The worst BS note I have seen about Nokia and I have seen a lot of them the last 2 years. The Nokia stock is already trading at zero valuation of Nokia as a company. I went through his entire BS note and here is what I came away reading it.His take:
1-Cash valuation is worse than even in the event of a BK process. Mostly they are using Q1 but going back in time to 2012 when Nokia had none of the current generation Lumia family except 800 and 900.
2-They put zero valuation to Here service division which is worth 10 Billion plus if Nokia had to put up for sale. You think Apple and Microsoft will not be buying it if this unit was put up for sale? Arguably, Nokia here service is better than Google maps if not in par.
3-Ignoring Lumia family traction and assuming worst case for Asha plus and Nokia feature phones. Well, very convenient when you are hired to do a hit piece or shorting the stock.
4-I don't know any sane person who will value Nokia and all its division 1.90. Just the Nokia brand is worth more than 1.90.The last brand valuation that came out last week values Nokia brand 21 billion.
5-How can a credible analyst value a company that had sales of 20 billion plus in 2012 just 6 billion? Bernstein values NSN 6 billion and assumes 3 billion Nokia share. Just total BS.
At the end of every months when options are expiring and when shorts are at risk because Nokia stock is making a run,you get all these BS notes.Wall Street is rigged.