It is time to take profits on BT (recommended at 135p in November 2008 and which closed today at 197p) and switch into another share in the telecoms sector.  CWC is currently unloved by the stockmarket but trades on a cheap EV/Ebitda valuation with an 11% dividend yield and has assets including a strategically important undersea telecommunications cable network (which carries internet traffic across the oceans between continents and islands).  Internet traffic travels quicker via these undersea cables than the alternative 45,000 mile round-trip via geostationary satellites – and the undersea cables have greater traffic capacity because they offer much greater bandwidth than satellites.  CWC also benefits from being very well-diversified in that it owns and operates four-play telecoms businesses in many locations across the globe (more precisely overlapping with the old British Empire).