CITI thinks SoTP is €5 but ALU could accept less meaning ALU SoTP could be €4.7
While the Bloomberg story cited a full takeout of all of Alcatel-Lucent as a possibility, we think the possibility is very remote says CITI
if Nokia were to take make its offer today, rather than a year from now, we would expect Nokia to offer and ALU to accept somewhat less than full price for the asset, and likely closer to a 0.7-0.8x EV/revs, or roughly €3.5B, well above the €2B numbers bandied about in various press reports said CITI