Detailed analysis coming but basically Nokia were a sum of 2 major parts: Nokia Siemens Network (NSN) and Mobile Devices. 

NSN is profitable with a bright future, as the world upgrades to 3g/4g, NSN will be there to provide the backbone. Mobile Devices was bleeding, Microsoft has now bought that infusing Nokia with cash. 

There is also the patents and HERE maps which should be additional catalysts. 

Overall Nokia looks like a good buy.

Disclosure: I have a LONG position in NOK.