Well it maybe true that the future earnings maybe factored into the PE as Mwaahisa says.
Bt Djinn i pointed out and said that not all 14M are users of internet bt they certainly are potential and please note the cost of them using the internet is like buying an internet capable phone (which are now becoming very cheap to all).

Another thing in the 4 areas i have mentioned,Safcom is using the one and only infrastructure. For MPESA,Cell broadcasting,Internet and Calling+SMS.
There only new cost is the labour,software and advertising. This may mean good returns. Just my thoughts spoken aloud...

IF YOU EVER LOSE,MAKE SURE YOU NEVER LOSE THE LESSON!!