Vodafone-Airtouch (NYSE: VOD) Message Board

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Technology Stocks : Vodafone-Airtouch (NYSE: VOD)

VOD 13.12

+0.2%

Dec 26 9:30 AM EST

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To: Jules Shear who wrote (3143)	6/16/2001 8:28:42 PM
From: MrGreenJeans	Read Replies (1) of 3175

Following a presentation from Vodafone (VOD - news) management Dresdner Kleinwort Wasserstein has reiterated its “buy” recommendation on the shares at 170.5p Vodafone CEO Chris Gent gave a short presentation to the DKW sales team and fielded a question and answer session. Gent said the company had the capacity to “double cover” any slippage on data revenues through voice initiatives. Operators are concentrating much more on margins and profits -- positive for the whole sector -- and the ability to “squeeze more out of voice” will be more important if data targets slip. Vodafone has this ability via its seamless international offering. Vodafone’s size gives it significant buying power. Gent illustrated this with the fact that Vodafone is selling the Motorola Timeport GPRS phone at half the price BT Cellnet is. “The ability to sell handsets with low levels of subsidy is crucial in our argument that earnings margin enhancement is the key theme this year,” according to DKW. In Germany, Vodafone feels no need to enter into infrastructure sharing agreements, as this would lock it into Nokia. “We continue to believe new entrants in more than four-player markets will struggle, leading to pressures for consolidation.” One of Gent’s main business aims is to improve operational efficiency in Japan, where margins are around 21%. The move from nine regional operating companies to three has improved efficiency already. The planned move from three to one should help further. Vodafone’s influence is now being felt in the company’s operations. Gent reiterated his confidence that Verizon Wireless will adopt European standard technology technology for 3G He also talked generally about the possibilities for consolidation in the US market if and when the FCC lifts its spectrum cap, although did not commit Vodafone to anything here

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