RE:What's Next ??The dividend and the dividend growth program are safe.
The payout ratio based on the last 12 months was at 87% of free cash flow which is above their 60-75% target. But that includes the $358M of accelerated capex spend to take advantage of conditions in the operating landscape (basically they were eating Shaw's lunch everywhere they rolled out fiber). Excluding that accelerated capex spend, they're at 70%, well within target and means to pay/grow it. However, even though the accelerated capex spend will fall off the calculations by the end of the year, the payout ratio may show slightly above the 75% top end due to the one time restructuring costs from laying off all those staff.
However, while their telecom biz is more than fine and growing, all their subsiduaries (TI, Health, and Ag) are currently a drag. I don't have a crystal ball but I don't expect any great upward movement in the shareprice until at least late 2024, after a lot of stuff shakes out. Bad news for short term flippers but fine for dividend and longer term investors.