The more I think about the NOK investment, the more I realize it is a horizon that involves two phases, both likely to be very lucrative.

The first phase is all about the merger of both companies which will yield over the next three years a combination of cost reductions and higher overall revenue for the combined entity.  I believe this first phase has the potential to raise the share price into the $13 to $14 area by late 2017 or early 2018.

The second phase is the world wide deployment of 5G.  This next phase will start to play out around 2019 and promises to be a 4 to 5 year cycle.  I believe this deployment will be huge from a revenue point of view.  The spoils will be divided among the three top players:  Nokia, Huawei and Ericson.  I believe that Nokia has a very decent chance to grab significant market share.  Regardless, with 5G rolling out around the world and only three companies enjoying this huge revenue stream it will be enough to lift the entire sector.

The company then will not only be lean and cost reduced but also with a really strong balance sheet.  This phase will allow additional growth, one that could be high.  I would not be surprised if the stock reaches into the high teens by 2021-2022.