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From the Finnish press

“Investment house FIM thinks Nokia’s patent portfolio is so valuable that it sets a target price of 3.90 euros for one share in the company.

Other than this, FIM’s report is full of bad news for the company. Nokia’s earnings release wasn’t successful in dispelling talk of uncertainty relating to the company’s future – the exact opposite, in fact. The figures are just as depressing as the picture Nokia painted in its results warning.

According to FIM, Nokia’s basic phones are clumsy and awkward, sales of its Lumia range remain tame, Devices & Services almost halved its turnover compared to a year ago, and market shares crashed in Europe and China.

FIM was waiting for some concrete thoughts from the company’s leadership about how Nokia is planning to respond to, in particular, China’s aggressive pricing, but only ‘vague assurances’ were offered. However, while from a business point of view things look bad for Nokia, seen from an investor’s point of view the situation is reversed, according to FIM. The company has a great patent portfolio, which FIM estimates to be worth eight to nine billion euros.

Because of these patents, FIM thinks Nokia is an interesting buy. For the investment house, Nokia’s net cash and patent portfolio as well as its holdings in NSN and Navteq make one share in Nokia worth around four euros in total. FIM makes a share in Nokia a purchasing recommendation and sets a target price of 3.90 euros.”