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小枟
2020-07-20

这是利多消息呀

Telecom Stocks For Growth And Income

The U.S. telecom industry is dominated by recession-resistant leaders AT&T and rival Verizon.T-Mobile has completed the with Sprint merger and is now the 3rd largest U.S. carrier.For a higher yield, Marty Fridson reviews a preferred issue of AT&T.

Telecom Stocks For Growth And Income

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This gives the current leaders a wide economic moat and a durable competitive advantage.</p> <p>During the last recession <strong>AT&amp;T </strong>(T) posted annual earnings-per-share results of $2.76, $2.16, $2.12 and $2.29 for 2007 through 2010. The company remained highly profitable each year of the recession but experienced a minor dip in earnings-per-share in 2009.</p> <p>AT&amp;T’s major growth catalyst going forward is media content, driven by the $85 billion acquisition of Time Warner, which owns multiple media brands, including: TNT, TBS, CNN, and HBO. On May 27th, AT&amp;T launched streaming platform HBO Max; the new platform is a critical step for AT&amp;T to keep up in the streaming wars.</p> <p>Time Warner also owns a movie studio and sports rights across the NFL, NBA, MLB, and NCAA. Another promising growth catalyst is 5G rollout. AT&amp;T continues to expand 5G to more cities around the country, and now covers 179 million people in 355 U.S. markets.</p> <p>Our fair value estimate for AT&amp;T is a price-to-earnings ratio of 12.0, which means valuation expansion could boost future shareholder returns by approximately 5.1% per year over the next five years. Including the 6.8% dividend yield and 4% expected annual earnings-per-share growth, expected returns could reach 15.9% over the next five years.</p> <p>One of <strong>Verizon’s</strong> (VZ) key competitive advantages is that it is often considered the best wireless carrier in the U.S. This is evident by the company’s wireless net additions and very low churn rate. This reliable service allows Verizon to maintain its customer base as well as give the company an opportunity to move customers to higher-priced plans.</p>\n<div></div> <p>Verizon also ranks highly in terms of recession resilience. It earnings declined by less than 10% during the Great Recession of 2007-2009. It is a conservative option for investors looking to generate high portfolio income. Consumers will likely always want their smartphones and connected devices, even in an economic downturn.</p> <p>Verizon’s major growth catalysts are new services, such as 5G. Verizon was the first of the major carriers to turn on 5G service. Verizon’s industry-leading network quality should provide growth opportunities. Verizon also announced a $10 billion cost savings program over the next several years.</p> <p>We see fair value at 13 times earnings, so shares are undervalued. An expanding valuation would add about 2.5% to the company’s annualized returns through 2025. Between valuation expansion, expected EPS growth of 4%, and the 4.5% current dividend yield, Verizon could generate total annual returns of 11% over the next five years.</p> <h2><strong>By Joseph Bonner, Argus Research</strong></h2> <p>We are maintaining our \"buy\" rating on <strong><a href=\"https://laohu8.com/S/TMUS\">T-Mobile US Inc</a>.</strong> (TMUS); we think the merger with Sprint is a positive for shareholders and that T-Mobile remains the best positioned of the national carriers to take market share. The company has not only expanded its subscriber base, but has also gained access to Sprint’s trove of spectrum assets as it builds out 5G service.</p> <p>The Sprint transaction took almost two years to complete as the company had to overcome intense regulatory scrutiny at the federal and state levels and a court challenge from state attorneys general. T-Mobile nonetheless won approval from both the DOJ and FCC without diminishing management’s promised $43 billion in net present value merger synergies.</p> <p>We believe that giving up Sprint’s prepaid businesses and some spectrum to DISH for a reasonable price is a good deal. The merger should also improve T-Mobile’s competitive position in the wireless industry relative to Verizon and AT&amp;T.</p> <p>The success of the company’s service plan innovations has been evident in its robust subscriber acquisition metrics and in the efforts of competitors to copy various plan features, the latest being Verizon’s “Disney Plus on us” promotion, an echo of T-Mobile’s already two-year-old “Netflix on us” promotion. We think that T-Mobile remains the best positioned of the national carriers to take market share.</p>\n<div></div> <p>While completing the Sprint merger has been T-Mobile’s number-one goal, the company is also growing its subscriber base by pursuing under-penetrated customer verticals, including 55-plus, military personnel, and commercial businesses. TMUS also plans to pursue another new market, residential video, and to launch its next-generation 5G wireless network in 2020.</p> <p>We are maintaining our 2020 EPS estimate of $2.73 and our 2021 forecast of $3.40. Management withdrew its 2020 guidance due to uncertainty surrounding the impact of COVID-19, compounded by issues related to merger purchase price accounting and accounting policy alignment.</p> <p>Our estimates imply an average EPS decline of 4% over the next two years, reflecting the impact of COVID-19 and the Sprint integration. Our long-term EPS growth rate forecast is 10%. We are raising our target price from $105 to $123 per share.</p> <h2><strong>By Marty Fridson, editor of Forbes/Fridson Income Securities Investor</strong></h2> <p>In our portfolio of preferred stocks, we recommend <strong>AT&amp;T Inc. 5.00% Fixed Rate, Cumulative Perpetual Shares A (NYSE: T-A)</strong> which trades on the NYSE and has a par value of $25.00. The annual cash dividend is $1.25. At a recent price of $25.36, the preferred had a current annualized yield of 4.93% with a call date of 12/12/24 and a yield to call of 4.64%. The preferred has a S&amp;P rating of BB+.</p> <p>AT&amp;T is a global leader in telecommunications, technology, media, and entertainment. The company conducts its business in four operating segments. Premium content is offered through its WarnerMedia HBO, Turner, and Warner Brothers divisions.</p> <p>AT&amp;T Communications provides U.S. consumers with entertainment and communications, as well as high-speed connectivity. AT&amp;T International is a provider of pay TV in Latin America and the Caribbean. AT&amp;T Ad &amp; Analytics provides marketers with creative, targeted, and data-driven advertising solutions.</p> <p>The company reported 1Q 2020 net income of $4.58 billion or $0.63 per share. Adjusted for special items, however, AT&amp;T reported $0.89 per share, topping analysts’ $0.85 estimates. Bottom line adjusted results were relatively flat from a year earlier, while quarterly revenues missed their mark. Revenues were challenged by the COVID-19 pandemic, as advertising sales fell sharply, hit by the postponement of live sports events such as March Madness.</p>\n<div></div> <p>In addition, AT&amp;T strengthened its position as a content provider with its acquisition of Time Warner in June 2018. Actions that management took in 2019 to help reduce leverage included the sale of the company’s 9.5% stake in Hulu for $1.43 billion, which the rating agencies viewed as a positive credit event.</p> <p>This preferred is cumulative, with qualified dividends taxed at the 15%-20% rate. It is suitable for medium-risk taxable portfolios. Buy up to $26.25 for a 4.75% current yield and a 3.80% yield to call.</p>\n<span></span><p><b>Disclosure:</b> <span>I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.</span> <span><b>Business relationship disclosure:</b> MoneyShow monitors and excerpts content from some 150 subscriber-based financial newsletters. The advisors may maintain real-dollar model portfolios and some advisors may buy, sell or hold shares in companies that they discuss. 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTelecom Stocks For Growth And Income\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-07-18 02:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4359097-telecom-stocks-for-growth-and-income><strong>MoneyShow</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe U.S. telecom industry is dominated by recession-resistant leaders AT&T and rival Verizon.T-Mobile has completed the with Sprint merger and is now the 3rd largest U.S. carrier.For a higher ...</p>\n\n<a href=\"https://seekingalpha.com/article/4359097-telecom-stocks-for-growth-and-income\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VZ":"威瑞森","TMUS":"T-Mobile US Inc","T":"美国电话电报"},"source_url":"https://seekingalpha.com/article/4359097-telecom-stocks-for-growth-and-income","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2052223827","content_text":"SummaryThe U.S. telecom industry is dominated by recession-resistant leaders AT&T and rival Verizon.T-Mobile has completed the with Sprint merger and is now the 3rd largest U.S. carrier.For a higher yield, Marty Fridson reviews a preferred issue of AT&T.By Ben Reynolds, Sure Dividend It is essentially impossible for a new telecom company to build a network with the necessary scale to compete with the established industry giants. This gives the current leaders a wide economic moat and a durable competitive advantage. During the last recession AT&T (T) posted annual earnings-per-share results of $2.76, $2.16, $2.12 and $2.29 for 2007 through 2010. The company remained highly profitable each year of the recession but experienced a minor dip in earnings-per-share in 2009. AT&T’s major growth catalyst going forward is media content, driven by the $85 billion acquisition of Time Warner, which owns multiple media brands, including: TNT, TBS, CNN, and HBO. On May 27th, AT&T launched streaming platform HBO Max; the new platform is a critical step for AT&T to keep up in the streaming wars. Time Warner also owns a movie studio and sports rights across the NFL, NBA, MLB, and NCAA. Another promising growth catalyst is 5G rollout. AT&T continues to expand 5G to more cities around the country, and now covers 179 million people in 355 U.S. markets. Our fair value estimate for AT&T is a price-to-earnings ratio of 12.0, which means valuation expansion could boost future shareholder returns by approximately 5.1% per year over the next five years. Including the 6.8% dividend yield and 4% expected annual earnings-per-share growth, expected returns could reach 15.9% over the next five years. One of Verizon’s (VZ) key competitive advantages is that it is often considered the best wireless carrier in the U.S. This is evident by the company’s wireless net additions and very low churn rate. This reliable service allows Verizon to maintain its customer base as well as give the company an opportunity to move customers to higher-priced plans.\n Verizon also ranks highly in terms of recession resilience. It earnings declined by less than 10% during the Great Recession of 2007-2009. It is a conservative option for investors looking to generate high portfolio income. Consumers will likely always want their smartphones and connected devices, even in an economic downturn. Verizon’s major growth catalysts are new services, such as 5G. Verizon was the first of the major carriers to turn on 5G service. Verizon’s industry-leading network quality should provide growth opportunities. Verizon also announced a $10 billion cost savings program over the next several years. We see fair value at 13 times earnings, so shares are undervalued. An expanding valuation would add about 2.5% to the company’s annualized returns through 2025. Between valuation expansion, expected EPS growth of 4%, and the 4.5% current dividend yield, Verizon could generate total annual returns of 11% over the next five years. By Joseph Bonner, Argus Research We are maintaining our \"buy\" rating on T-Mobile US Inc. (TMUS); we think the merger with Sprint is a positive for shareholders and that T-Mobile remains the best positioned of the national carriers to take market share. The company has not only expanded its subscriber base, but has also gained access to Sprint’s trove of spectrum assets as it builds out 5G service. The Sprint transaction took almost two years to complete as the company had to overcome intense regulatory scrutiny at the federal and state levels and a court challenge from state attorneys general. T-Mobile nonetheless won approval from both the DOJ and FCC without diminishing management’s promised $43 billion in net present value merger synergies. We believe that giving up Sprint’s prepaid businesses and some spectrum to DISH for a reasonable price is a good deal. The merger should also improve T-Mobile’s competitive position in the wireless industry relative to Verizon and AT&T. The success of the company’s service plan innovations has been evident in its robust subscriber acquisition metrics and in the efforts of competitors to copy various plan features, the latest being Verizon’s “Disney Plus on us” promotion, an echo of T-Mobile’s already two-year-old “Netflix on us” promotion. We think that T-Mobile remains the best positioned of the national carriers to take market share.\n While completing the Sprint merger has been T-Mobile’s number-one goal, the company is also growing its subscriber base by pursuing under-penetrated customer verticals, including 55-plus, military personnel, and commercial businesses. TMUS also plans to pursue another new market, residential video, and to launch its next-generation 5G wireless network in 2020. We are maintaining our 2020 EPS estimate of $2.73 and our 2021 forecast of $3.40. Management withdrew its 2020 guidance due to uncertainty surrounding the impact of COVID-19, compounded by issues related to merger purchase price accounting and accounting policy alignment. Our estimates imply an average EPS decline of 4% over the next two years, reflecting the impact of COVID-19 and the Sprint integration. Our long-term EPS growth rate forecast is 10%. We are raising our target price from $105 to $123 per share. By Marty Fridson, editor of Forbes/Fridson Income Securities Investor In our portfolio of preferred stocks, we recommend AT&T Inc. 5.00% Fixed Rate, Cumulative Perpetual Shares A (NYSE: T-A) which trades on the NYSE and has a par value of $25.00. The annual cash dividend is $1.25. At a recent price of $25.36, the preferred had a current annualized yield of 4.93% with a call date of 12/12/24 and a yield to call of 4.64%. The preferred has a S&P rating of BB+. AT&T is a global leader in telecommunications, technology, media, and entertainment. The company conducts its business in four operating segments. Premium content is offered through its WarnerMedia HBO, Turner, and Warner Brothers divisions. AT&T Communications provides U.S. consumers with entertainment and communications, as well as high-speed connectivity. AT&T International is a provider of pay TV in Latin America and the Caribbean. AT&T Ad & Analytics provides marketers with creative, targeted, and data-driven advertising solutions. The company reported 1Q 2020 net income of $4.58 billion or $0.63 per share. Adjusted for special items, however, AT&T reported $0.89 per share, topping analysts’ $0.85 estimates. Bottom line adjusted results were relatively flat from a year earlier, while quarterly revenues missed their mark. Revenues were challenged by the COVID-19 pandemic, as advertising sales fell sharply, hit by the postponement of live sports events such as March Madness.\n In addition, AT&T strengthened its position as a content provider with its acquisition of Time Warner in June 2018. Actions that management took in 2019 to help reduce leverage included the sale of the company’s 9.5% stake in Hulu for $1.43 billion, which the rating agencies viewed as a positive credit event. This preferred is cumulative, with qualified dividends taxed at the 15%-20% rate. It is suitable for medium-risk taxable portfolios. Buy up to $26.25 for a 4.75% current yield and a 3.80% yield to call.\nDisclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Business relationship disclosure: MoneyShow monitors and excerpts content from some 150 subscriber-based financial newsletters. The advisors may maintain real-dollar model portfolios and some advisors may buy, sell or hold shares in companies that they discuss. The editorial team at MoneyShow which prepares these columns has no current or intended futures positions in any investment that are featured in these columns.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1272,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":14,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}