Management on both side have begun the valuation fight. From Vodafone's perspective, a deal for their part of the wireless joint venture would make sense if the after-tax proceeds are higher than the expected present value of dividend payments. UBS expects Verizon Wireless to generate $25 billion in free cash flow per year over the next five, while Vodafone's earnings from the joint venture are likely to approximate 45% of that cash in the long-run. Using a simple model and discounting their cash flow estimate, they would be valuing the wireless carrier around $333 billion, or about 10 times EBITDA.