Seems the electronics analysts at Warburgs agree with our valuation of Racal Electronics Plc’s Vodafone business – indeed they put it a little higher, going for UKP2,500m where we suggested UKP2,300m yesterday (CI No 941): the Warburg valuation comes out to 394 pence a share so at current levels of about 325 pence, you’re being paid a bit to take the rest of the group away.