GS, UBS, Barclays
UBS GLOBAL I/O® - European Technology Hardware Voulez-vous? Would you?
We have attempted to answer Nokia-Alcatel-Lucent (NokAlu) investor questions. We don’t have all the right answers at this stage so we launch two interactive models sensitising both a full merger as well as a purchase of just the wireless asset - Financial merger model and UBS interactive merger model. Our conclusion results in average take-over valuation scenario of €4.8/share (€4.1- 6.5/share range) for Alcatel-Lucent. For Nokia, a range of €6.8-9.3/share (average €7.9) subject to share and size of synergies. We maintain our view that the deal is positive for the mobile infrastructure sector including Ericsson.