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DGAP-News: Silvia Quandt Research GmbH: Nokia Oy / HP buys Palm for $ 1.2b acquiring WebOS. Maintain Neutral rating but place tp under review (EUR12,80) / Analyst: Jacques Abramowicz
ID: 194632
(firmenpresse) - Silvia Quandt&Cie. AG, Merchant&Investment Banking / Research Update
29.04.2010 12:22
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Nokia Oy
HP buys Palm for $ 1.2b acquiring WebOS. Maintain
Neutral rating but place pt under review (EUR12,80)
Analyst: Jacques Abramowicz
RIC: NOK1V.HE
Close 28/04/10: EUR9.11
Rating: Neutral
Hewlett-Packard has agreed to acquire Palm for $1.4 billion in cash,
uniting a pair of companies that have failed to make much recent headway inthe smartphone business.
HP announced its all-cash purchase of Palm just after the financial markets
closed on Tuesday, saying it would pay $5.70 a share. Shares of Palm were
down during regular trading on Wednesday, closing at $4.63, and rose in
early after-hours trading by 27 percent to $5.90. The $1.4 billion price
includes the Series B and Series C shares, most of which are owned by
Elevation Partners.
Over the last year, shares of Palm have traded as high as $18 a share and
as low as $3.65.
Palm had listed $400 million in debt at the end of its third quarter, which
H.P. would retire using some of the $592 million in cash that Palm has on
hand.
'The smartphone market is large, profitable and rapidly growing, and
companies that can provide an integrated device and experience command a
higher share,' said Todd Bradley, the executive vice president of H.P.'s
personal systems group,in a statement. 'Advances in mobility are offering
significant opportunities, and H.P. intends to be a leader in this market.'
Mr. Bradley came to H.P. after holding the chief executive position at
Palm.
As head of H.P.'s PC business, he has turned the company into far and away
the largest producer of computers. Mr. Bradley, however, has had little
success injecting new life into H.P.'s dwindling phone business, which
produced just $25 million in sales for the company last quarter.
For its part, Palm had looked to steal some thunder from Apple and Research
In Motion, the maker of the BlackBerry, with a new fleet of smartphones
released last year. Lackluster sales of the Pre and the Pixi contributed to
Palm putting itself up for sale in recent weeks.
Dell, HTC and Lenovo had all been mentioned along with H.P. as
suitors.H.P.'s iPaq smartphone runs Microsoft's Windows phone software,
while Palm's devices rely on the company's own, competing software.
Elevation invested about $460 million in Palm and will take out about $485
million.
This is lost opportunity for Nokia which has also fallen behind in the
smartphone market. Nokia's Symbian OS is clearly showing signs of age and
comes from a time when smartphones did not have touchscreens. Even the new
Symbian 3 operating systen (S^3) lacks the performance and ease of use
which WebOS (Palm), Android or Apple's OS have. It would have been a
masterstroke for Nokia to purchase Palm and thus gain control of WebOS
which is the bestsmartphone operating system out there but is hampered by
okayish hardware and no marketing muscle. With Nokia behind it WebOS could
have given Apple a run for its money. But, that would have meant for Nokia
to swallow its pride something they were clearly not prepared to do.
We are placing Nokia's share price under review whilst we assess the
damages its lack of competitive products will do to average selling prices
(ASPs) and market share and work this into a new financial model.
Jacques Abramowicz
+4969959290930
www.silviaquandt.de
29.04.2010 12:22 Ad-hoc-Meldungen, Finanznachrichten und Pressemitteilungenübermittelt durch die DGAP. Medienarchiv unterwww.dgap-medientreff.deundwww.dgap.de---------------------------------------------------------------------------
  
  
  
Datum: 29.04.2010 - 12:22 Uhr
Sprache: Deutsch
News-ID 194632
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