Paul Harper's  Instablog

Paul Harper
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Having spent a fair amount of time in the international telecom market, I have developed a taste for Emerging Markets. My interests tend to be focussed on telecoms, energy & commodity stocks (mostly ADRs) & country sector ETFs
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  • Vodafone divests SFR stake for €7.5Bn 0 comments
    Apr 4, 2011 5:27 AM | about stocks: VOD, VZ
    $VOD sells SFR stake been on the cards for some time& is already priced in (imho). Levy has been trying to buy Voda  out for 3 years.

    Plenty of talk but no show on dividend from $VZ ... €5.5Bn in free cash not realising this year.
    Look for them to exit Poland next (Polkomtel), which would realise circa €800k.
    they need to invest significantly in network in India & Africa to keep the momentum going in wholly owned subsidiaries.

    Lots of continous chatter regards the Indian (Essar) accumulation, but only more pain to come :

    “We have received feedback from many foreign investors that the growing unpredictability in India’s tax policies creates unquantifiable risks in investment planning,” the ambassadors of the United States, Britain, the European Commission and four other countries wrote in a letter to India’s finance minister. “We are concerned that this uncertainty could affect the confidence of those thinking of investing in the Indian market, who may seek an alternative destination for FDI.”
    Have a look at Vodacom (African holdings),   VOD  acquired a full blown network in South Africa, but the international arm (sub-Saharan Africa) saw 50% of revenues being ploughed into CAPEX. This will continue.

    no positions, but if I was liquid enough, would short the hell out of them.
    Stocks: VOD, VZ
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