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We're Calling Vodafone Undervalued

Allan C. Nichols, CFA (allan.nichols@morningstar.com)

 Vodafone VOD is successfully transitioning from one of the world's largest wireless-only telecom companies to a diversified operator offering converged mobile and fixed-line services in many markets. The acquisitions of Kabel Deutschland in Germany, Ono in Spain, and Cable & Wireless Worldwide in the United Kingdom provide Vodafone with some key fixed-line infrastructure in three of its biggest European markets. In the Netherlands, it completed the merger of its wireless business with Ziggo, Liberty Global's Dutch cable business, in a 50/50 joint venture.