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Pretty positive on sale of the sports assets, as the real value came from de-leveraging. Payout ratio is a little more bearable today, though still stretched. He'd buy today, but remember that these are tough businesses over the medium- to long-term. Doesn't mean you have a long-term, high-revenue-growth business. Telcos have lagged other yield sectors, and this creates an opportunity. He's buying all the telcos. This is his #2 choice in the space. Cashflow is stable, but not growing at a very high rate, and the dividend must take this into account. If your payout ratio is already on the high end, and you're raising the dividend every time, you're actually borrowing debt to pay the dividend. He likes companies that are on the right side of the payout ratio, and BCE is moving in the right dircetion.
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