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DJ MARKET TALK: Nokia Cash Position Worse Than It Appears-Bernstein

Print Share

Aug 27, 2013 (Dow Jones Commodities News Select via Comtex) -- 0918 GMT [Dow Jones] Nokia's (NOK) cash position "is less comfortable than it first seems," says Bernstein. Net cash for Nokia's main phone unit, at approximately EUR3B as of 2Q, doesn't consider "a number of hidden liabilities that investors should adjust for in building up a true picture of the company's cash resources," it adds. Bernstein estimates that Nokia's negative operating working capital, accrued expenses, provisions and the cash that Nokia will have to return to Microsoft its strategic partnership deal represent EUR4.8B of obligations that aren't reflected in the net cash figure. Additionally, Nokia's prepaid expenses of EUR2.1B could be worth nothing if one adjusts for "likely write-downs." Hence, if Nokia needs to shift its strategy and go through more restructuring it must do so swiftly. "We wouldn't be surprised to see an announcement in that direction by the end of the year," Bernstein says. Has a EUR1.50 target and underperform rating. Shares down 1.6% at EUR3.04. (sven.grundberg@dowjones.com)

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(END) Dow Jones Newswires

08-27-13 0518ET

Copyright (c) 2013 Dow Jones & Company, Inc.

**********************************************************************

As of Friday, 08-23-2013 23:59, the latest Comtex SmarTrendA? Alert,
an automated pattern recognition system, indicated a DOWNTREND on
04-11-2012 for NOK @ $4.31.

For more information on SmarTrend, contact your market data
provider or go to www.mysmartrend.com

SmarTrend is a registered trademark of Comtex News Network, Inc.
Copyright A? 2004-2013 Comtex News Network, Inc. All rights reserved.

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