BUZZ-View from the buyside: Vodafone a good call-S&W

** Smith & Williamson fund manager Mark Swain sees recent weakness in Vodafone on euro slide as decent entry point to play more benign regulatory backdrop helping mobile telcos turn corner after yrs of declining revenues

** Swain, a co-manager of firm's long/short Enterprise fund, long VOD (has been for c.6 mths), welcomes positive regulatory inflection point in European mobile for 1st time in long period

** But c.50 pct of VOD earnings in euros; stock down c.8 pct from late Jan peak

** Swain also holds BT, though sees VOD as the more compelling given UK fixed-line regulation been positive for yrs & BT's share price responded accordingly Chart: http://link.reuters.com/wep44w

** Key problem in EU mobile telcos has been competition laws enabling c.3-4 operators in region's markets in bid to increase price competition & secure lowest price for consumer - this has hit cos' ability to invest into networks

** Europe lags in broadband & 4G vs US which has much smaller no of players

** Region's regulators have newfound openness to M&A (step-up in investments into faster networks could help revive economy); mergers seen in Austria, Germany, Ireland & Spain, meshing fixed line & mobile networks

** Vodafone shares up 1.2 pct this year vs a 5.2 pct rise for the FTSE 100 (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)