Manitoba Telecom Services (MBT.TO) Buy, Sell…

Manitoba Telecom Services (MBT.TO)

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DON'T BUY

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.

DON'T BUY

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.

TRADE

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

HOLD

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.

HOLD

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.

TOP PICK

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.

SELL

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%.

TOP PICK

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.

BUY

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

DON'T BUY

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.

DON'T BUY

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.

COMMENT

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.

DON'T BUY

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

DON'T BUY

“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).

DON'T BUY

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

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Manitoba Telecom Services (MBT.TO)