Imagine a global cell phone network. Now imagine a global cell phone network for a low monthly fee.

True, a system of that sort is not likely to happen overnight, but a company that's headed in that direction is United Kingdom-based Vodafone Group Plc (NYSE: VOD).

Vodafone Group is the world's leading mobile telecommunications company, with a substantial presence in Europe, the Middle East, Africa, Asia/Pacific and the United States.

Along with VOD's strong balance sheet and solid dividend, analysts like Vodafone Wireless, the company's most profitable division, which contributes 22% of operating earnings. About 80% of VOD's revenue is Europe-based, a maturing market, so VOD has beefed-up its emerging market expansion plan with asset purchases in India and Turkey.

Further, while the initial 2007 consensus is that Europe revenue growth will be modest at best, it appears that mature market Europe's revenue growth will be better than earlier 2-4% estimates. The Reuters F2007/F2008 EPS consensus estimates for VOD are $2.37 to $2.45.

VOD's downsides? Analysts are concerned that VOD may have paid above-average prices to acquire emerging market assets and are concerned about the company's ability to take advantage of its economies of scale in more than one business/revenue stream.

Stock Analysis: Vodafone is a moderate-risk stock not suitable for low-risk investors. Don't buy Vodafone if you already own a cell phone system company. Investors with an investment horizon longer than 2 years should be rewarded from VOD's shares. Sell/Stop Loss if you were to purchase shares in this company: $23.