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Page 1 of 4 Trends – Share buybacks Share buybacks by companies have been in vogue for some time as a way to juice up earnings and spend extra cash that can’t be deployed elsewhere. Nokia’s program of share buybacks is one of extreme. Nokia, as you all know, is a popular handset manufacturer with a high market share in the low end. However, the shares have been decidedly unpopular since the year 1999 when on New Year’s eve they exploded upward to new highs, hitting an all time peak. Over the past few years, they have a new management team and cash has been piling up on their balance sheet. Their cash pile peaked at Є15bn in 2004 and since then the company has bought back 18% of issued equity. Nokia has an unbeatable competitive advantage in its space (something I look for as an investor), which is the fastest growing space in the handset market and they have been able to maintain margins. I first looked at Nokia as a global champion in 1999 when the estimates for handset sales paled by the actual reality of what we have seen to date. Their competitors have not been able to beat them in this space and they remain a truly great global company with a vision unchallenged. Now their operating margins are rising and so is EPS growth. Nokia is a top quality company with fundamentals heading in the right direction.
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