im still unsure of which has the bigger subscriber base,...

im still unsure of which has the bigger subscriber base, however, since vodafone is being quoted as the number 3, u'd suspect that the 500m would be because of this reason...

however, 3 would have spent more on infrastructure no?

so im a bit lost as to how 500m is fair value... they should (if they did the due dilligence) release the independent expert report