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Maikelmike's  Instablog

Maikelmike
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Graduate of Stockholm University, Masters degree in Finance, Second degree bachelor in Economics, Focusing primary on writing analysts on Telecom companies but may also on occasions provide articles on the stock market as a whole.
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  • Nokia - Biggest Markets

    All data is taken from Annual Reports

    All data is in EUR Million

    China overtook US in 2005 to become Nokia´s biggest market in terms of Net Sales. China is therefore considered naturally to be an important market for Nokia, Q1 sales in China will be very interesting from this perspective. YoY sales in China has declined dramatically in China mostly due to declining smartphone sales. Q1 saw Nokia releasing their new Lumia 920 and 820 on the Chinese market. Encouraging news regarding sell outs has circulated on the web, however this can be due to supply issues.

    Top 10 major markets (Net Sales) 2003

    USA 4475

    UK 2693

    GERMANY 2297

    CHINA 2013

    UAE 1886

    INDIA 1062

    ITALY 1003

    FRANCE 1003

    FRANCE 867

    BRAZIL 805

    SPAIN 748

    2004

    USA 3416

    CHINA 2660

    UK 2261

    GERMANY 1730

    INDIA 1364

    BRAZIL 1091

    RUSSIA 938

    UAE 909

    ITALY 884

    SPAIN 768

    2005

    CHINA 3403

    USA 2743

    UK 2405

    INDIA 2022

    GERMANY 1982

    RUSSIA 1410

    ITALY 1160

    SPAIN 923

    SAUDI ARABIA 897

    FRANCE 870

    2006

    CHINA 4913

    USA 2815

    INDIA 2713

    UK 2425

    GERMANY 2060

    RUSSIA 1518

    ITALY 1394

    SPAIN 1139

    INDONESIA 1069

    BRAZIL 1044

    2007

    CHINA 5898

    INDIA 3684

    GERMANY 2641

    UK 2574

    USA 2124

    RUSSIA 2012

    SPAIN 1830

    ITALY 1792

    INDONESIA 1754

    BRAZIL 1257

    2008

    CHINA 5916

    INDIA 3719

    UK 2382

    GERMANY 2294

    RUSSIA 2083

    INDONESIA 2046

    USA 1907

    BRAZIL 1902

    ITALY 1774

    SPAIN 1497

    2009

    CHINA 5990

    INDIA 2809

    UK 1916

    GERMANY 1733

    USA 1731

    RUSSIA 1528

    INDONESIA 1458

    SPAIN 1408

    BRAZIL 1333

    ITALY 1252

    2010

    CHINA 7149

    INDIA 2952

    GERMANY 2019

    RUSSIA 1744

    USA 1630

    BRAZIL 1506

    UK 1470

    SPAIN 1313

    ITALY 1266

    INDONESIA 1157

    2011

    CHINA 6130

    INDIA 2923

    BRAZIL 1901

    RUSSIA 1843

    GERMANY 1606

    JAPAN 1539

    USA 1405

    UK 996

    ITALY 982

    SPAIN 907

    Disclosure: I am long NOK.

    Feb 03 8:48 AM | Link | 3 Comments
  • Mr.Market

    Are you to become a trader? Or are you just starting to know what a stock is?

    Either way, getting to know the platform - the market - where you probably will do your affairs is a must-know. If we follow the academic literature and the theory of market efficiency then we should expect that the market - most of the times - acts accurately in pricing stocks. However, as it usually is when it comes to the world of academics, its concepts are more applicable in theory than in practice. In real world, in real markets without any assumptions sometimes the price of a stock does not reflect its value; sometimes the particular asset is mis priced. To understand the logic behind this, One should know about Ben Grahams brilliant metaphor mr. Market. It normally functions as the most brilliant metaphor ever created explaining the mispricing of stocks.

    The Manic-depressive mr.Market does not always price stocks the way you or I would value a business. For an example, when stocks are going up, he, being a lunatic pays happily more than their objective value and when the stocks are going down he sells them for less than their true worth.

    "Would you allow a lunatic to come by at least five times a week to tell you that you should feel exactly the way he feels? Would you ever agree to be euphoric just because he is - or miserable just because he thinks you should be?" These are the questions asked discussing mr.Market in the commentary section of chapter 8 of Ben Grahams book "Intelligent Investor" . The answer to these questions is of course not. Every person would insist on their rights to take control of their own emotional lives, based on their experiences and beliefs." However, when it comes to their financial lives, millions of people still let mr.Market tell them how to feel and what to do - despite the fact that he from time to time can get crazier as hell".

    Just look at the recent financial crisis. Many companies lost more than half of their market values although they still earned the same money they had earned before the crisis hit. A fear was manifested inmr.Markets decision to sell assets for less than their true worth - which resulted in declining stock markets all around the world. Of course, sometimes these declines were justified. Some companies were in great trouble but many were not affected to a greater extent at all. This was evident later when the stock markets experienced a boom.

    Of course, it is hard to know when mr.market acts stupidly. One intelligent investor - as described in the book - should therefore try to do as much research as possible to be able to take advantage onmr.Markets decisions. The investor should do business with him, but only when it serves your interests. As mr.Markets job is to provide the prices, your job is to decide whether these prices are correct or not.

    Feb 03 5:54 AM | Link | Comment!
  • Quick 5 Year Look At Operating Profit

    Here comes a 5 year quick look at Nokias Operating profit and Net sales, as you notice by the second graph Nokias operating profit has declined dramatically since 2007.

    (click to enlarge)

    Disclosure: I am long NOK.

    Tags: NOK, AAPL, SSNGY, MSFT
    Feb 01 12:40 PM | Link | Comment!
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