Soneras Gewinne - 500 Beiträge pro Seite

[FastFist]

Laut Soneras Veröffentlichung von gestern soll diese mit einem Erlös von 69o Mio. Dollar, durch den Börsengang von Turkcell rechnen.
Da freut sich doch mein Depot??

Mfg
FF

[biotechholder]

Sonera ist langfristig gesehen ein Uebernahmekandidat, aber
auch so definitiv ein W I N N E R! ! !

das haben leider noch nicht soviele bemerkt, aber:

! ! ! Geduld macht Reich ! ! !

greetings

fox

www.feel.ch

[quickly]

Wednesday July 26, 7:00 am Eastern Time
Morningstar.com
A Cheap Wireless Stock? Say It Ain`t So!
By Pat Dorsey


I`ve received some e-mail recently chiding me for ``too much big-picture stuff`` and not enough commentary on specific companies. Well, never let it be said that I`m not responsive to readers` requests. Here`s a company that has sold off lately and that could be an interesting opportunity for all five of you who don`t already have 90% of your portfolios in technology.

I last wrote about Sonera (Nasdaq: SNRA - news)--the former Finnish state-owned telephone company turned wireless whiz kid--in early January, when the stock was trading at about $60 per share. After running up to about $90 in March, the shares have sold off with the rest of the Nasdaq over the past few months. Unlike many other wireless carriers, however, the stock hasn`t bounced back, and it now languishes at about $42.

Who Will the Suitor Be?
While Sonera can hardly be called a value stock, it looks like a pretty attractive wireless play for a couple of reasons. The most obvious one is consolidation, which has been rampant in recent months as larger operators such as Vodafone Airtouch (NYSE: VOD - news) and Deutsche Telekom (NYSE: DT - news) have snapped up other wireless companies in an effort to build the biggest, baddest mobile network on the block.

Sonera`s attractiveness as an acquisition candidate stems not only from its leading position in the Finnish wireless market but also from its solidly profitable fixed-line business. Although fixed-line revenues are actually shrinking a little, this portion of Sonera would still be an attractive source of cash flow for a capital-hungry acquirer.

Add in the $674 million that Sonera will get from selling its stake in Turkish mobile operator Turkcell and the $570 million it will receive as a result of Deutsche Telekom`s acquisition of VoiceStream Wireless (Nasdaq: VSTR - news; in which Sonera also has a stake), and you have quite a nice little plum ripe for the picking. That the Finnish government recently gave the formal thumbs up to eventually reducing its Sonera holdings to zero is icing on the cake.

Cheap on a Sum-of-the-Parts Basis
Of course, playing the consolidation game can be risky business, and it`s never a good idea to buy a company just because it might get bought out. If it doesn`t, you`re left holding a set of assets that you never wanted in the first place. (Trust me on this. I`ve tried to play this game and gotten shellacked. Lesson learned.)

Luckily, Sonera has a very attractive set of assets and is trading at a fair valuation. In addition to its Finnish fixed-line and wireless businesses and its stakes in a slew of other wireless operators, Sonera has two fast-growing business units that have a lot of promise. One division, called Zed, has developed a cutting-edge wireless portal; the other, SmartTrust, develops software to ensure the security of mobile phone-based transactions. SmartTrust is an early leader in this area, which should begin to take off once European mobile networks go through their next round of upgrades over the next year or so.

The best part is that with Sonera trading at about $43 per share, you`re essentially getting Zed and SmartTrust for free. A conservative back-of-the-envelope valuation of Sonera`s various pieces pegs the worth of the fixed-line business at about $2.5 billion, the mobile division at about $18 billion, the company`s stake in Turkcell at $6.3 billion, and the company`s Deutsche Telekom shares at $3.4 billion. Various odds and ends--such as a stake in U.S. mobile operator Powertel (Nasdaq: PTEL - news) and about $670 million from the recent Turkcell IPO--add approximately $1.5 billion to the picture. Subtract about $2 billion in interest-bearing debt, and you wind up with roughly $30 billion, which is pretty close to Sonera`s current market cap.

Granted, Zed and SmartTrust have a lot of risk attached to them, as it`s always possible that people just won`t want to conduct transactions over their mobile phones or that another company will get the lion`s share of the m-commerce security market. But still, you can`t beat the price you`re paying for these two businesses.

Etc.
At 4:38 p.m. Tuesday, the following press release from Open Market (Nasdaq: OMKT - news) crossed the wires: ``Open Market Announces Second Quarter Results.`` One minute later, at 4:39, a second press release appeared: `` Open Market Announces Resignation of Ron Matros, President and CEO.``

Ouch.

Pat Dorsey can be reached at [e-mail].