Vodafone's future strategic direction depends on the fate of its 45% interest in Verizon Wireless. With estimates of its worth over $100 million, 70% of Vodafone's total market cap, and majority shareholder Verizon Communications keen to buy out its partner, a deal could leave Vodafone bursting with cash but shorn of its biggest cash flow generator. That could help it address its biggest strategic weakness: lack of a fixed line infrastructure to enable it to offer bundled services. Acquisition of cable operators, such as Kabel Deutschland, would be one solution. 2. Performance The year to March 2013 saw the first reversal of revenue growth for at least eight years. Operating profit has been bumpy over that period largely due to impairments on Vodafone's acquisitions, but underlying earnings have tracked upwards. Nevertheless, operating margins have trended down over that time, as regulatory and competitive pressures took effect.