As Vodafone bids for Mannesmann there are plenty of fund managers who see telecom prices now reachin...
As Vodafone bids for Mannesmann there are plenty of fund managers who see telecom prices now reaching unrealistically high levels. After a short cooling down period, the past month has seen European telecoms go through a resurgence helped by the bid now taking place. John Ewart, investment manager with Britannia Asset Management, says: "We feel the telecoms market should take a pause for breathe and it cannot justify some of the current valuations at these prices. However momentum can be a strong driver of share prices in the short term." An example of the sector's amazing run is the rec...
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