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Nokia Revival

Below is a summary of a review of Nokia.  Attached is the full Report. 
Finland based Nokia is clearly still in a troubled situation vs where it was several years ago, but it appears that the worst is over.  The stock clearly reflects this as it is up 150% up off the bottom and the bonds have come back up almost 20% off the bottom several months ago.  Furthermore, the company has about $4 billion in net cash. 
While the stock pays a 5% dividend and could see tremendous upside, there is still the risk of another dividend cut and enough uncertainty about the strength of the Windows 8 cellphone launches so we are recommending staying with the bonds at this point.   
            Coupon            Maturity       Moody's         S&P    CurrentPrice             YTM
               5.38%          05/15/2019        Ba3             BB-          $98.58               5.64%
               6.63%          05/15/2039        Ba3             BB-          $95.13               7.03%
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