Please re-read what you wrote and edit, there are statements in your post that make no sense at all and are plain wrong. Please familiarize yourself with the term "outstanding shares", as you apparently think that market cap is share price times shares traded on one exchange (NYSE). This is clearly not the case, however you bring this up a second time. To reiterate: Market cap is share price times outstanding shares (3.71 billion shares according to Nokia's latest quarterly report). I did not assume you read a 2007 report, I asked the question if you did, as it would have been the only plausible explanation to value Nokia at EUR 100 billion. So, was the report from 2007 or did you find a 2011 report valuing Nokia at EUR 100 billion? To assign Nokia a current value of EUR 100 billion / $144 billion is not plausible. Neither market cap, break up value or liquidation value are anywhere close to this number. It would be good if you could provide the issuer / name of the European financial report you refer to that - according to you - assigns an EUR 100 billion valuation to Nokia. I would like to get my hands on that report, if one exists at all.