In April of last year, I made the case of going long Vodafone (VOD).

Since then, I’m up nearly 44% on my purchase price (including dividends). Vodafone currently yields nearly 7.5%.

Recently, Barrons had a good article on why investors should still consider investing in Vodafone.

Its ADRs, which trade on Nasdaq and each represent 10 ordinary U.K.-listed shares, could rise more than 20%, to $35-$38, over the next two years. Including dividends, the total return could top 35%, with significantly less volatility than the average stock, given Vodafone’s relatively stable business. (Vodafone ordinary shares closed in London Friday at 180 pence. The ADRs finished near $29.)

There were also several quotes from fund managers:

“Vodafone’s stock is significantly undervalued,” avers Bruno Lippens, a portfolio manager with Pictet Asset Management, “essentially because the market still doesn’t appreciate Verizon Wireless” and the way the dividend will translate into reliable future cash. While there’s no formal annual commitment, Verizon Wireless has little net debt and produces about $1 billion monthly in Ebitda. “Absent massive investment needs, I don’t see an alternative” to paying out a regular annual dividend, adds Lippens, who sees some 40% upside in Vodafone.

The author of the article also thinks that a liquidation of Verizon Wireless could occur within five years, which could be as high as 50% of VODs current market cap.