These figures point out that, so far, the European cartel of mobile operators has successfully engineered a "soft landing": as they transition their networks from Voice-over-CS to multiple services over IP since the mid-90's, their valuations should not be significantly reduced.

If and when they can charge $30 per month for VoIP w/$5 per month for SMS-over-IP, they have succeeded.

Their biggest risks are:
1 - Failing to grow access and capacity of their high-speed IP networks (including handset support) in a timely manner
2 - Failing to hold-off competitive lower-priced competition from alternative suppliers

Good thing for them that they own all of the spectrum.

Similar analysis of the U.S. would be interesting.