Vodafone-Airtouch (NYSE: VOD) Message Board

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Technology Stocks : Vodafone-Airtouch (NYSE: VOD)

VOD 13.16

+0.3%

3:38 PM EST

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To: MrGreenJeans who wrote (3076)	1/24/2001 1:03:21 PM
From: MrGreenJeans	Read Replies (1) of 3175

CFSB CSFB remains positive on Vodafone, noting relief at the apparent absence of the group from the bidding for 2G licences in Brazil and the likely upgrades to forecasts from recent acquisitions. CSFB reiterates its buy rating on Vodafone and thinks the market will be relieved by the apparent absence of the group from the list of pre-qualifiers for the 2G (DCS1800) licence auction in Brazil. The broker says it looks as though Vodafone has decided not to prequalify, with the list due to be released later today. CSFB explains this will mean that Vodafone’s balance sheet remains relatively unexposed to future licence fees and that its EBITDA growth will not be slowed by start-up losses in Brazil. However, the broker still expects Vodafone to look for growth in the region, but by acquisition. The broker retains a buy, noting the stock overhang is in the price whilst the market has not yet factored in the +10% 2001/2 proportionate EBITDA upgrades (to consensus of £9.0bn) coming from the acquisitions of equity in Eircell, Swisscom Mobile, China Mobile and Japan Telecom.

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