I don't believe 2010 will be a full year of dividends for TEO. There are two reasons. The main one is they had to earn back their accumulated losses before Argentine law would allow them to pay dividends. That happened about half way through this year. Also they have restrictions due to the debt, but that could be taken care of by the end of this year. I guess maybe expect a half dividend for TEO's 2009 to be declared in April 2010 and paid mid 2010. The A shares will collect interest over the next 2 years (you can see the effect by examining 2 consecutive quarterly reports)... so it could be 325 mln owed. April 2011 will not quite complete this.

Perhaps mid 2012 will bring a $3 dividend from NTL. Or with growth in earnings, maybe even $3.50 will be a partial year dividend. By 2013 with some earinngs growth a $4 or higher dividend is possible. Depends also on if they are investing in TV service over the next years if the laws allow them to enter TV. But even with $4 earnings a modest 8x P/E could make NTL a 30 dollar stock in 2012. Don't discount the possibility of an 11 P/E on $4.50 EPS in 2013, for a $50 stock in 4 years. A few things have to go right, but not that many.

Well, if I didn't think it were a buy, I wouldn't be holding. Actually I added on that quick dip a few weeks ago despite my portfolio weighting of NTL being very high. I still recommend it to my friends at this level, along with IRS and JPM. I tell those who can only buy one to buy NTL here.