Would you rather invest in British Telecoms or France Telecoms stocks? Explain your decision.

France Telecom, for year ended December 31 (in Million Total revenue Revenue Growth 2006 51,702 7.5% 2007 46,568 9.9% 2008 467,112 0.3% NOPAT Margin Asset Turnover ROA 10.3% 0.71 72% 18.4% 0.68 12.6% 12.3% 0.7 85% Spread Leverage Impact of leverage ROE 4.8% 1.95 9.4% 16.6% 7.1% 1.55 10.9% 23.5% 4.1% 1.26 5.2% 13.8% Percent of Revenue Gross Profit Operating expenses Unusual income (expenses) Discontinued operations 43.6% 23.6% -0.3% 1.3% 44.7% 23.0% -75% 6.9% 42.4% 19.7% 1.4% 0.4% Valuation multiples Price-to-earnings Price-to-book value 1.82 2.28 31.23 2.37 9.4 1.77