's future is bleak. Overview - 2012 Q4 Results - A fool's rally ....... This report includes: SWOT analysis, investment thesis, fundamental & DCF valuation, significant recent events, operations analysis, ten year financial analysis, business model, strategy, industry overview, analysis of latest Q results, …. Independent, buy-side, fundamental, financial analysis. www.indigo-equity-research.com

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