STOCKCHASE

Not participated in the massive rally we had. Allstream asset is bleeding them. Also have pension issues. A real risk of a distribution cut.

2010-07-26

SELL

27.970

Paying around 100% of their earnings out in dividends and that is always a worry. Also, there is no growth here. There is a lot more wireless competition in Canada. Doesn't own any telecom stocks in Canada right now.

2010-07-23

BUY

27.870

An analyst came out and broadcast that they were borrowing to pay their dividend so it dropped in May. Company said there will be no cut in the dividend until 2011. Allstream has been a bit of a black hole.

2010-07-22

SELL

27.000

Brian Acker, CA

Has a model price of $24.66, which is a negative 11%. Estimates of $2.04 earnings this year and $2.08 next year. Pays out $2.60, which is paying you with your capital. Dividend is too high so he expects a cut.

2010-07-08

DON'T BUY

26.910

People are worried about sustainability of the dividend. Had weak results from their Allstream division and debt levels have been rising. Would prefer others.

2010-06-30

DON'T BUY

27.840

Bruce Campbell

9% dividend but payout is more than 100% of earnings. Will probably cut their dividend to 6% and he then sees the stock moving sideways from there. If you are interested in this, via on the day they cut the distribution when the price drops.

2010-06-28

DON'T BUY

28.080

Jim Huang

Even though they pay a very good dividend, their problem is Allstream, the enterprise unit that they bought a few years ago. Doesn't believe the dividend is sustainable. This solution would be to sell Allstream but it is hard to see who would want to buy it.

2010-05-21

Comment

27.800

Earnings are barely covering dividends. If earnings trend continues to sink, it throws dividends into question. Upside is the strong balance sheet which could maintain the dividend. Board would have to deal with this and he doesn't know which way they would go.

2010-05-20

Comment

28.790

Bruce Campbell

The low price of the stock indicates they are going to cut the dividend. Payout ratio of 100%. Unlikely that any other telco will acquire this.

2010-05-17

DON'T BUY

28.870

Michael Simpson, CFA

Majority of business is in Manitoba. Core operation delivers quite healthy EBITDA in the 46%-40% range. Assets acquired from Allstream are not delivering. Primary benefit from this acquisition was tax pools. Market expects a cut in dividend.

2010-05-13

DON'T BUY

29.840

Of all the telcos in Canada, they had the worst quarter. They're not earning their dividend right now. No longer a takeover target and their franchise value is stable to declining.

2010-05-10

VAGUE

32.710

Christine Poole

Sustainable dividend. Not much growth and problems growing corporate side of business. It is trading off its yield.

2010-04-26

HOLD

32.830

Douglas Kee

Good yield, but there is a chance they will cut it in the next couple of years. Thinks they will get merged at some point in the future.

2010-04-20

HOLD

32.890

David Driscoll

Gives you a consistent dividend but not a rise in the dividend and the stock price has not been doing very well because there is less growth than its competitors. Management has said they are going to do everything they can to support the dividend over time.

2010-04-07

TOP PICK

32.320

Jeff Parent

Chart shows it trading at the bottom of a fairly horizontal range. His exit price would be below $31. 8% dividend yield. Doesn't own but will probably buy over the next 2-3 months.

2010-04-06

SELL

31.950

Jim Houston

Low growth and high dividend yield in a difficult industry. Borrowing to pay the dividend is not a great model. Recently forced to pay $100 million into an under funded pension but are appealing it. Yielding about 8%.

2010-03-25

TOP PICK

31.600

A risk with this is that the 8.25% dividend will be cut but this may be built into the stock price. Have Allstream, which may be a bit of an anchor around their necks but they seem to be getting more active in Toronto. He could see them selling Allstream.

2010-03-19

BUY

31.840

Ben Stadelmann

(Market Call Minute) Good dividend for a conservative investor.

2010-03-03

DON'T BUY

31.660

Pays a pretty good yield, but they aren’t earning it. People would want to own this because they think it would get bought. Ultimately it probably will. It’s a company in decline.

2010-02-19

DON'T BUY

31.970

Sold it when management lowered guidance. Very slow growing, stable business. The Allstream business is loosing money. If things don’t change before the end of the year they have to review the dividends.

2010-02-17

Comment

34.160

Dividend is relatively secure. Not expecting a lot from them from a capital point of view. Growth prospects are limited. If you are just buying it for the yield, it is pretty safe.

2010-01-27

DON'T BUY

34.420

Douglas Kee

7.6% yield is sustainable for the next year and possibly the next 2 years. Very little growth.

2010-01-08

DON'T BUY

33.420

“Manitoba Telecom (MBT-T) or Crescent Point (CPG-T) for dividend and safety?” From a pure safety point of view, you are always better off with a telecom than an oil company however there is a chance Manitoba Tel may have to cut their dividend depending of what they do on the wireless side. Not generating very much earnings growth. To be really safe he would select Telus (T-T) or BCE (BCE-T).

2009-12-23

DON'T BUY

33.420

Dividend is safe for time being. Been well hit lately within telecom industry. Bell has had much better execution lately.

2009-12-22

PAST TOP PICK

33.690

(A Top Pick Dec 5/08. Down 13.9% excluding dividends.) Likes it because of the dividend. Still a Buy.

2009-12-21

BUY

34.000

Steven Conville

Nice conservative dividend play. 7.65% yield. Limited to Manitoba so competition is not much of a problem.

2009-12-18

HOLD

31.840

(Market Call Minute) It has free cash flow, but is the weakest of the telcos

2009-11-24

Comment

31.530

Douglas Kee

Some concerns about the dividend. Once a stock yields 7%-8%, the market is saying there is a chance the dividend will decline. Probably okay for the next 12 months but going out further they may well have to cut it some.

2009-11-19

SELL

31.350

Paul Harris, CFA

(Market Call Minute) Doesn’t have the same dynamics as BCE. BCE has better businesses.

2009-11-03

HOLD

31.500

Craig MacAdam

Not a national player. Consolidation will continue in this market and will eventually be a target so you are better to wait for this and get the 8% yield.

2009-11-02

PAST TOP PICK

31.410

(A Top Pick Oct 31/08. Down 20%.) 8.3% yield. Company came out with a little concern about future earnings.

2009-10-30

PAST TOP PICK

32.220

(A Top Pick Oct 2/08. Down 15%.) Dividend is quite poorly covered and the market got quite nervous about it. Getting down to an interesting level.

2009-10-26

SELL

30.900

Christine Poole

Doesn't have a lot of earnings growth. Yield of almost 8% is safe for a couple of years.

2009-10-15

SELL

32.050

Colin Stewart

Has a significant legacy long-distance business. Acquired All Stream. Traditional telephony with no significant exposure to wireless or other categories that are growing much more quickly.

2009-10-08

DON'T BUY

32.670

Barry Schwarrtz

Would avoid this name. Payout ratio is too high. 8% yield looks very attractive but it is a red flag. Would prefer Bell (BCE-T), Telus (T-T) or Rogers (RCI.B-T).

2009-09-29

BUY

32.730

Great stock. Yield is good and dividend looks safe for the next couple of years. Good place to hide in these kind of markets. (See Top Picks.)

2009-09-23

Comment

32.730

Basically flat lined from where it was in January. 8% dividend yield is not at risk. Not his favourite because he doesn't see where the growth is going to come from but it is an attractive dividend. (See Top Picks.)

2009-09-23

DON'T BUY

32.870

Andrew Guy, CFA

Telco in Manitoba. Good job but growth is limited. Bought the old AT&T and are trying to compete against BCE (BCE-T) and Telus (T-T) in downtown Toronto. Tax losses allow them to pay a generous dividend of 8%. Comfortable that they can sustain the dividend but questions if they can grow it. Prefers Telus (T-T), Rogers (RCI.B-T) or even BCE (BCE-T).

2009-09-04

Comment

32.220

Christine Poole

Not a lot of growth but is not concerned about the 8% dividend as they are generating sufficient cash to fund it. If you want to have an investment in the telecom universe, there might be a better name than this. BCE (BCE-T) has a stronger balance sheet and stronger cash flow profile.

2009-08-26

Comment

32.240

Basically a low growth, yield stock. Has the old (?) stream telephony side, which is very low margin and fierce competition. Eventually somebody will take it over as it makes no sense to have a provincial telephone company.

2009-08-25

DON'T BUY

31.940

Ara Nalbandian

Likes the telecommunications sector, especially in Canada. There are some attractive opportunities. This one has had a premium multiple because of a high dividend payout ratio. There are risks that they have to spend pretty significant capital to the wireless markets. He would prefer BCE (BCE-T) and Telus (T-T) is also interesting.

2009-08-19

SELL

31.960

Steven Conville

Looking at it. Has come down, like Telco’s. Dividend is attractive. Sell Half until end of year. Hasn’t bought yet. Wants to do more research into stability into dividend.

2009-08-17

HOLD

32.750

Thinks this one will prove to be relatively defensive in any kind of a setback. Their earnings and dividends are pretty close together and there are concerns dividends may be chopped but he doesn't think so. Terrific balance sheet.

2009-08-13

SELL

32.850

(Market Call Minute.) Dividend is in jeopardy. Over levered. Enterprise business of long-distance has been hurt by the economy.

2009-08-12

BUY

35.350

Would buy this one for the dividend. A good yield stock. Growth is lousy and its latest earnings were so-so. All the telcos are out of favour right now.

2009-07-27

DON'T BUY

35.450

Impressive management but in its current format there is a limited opportunity for growth within the province. Growth has to come from the all stream part of the business across Canada. Prefers Rogers (RCI.B-T) and Shaw (SJR.B-T).

2009-07-23

HOLD

33.800

(Market Call Minute.) Selling at a very reasonable price. Yield is fairly consistent.

2009-06-26

HOLD

33.500

Jim Huang

A good dividend paying stock and has a monopoly in Manitoba. Good free cash flow and the dividend is safe.

2009-06-18

DON'T BUY

33.100

Dividend is probably sustainable. His focus is on market leadership. There is some challenge in telecoms. Would avoid the group. Relative strength has been falling through this rally.

2009-06-15

DON'T BUY

34.370

He worries about some of their initiatives and where their growth is going to come from. Moved into the long-distance market at the wrong time. Growth is limited. Would be more inclined to own Rogers (RCI.B-T), BCE (BCE-T) or even Telus (T-T).

2009-06-11

Comment

34.270

Dividend should be sustainable. The big worry is what are they going to do with mobile phones. Have done a pretty good job on the operating side. 7.6% yield. (See Top Picks.)

2009-06-04

HOLD

31.730

Marc-Andre Robitaille

Offers less downside than more growth oriented telcos. Dividend is safe, but not as much upside appreciation. It’s defensive.

2009-04-15

BUY

31.770

(Market Call Minute.) Good income producer. Solid business.

2009-04-09

DON'T BUY

32.500

Rick Stuchberry

Would rather go with a leading rather than a lagging stock in this space. Has a high yield of 8% because a lot of people don't think it can continue to pay.

2009-04-03

BUY

32.010

Ben Stadelmann

8.2% is a pretty nice yield. Old time telephone companies are trading at prices giving pretty good yields. Franchises are weakening to some extent but there will still be lots of customer services.

2009-04-01

HOLD

32.460

(Market Call Minute.) Would prefer BCE (BCE-T).

2009-03-30

Comment

32.210

Feels that valuations are better in Telus (T-T) and Rogers (RCI.B-T). Has done a really good job of generating cash from its operations. There is the worry about what happens when new telephone entrants come in. 8% dividend is pretty safe.

2009-03-23

DON'T BUY

35.300

2 main businesses. Largest telephone operator in Manitoba and owns Allstream, the data and voice business for businesses and their long-distance across the country. Businesses are economically sensitive so prefers BCE (BCE-T) instead.

2009-02-27

Comment

35.980

Michael Smedley

Good dividend but there might be some jeopardy to it. Prefers BCE (BCE-T).

2008-12-31

HOLD

31.950

Gordon Higgins, CA, MBA

Guidance for next year is basically flat cash flow. Moderately stable. With a sustainable 8% yield, he would continue to Hold.

2008-12-22

DON'T BUY

31.950

Paul Harris, CFA

Very little growth in this industry and may have even less than a lot of their peers. Have issues on their pension side. Have to spend a lot of money to upgrade on their wireless side. Prefers Rogers (RCI,B-T).

2008-12-22

SELL

34.800

(Market Call Minute.) Would probably sell this one and look at a couple of other telephone companies. (See Top Picks.)

2008-12-15

BUY

39.300

Peter Gibson

Profitability is stable. Gross margins are strong. Thinks they will do well on the wireless side. 6.6% yield is secure.

2008-12-09

TOP PICK

38.790

Every time this stock gets down to around $38 it bounces back. Has an excellent yield. Dominant in their market area. It is well within their ability to cover their dividend.

2008-12-05

SELL

43.450

Duncan Stewart

(Market Call Minute.) Nice company. Stock has held in way too well. Thinks its defensive run is over. Poorly positioned going forward.

2008-11-18

TOP PICK

42.590

An alternative to holding Cash. Trades between $39 and $40, so buy under $40 if possible. Nice 6% yield.

2008-10-31

BUY

40.360

It got way too cheap. It is an income stream, not a growth stock.

2008-10-14

TOP PICK

41.030

Handling pretty nicely, pretty well all round business. Not exciting, but it’s not meant to be and gives a nice dividend.

2008-10-02

DON'T BUY

39.500

Bruce Campbell

Lower growth and a stagnant dividend and earnings. Prefers Rogers (RCI.B-T) for its better growth and growing dividend.

2008-08-18

HOLD

40.010

Looking very interesting and thinking of adding to it. Telecom area going forward could be rather interesting once the auction is over and sees how the dust settles.

2008-06-30

BUY

39.240

At lot of speculative money went into this company thinking that something exciting, fast and lucrative was going to happen. There was selling pressure when this didn't happen. When the BCE (BCE-T) deal closes, some of the money will come into this stock, as people will want exposure to this sector. Very nice dividend.

2008-04-22

DON'T BUY

39.800

Owns Allstream, which was supposed to be their growth vehicle but it didn't come through. No earnings growth. Valuation of the company has come down. Indicated it wants to be a player in wireless national spectrum and this carries a lot of risk as well as a lot of cash. Too early.

2008-04-10

DON'T BUY

39.800

Worst child of the telecom space. Allstream acquisition has been a disaster. It is frightening that they are going to bid on Spectrum, but they have to. Great business in Manitoba but that's not satisfactory and they have to grow it by Spectrum and grow the network. Going into a crowded space. There is a threat of them cutting their dividend.

2008-04-10

Comment

39.980

Laura Wallace

Just announced plans to create a 4th national wireless firm with 2 strong partners. Very interesting here. This will reduce the capital expenditure and balance sheet risk and will be able to maintain their attractive dividend yield. Could be an attractive investment.

2008-03-12

DON'T BUY

41.600

Telecom has not been a space that has been performing well. There are concerns about wire line revenues as well as the wireless side. If he had to pick one, it would be Bell Alient (BA.UN-T), which is paying about 9.5% and just recently raised their distribution and only paying out about 90% of their cash flow.

2008-02-15

DON'T BUY

42.580

Brian Acker, CA

The model price is $38.21, a -12% differential. The model price is dropping. Downside risk is a lot.

2008-01-17

BUY

43.430

This is a stock that won't let you down too badly no matter what happens in the US. As interest rates fall in the US and the Bank of Canada follows the dividend that comes with this stock becomes even more attractive. Almost 6% in dividends.

2008-01-14

BUY

46.300

(Market Call Minute.) Safe.

2007-12-21

Comment

44.470

A little bit of an uptick today because of the government’s announcement on wireless (spectrum). The question is, can they put enough money together to become a serious wireless player and take on the 3 giants in the field. Doesn't think they have enough resources of their own.

2007-11-29

HOLD

44.070

Michael Decter

Good dividend. Earnings weren't bad. What may be hurting them a little bit, people are waiting for the BCE deal to conclude and the bondholder issue to go away. Prefers Telus (T-T) and Rogers (RCI.B-T). Will probably be a takeover at some point.

2007-11-12

BUY

48.530

Ron Meisels

Has done an inverse head and shoulders and what you want is a major break above $50-$51. If you own the stock, have your Stop at $46. Stock should break into new high levels fairly shortly.

2007-09-27

PAST TOP PICK

49.000

(A Top Pick Sept 5/06. Up 2.7%.) His theme was yield. This paid more than 5%. Sold his holdings. No longer as attractive as a takeover candidate.

2007-08-29

BUY

48.620

Recently recovered. Buy for the yield.

2007-08-28

DON'T BUY

48.680

Has had a rough ride for 3, 4 years. Their business is static. 60% of it is wire line. Have done well recently by collapsing costs. Not a growth story.

2007-08-22

SELL

48.030

Fully priced. Doesn't expect it will be taken out. Very leveraged. Last quarter earnings beat the analysts’ expectations by about $0.06. Their Allstream purchase has been a nightmare.

2007-07-19

Comment

48.370

Chyanne Fickes

Has done very well. Yield is quite high, but there is concern that they will not be able to continue with that kind of dividend. Could be a target at some point, which is why it is at its current high price.

2007-07-05

WEAK BUY

49.200

Still likes it. Has a decent yield, with a decent upside. Better value then Telus.

2007-06-01

PAST TOP PICK

49.170

(A Top Pick June 13/06. Up 5.7%.) 4.5% dividend. He recently sold his holdings. Has probably seen the best behind it.

2007-05-30

SELL

48.900

Has recovered from the All Stream acquisition. Balance sheet is pretty leveraged. Big dividend. In order to add accretion to the stock, they need to get bigger. Still struggling. Would take some profit now.

2007-05-17

SELL

49.250

Patrick Kim

Investors buying into this name have been doing so for the potential takeover only. The underlying business is a pretty weak business. Their bulk of their business is from local and long-distance which is a brutal business.

2007-05-14

BUY

49.120

A well-run telecom company. Balance sheet is not particularly levered for a telecom. Not a bad place to be.

2007-04-27

DON'T BUY

47.340

There is an erosion of its base because of competition from cable. Revenues are down.

2007-03-26

DON'T BUY

47.750

Chyanne Fickes

Think it's a little rich right now.

2007-02-06

DON'T BUY

47.500

Doesn't like the telecom market too much. Over competitive. Have a high yield and great cash flow. Cable companies are one step ahead of the telecoms.

2007-02-05

HOLD

45.580

Steve MacInnes

Feels it will be able to maintain its dividend. Have substantial tax losses available, so could be an acquisition target.

2007-01-11

DON'T BUY

44.660

This has been an under performing stock. The catalyst is that it could be acquired, but he doesn't buy stocks on that basis. Would prefer a Rogers (RCI.B-T) or Telus (T-T).

2007-01-08

DON'T BUY

45.700

Brian Acker, CA

Way over valued according to his model.

2006-12-21

BUY

43.790

Very nice dividend. Investors are avidly seeking dividends. Its base business, wire line telephone, is probably in a long-term decline.

2006-12-04

BUY

43.600

Gordon Higgins, CA, MBA

Has drifted down because it can't convert to an income trust. Solid 6% dividend that is still supported by earnings. The Allstream tax losses are still protecting the earnings.

2006-11-28

DON'T BUY

43.960