This sums up much of my thinking - I hold a few and swing trade a few and even trade intraday sometimes ......

I think there is a lot of slack that management can cut out of the costs and would also anticipate sector consolidation ..... good value currently and have been holding their own in a falling market. Lot of US interest.

ains


Edited by Dominic White
(Filed: 08/02/2003)


Texting makes MmO2 sexy but it's also risky

More and more Britons are discovering the joys of textual intercourse. In the month of December, we fired off more than 50m mobile messages a day, and next Friday (that's Valentine's Day, folks, in case you'd forgotten) we'll send considerably more than that.



It emerged this week that the chief beneficiary of this craze is MmO2 . BT's former mobile phone division revealed that it gets a higher proportion of revenues from texting than any of the other three operators.

Revenue from messaging grew at its fastest rate ever in the last quarter, up 19pc, and data services as a proportion of MmO2 's revenue rose to 17.7pc from 15.6pc.

More good news was the rise in MmO2 's average revenues per customer. ARPUs, as nerdy analysts like to dub them, grew by 5pc to 243 in the UK and by 9pc in Germany to 212.

MmO2 now has 19.1m subscribers and in Britain it may be the smallest player, with 11.9m users, but it is growing faster than its rivals - testament to the success of its rebranding from BT Cellnet.

Only 114,000 of its 503,000 new UK subscribers were higher-spending contract customers, but MmO2 claims its pre-pay customers have started spending more than before.

Customer growth in Germany, which continues to be dominated by T-Mobile and Vodafone, is less impressive and the MmO2 share price ascribes little or no value to this part of the business.

That seems unfair, given the fact that the group has attracted higher-spending customers and has made a decent fist of turning the operation around. An eventual sale or merger is almost as inevitable as a disposal of the Dutch unit, which is losing customers.

MmO2 's larger rival Vodafone is trading on a free cashflow yield of 6pc, while at 49p this week, MmO2 's equivalent valuation remains negative. It might not have Vodafone's scale or profitability but there is room for upside. A risky buy.

L2 must have worsened. Both this & VOD are now struggling hence taking FTSE lower.

there was some adverse comment on the new police radio system this morning that may have had an effect






Buy orders Sell orders
Num(%) Num Vol(%) Vol VWAP Vol Vol(%) Num Num(%)
1% (57.14%) 16 (56.62%) 1,716,143 53.26 - 54.06 1,314,924 (43.38%) 12 (42.86%)
5% (58.33%) 21 (43.13%) 1,915,999 53.20 - 54.32 2,526,354 (56.87%) 15 (41.67%)
10% (56.14%) 32 (30.77%) 2,168,490 53.03 - 54.80 4,878,399 (69.23%) 25 (43.86%)
15% (50.00%) 35 (30.22%) 2,391,090 52.76 - 55.24 5,521,999 (69.78%) 35 (50.00%)
50% (48.00%) 36 (30.18%) 2,395,990 52.75 - 55.26 5,543,303 (69.82%) 39 (52.00%)
100% (48.15%) 39 (30.11%) 2,416,110 52.60 - 55.37 5,608,995 (69.89%) 42 (51.85%)
all (47.56%) 39 (30.09%) 2,416,110 52.60 - 55.43 5,612,995 (69.91%) 43 (52.44%)

Now demonstrating volumes necessary for FTSE safely above 4000. L2 far stronger.

US is helping .....



Buy orders Sell orders
Num(%) Num Vol(%) Vol VWAP Vol Vol(%) Num Num(%)
1% (50.00%) 14 (33.11%) 1,710,552 53.91 - 54.65 3,455,235 (66.89%) 14 (50.00%)
5% (57.58%) 19 (47.78%) 3,160,989 53.68 - 54.65 3,455,235 (52.22%) 14 (42.42%)
10% (55.77%) 29 (48.62%) 3,653,544 53.55 - 54.80 3,860,735 (51.38%) 23 (44.23%)
15% (56.92%) 37 (47.24%) 3,961,644 53.31 - 55.32 4,424,735 (52.76%) 28 (43.08%)
50% (53.52%) 38 (47.07%) 3,966,544 53.30 - 55.36 4,461,039 (52.93%) 33 (46.48%)
100% (53.95%) 41 (46.91%) 3,986,664 53.21 - 55.47 4,511,731 (53.09%) 35 (46.05%)
all (53.25%) 41 (46.89%) 3,986,664 53.21 - 55.56 4,515,731 (53.11%) 36 (46.75%)

What's L2 showing? This has now really taken off. Missed out on buying yet again.

hmmmmmmm ......



Buy orders Sell orders
Num(%) Num Vol(%) Vol VWAP Vol Vol(%) Num Num(%)
1% (60.00%) 18 (78.23%) 3,923,731 54.61 - 55.14 1,091,956 (21.77%) 12 (40.00%)
5% (60.53%) 23 (77.58%) 4,848,731 54.45 - 55.33 1,401,056 (22.42%) 15 (39.47%)
10% (59.32%) 35 (81.16%) 6,657,023 54.13 - 55.48 1,545,656 (18.84%) 24 (40.68%)
15% (60.00%) 45 (77.07%) 6,999,823 53.95 - 56.39 2,082,760 (22.93%) 30 (40.00%)
50% (59.74%) 46 (76.95%) 7,004,723 53.95 - 56.43 2,097,760 (23.05%) 31 (40.26%)
100% (59.76%) 49 (76.58%) 7,024,843 53.90 - 56.63 2,148,452 (23.42%) 33 (40.24%)
all (59.04%) 49 (76.55%) 7,024,843 53.90 - 56.81 2,152,452 (23.45%) 34 (40.96%)

Can't believe how strong this is, previously level with VOD. Big painful regrets.

I like these in preference to VOD - always good chance of m+a activity


Buy orders Sell orders
Num(%) Num Vol(%) Vol VWAP Vol Vol(%) Num Num(%)
1% (48.28%) 14 (71.37%) 2,715,710 54.88 - 55.65 1,089,455 (28.63%) 15 (51.72%)
5% (51.28%) 20 (74.76%) 4,361,118 54.73 - 55.87 1,472,144 (25.24%) 19 (48.72%)
10% (57.38%) 35 (81.52%) 6,967,068 54.25 - 55.97 1,579,044 (18.48%) 26 (42.62%)
15% (60.26%) 47 (77.75%) 7,341,423 54.07 - 56.73 2,100,348 (22.25%) 31 (39.74%)
50% (60.00%) 48 (77.64%) 7,346,323 54.06 - 56.77 2,115,348 (22.36%) 32 (40.00%)
100% (60.00%) 51 (77.28%) 7,366,443 54.01 - 56.96 2,166,040 (22.72%) 34 (40.00%)
all (59.30%) 51 (77.24%) 7,366,443 54.01 - 57.13 2,170,040 (22.76%) 35 (40.70%

ABN Amro raised its price target on mmO2 to 65p from 47p and told those willing to listen that the much rumoured sale of the group's German unit to KPN is very much on the cards. ABN believes KPN is willing to pay between 1.2bn and 1.6bn for the unit.




Pre-pay mobile users punished bbc news


Contract customers get a better deal
The Consumers' Association has warned of the heavy costs paid by pre-pay customers using their mobile phone from abroad.

Pre-pay customers will usually pay much more to make and receive calls abroad than those that pay monthly. according to the Consumers' Association.

Holiday Which magazine found that pre-pay users with Orange are charged double the monthly customers' rates to phone home or receive calls from the UK while on holiday, as a result making a five minute call home from Europe costs 6 rather than 3.

In one case, pre-pay Vodaphone users are charged 9.95 for receiving a five minute call from the USA.

Pre-pay v Monthly mobile charges
Cost of five minute call to UK from Europe
O2 4.75 (Monthly) 7.45 (Prepay)
Orange 1.50 (Monthly) 3 (Pre-pay)
T-Mobile 3.50 (Monthly) 5 (Prepay)
Vodafone 3.75 (Monthly) 3.75 (Pre-pay)
Source: Holiday Which magazine
Industry regulator, Oftel is currently investigating the pre-pay phone charges market.

"The cost of that mobile 'wish you were here' call home has caught out many holidaymakers...If you fail to plan in advance, your tan may turn pale when the bill arrives," Patricia Yates, editor of Holiday Which said.

Instead, the Consumers' Association urges mobile phone users to consider the merits of phone cards. These, they say, offer much cheaper rates - a s low as 7p a minute for a call from France.

However, Holiday Which admits that the convenience of having a mobile abroad can be hard to beat.

Hi Ains. Can you provide L2 for VOD & OOM. Both seem to be strengthening now. Thanks.

hi



Buy orders Sell orders
Num(%) Num Vol(%) Vol VWAP Vol Vol(%) Num Num(%)
1% (42.86%) 6 (29.22%) 461,386 55.32 - 56.36 1,117,367 (70.78%) 8 (57.14%)
5% (35.29%) 6 (28.54%) 461,386 55.32 - 56.38 1,155,367 (71.46%) 11 (64.71%)
10% (45.45%) 15 (57.43%) 1,699,545 53.82 - 56.50 1,259,567 (42.57%) 18 (54.55%)
15% (52.17%) 24 (61.43%) 2,040,445 53.32 - 56.56 1,280,871 (38.57%) 22 (47.83%)
50% (50.00%) 25 (48.52%) 2,045,345 53.31 - 58.99 2,170,030 (51.48%) 25 (50.00%)
100% (50.91%) 28 (48.19%) 2,065,465 53.13 - 59.13 2,220,722 (51.81%) 27 (49.09%)
all (50.00%) 28 (48.14%) 2,065,465 53.13 - 59.29 2,224,722 (51.86%) 28 (50.00%




Buy orders Sell orders
Num(%) Num Vol(%) Vol VWAP Vol Vol(%) Num Num(%)
1% (50.00%) 24 (46.62%) 6,358,564 122.74 - 124.07 7,280,818 (53.38%) 24 (50.00%)
5% (47.46%) 28 (43.41%) 6,788,564 122.65 - 124.26 8,851,077 (56.59%) 31 (52.54%)
10% (43.61%) 58 (43.68%) 9,844,252 121.44 - 125.33 12,694,018 (56.32%) 75 (56.39%)
15% (46.31%) 94 (44.29%) 13,917,157 119.49 - 127.13 17,507,060 (55.71%) 109 (53.69%)
50% (47.01%) 110 (45.64%) 15,461,204 118.52 - 127.76 18,414,450 (54.36%) 124 (52.99%)
100% (46.64%) 125 (45.81%) 15,750,003 118.09 - 128.10 18,627,932 (54.19%) 143 (53.36%)
all (45.45%) 125 (45.77%) 15,750,003 118.09 - 128.40 18,664,130 (54.23%) 150 (54.55%)

Goldman Sachs lifts 2003/4 fiscal year eps forecast with outperform rating -

Has L2 for VOD & OOM just weakened. What level do you think they will go down to?

Intraday chart is falling at this time ...... difficult to predict how far .... US futures are already below fair value - sector is down 0.77%












%

So do you believe today will be a -ve day for both UK & US markets or will it pickup. Can you provide updated L2 for both, weakness was brief then recovery.

I think it will get better at the moment but suspect it will get worse on OOM first




Buy orders Sell orders
Num(%) Num Vol(%) Vol VWAP Vol Vol(%) Num Num(%)
1% (61.54%) 8 (52.60%) 643,950 55.00 - 55.76 580,401 (47.40%) 5 (38.46%)
5% (45.00%) 9 (33.18%) 693,950 54.96 - 56.17 1,397,768 (66.82%) 11 (55.00%)
10% (51.22%) 21 (58.04%) 2,109,509 53.82 - 56.28 1,524,768 (41.96%) 20 (48.78%)
15% (52.83%) 28 (60.62%) 2,403,009 53.42 - 56.35 1,561,272 (39.38%) 25 (47.17%)
50% (50.88%) 29 (49.56%) 2,407,909 53.41 - 58.58 2,450,431 (50.44%) 28 (49.12%)
100% (51.61%) 32 (49.26%) 2,428,029 53.26 - 58.71 2,501,123 (50.74%) 30 (48.39%)
all (50.79%) 32 (49.22%) 2,428,029 53.26 - 58.86 2,505,123 (50.78%) 31 (49.21%)




Buy orders Sell orders
Num(%) Num Vol(%) Vol VWAP Vol Vol(%) Num Num(%)
1% (35.56%) 16 (41.92%) 3,404,276 121.62 - 122.79 4,717,053 (58.08%) 29 (64.44%)
5% (35.44%) 28 (27.04%) 4,966,905 121.17 - 123.62 13,402,570 (72.96%) 51 (64.56%)
10% (40.94%) 61 (27.93%) 7,296,250 120.14 - 124.40 18,827,064 (72.07%) 88 (59.06%)
15% (41.67%) 95 (34.38%) 12,570,767 117.29 - 125.77 23,998,490 (65.62%) 133 (58.33%)
50% (40.38%) 105 (33.03%) 12,681,692 117.18 - 126.54 25,710,804 (66.97%) 155 (59.62%)
100% (40.48%) 119 (33.28%) 12,934,891 116.73 - 126.81 25,935,988 (66.72%) 175 (59.52%)
all (39.53%) 119 (33.25%) 12,934,891 116.73 - 127.03 25,972,184 (66.75%) 182 (60.47%)

market and shares starting to turn I think

market and shares starting to turn I think

Please provide updated L2 for both, brief weakness now recovery. Missed out again.

Buy orders Sell orders
Num(%) Num Vol(%) Vol VWAP Vol Vol(%) Num Num(%)
1% (54.84%) 17 (46.76%) 1,253,858 55.06 - 55.82 1,427,812 (53.24%) 14 (45.16%)
5% (48.84%) 21 (39.86%) 1,696,973 54.91 - 56.11 2,560,247 (60.14%) 22 (51.16%)
10% (52.24%) 35 (52.42%) 3,276,905 54.14 - 56.25 2,974,277 (47.58%) 32 (47.76%)
15% (53.16%) 42 (54.25%) 3,570,405 53.85 - 56.29 3,010,781 (45.75%) 37 (46.84%)
50% (51.81%) 43 (47.83%) 3,575,305 53.84 - 57.70 3,899,940 (52.17%) 40 (48.19%)
100% (52.27%) 46 (47.65%) 3,595,425 53.73 - 57.80 3,950,632 (52.35%) 42 (47.73%)
all (51.69%) 46 (47.62%) 3,595,425 53.73 - 57.89 3,954,632 (52.38%) 43 (48.31%