Vodafone Group (VOD)

We maintain our Buy recommendation for Vodafone (VOD - Analyst Report), the largest revenue-generating international wireless carrier. Operating results for fiscal 2009 were highlighted by respectable increases in subscriber count bolstered by record net additions for its Indian operation.

Vodafone continues to accelerate 3G wireless service deployments and expanding network availability across Asia, Eastern Europe and Africa, primarily through acquisitions. Additionally, the company is focused on improving shareholder returns through increased dividend payouts, which supports our valuation forecasts.

Management's outlook for fiscal 2010 appears favorable as operating results are expected to improved with continued growth across incipient markets coupled with ongoing cost saving initiatives and currency exchange translation gains.