** Simon Brazier, who runs Investec UK Alpha Fund, hasbought Vodafone shares for the first time amid a returnto form for the mobile phone operator as its bet on 4G startspaying off
** Contrarian investment; StarMine's Analyst Revisions Modelscore for VOD is 10 out of 100, indicating VOD is worse off than90% of companies in UK on analyst revisions
** Fiercely competitive environment in Europe, with lawsenabling c.3-4 operators in region's markets to increase pricecompetition & secure lowest price for consumer having hit cos'ability to invest in networks
** But regulators' newfound openness to M&A (more investmentinto faster networks could aid economy) should revive sectorafter yrs of falling revenues & PM sees VOD well placed afterheavy investment in "Project Spring" to improve its 4G networks
** VOD posted rise in quarterly sales for first time in <3yrs in May & recovery taking hold as Europe picks up, helped byconsumers paying for superfast 4G tariffs -- co reported Q1organic sales growth beat end-July
** Brazier, who bought VOD in last c.3.5 months (partly ondivi attractions, yield 4.6%), invests on 5-yr view & reckonswithin period co will have solved fixed-line issue which may besome kind of deal with Liberty Global
** VOD, traditionally mobile-only, hampered in recent yearsas cos with access to mobile & fixed-line infrastructure offerpackages of services to customers in one bundle; co said June intalks with Liberty over exchanging selected assets (RM: tricia.wright1.thomsonreuters.com@reuters.net)