Rogers Communications (B) (RCI.B.TO)

A very defensive space, telcos. Not a growth stock, but pays income. He prefers BCE, because it just finished a big capex cycle and pays a higher dividend. Also, wireless penetration in Canada is limited, which in turn limits growth. That said, all the Canadian telcos are good for the long-term. Buy for the dividend, not growth.

Generally, she doesn't have a core position in telecoms. She doesn't see the growth. Dividends are safe. Rogers has lagged BCE, but looks as though it's stabilizing here. Wireless will drive these companies. Subscribers continue to go up, and they also sell data. Rogers is a safe income stock. Yield is just shy of 3%.

With telecoms, you want to look at enterprise value over EBITDA. Likes the dividend, of about 3%, and should grow. Stock's a bit off because of competition last quarter. Good time to accumulate shares. For total return, best performer compared to BCE and Telus over last few years.

During a recession? Like it a lot. Has the best leverage to 5G. He doesn't think Trudeau will There's talk of 5G not rolling out until early-2021, but he doesn't believe that. Low interest rates will be good for Rogers. See BCE to buy Rogers. Pays a 3.1% dividend. A great long-term hold.

Only 2% EPS growth, he forecasts, trading at 15x PE. Good dividend. They are more exposed to wireless than BCE is. He has a $72 target. An okay name, but look elsewhere for growth.

He owns BCE instead, which is more defensive. The threat to Rogers (and the telcos) is the unlimited data plans. ARPU could stagnate or decline just as 5G ramps up, so the telcos may need to spend more to roll it out. Rogers has to spend more anyway, because Rogers owns the entire network, whereas BCE shares some of that burden with Telus.