Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V)’s joint venture NSN with Siemens AG (NYSE:SI) could result in an initial public offering, in the view of analysts at one firm. Societe Generale analysts released a report to investors this week which takes a closer look at the joint venture and possibilities for struggling Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) coming out of the joint venture, which ends this week.

Nokia

The analysts said the 2011 restructuring of 2011 enabled the company to recover by focusing on profits while also cutting costs. They point out that the joint venture has been growing in line with the market and has especially benefited from the Japanese market. They predict moderate growth this year as Japan’s economy slows down, although they expect additional restructuring to keep pushing the company into greater efficiency this year.

They note that mobile infrastructure spending probably won’t grow much this year, although they believe China Telecom will boost the amount of money spent on mobile infrastructure this year.

The analysts found that NSN has a strong cash balance, so they say it’s a good time for both partners to wrap up their joint venture and possibly find a buyer. They said Samsung may be interested in the company, but since cross-border deals have become difficult in the telecommunications industry, they believe an IPO would be more likely.

The analysts value NSN at €1 per Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) share. As one of the world’s top three mobile infrastructure makers, the company does carry a lot of value for both Siemens and Nokia, which could even acquire the entire company if it chooses to do so. If the joint venture itself doesn’t announce an IPO, Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) could purchase the half owned by Siemens AG (NYSE:SI).

At the moment of this writing, shares of Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) were down 1.48 percent at the New York Stock Exchange.