STOCKCHASE

Have had a lot of problems over the last 5-6 years. They have turned around Allstream, their acquisition several years ago. Not “best in class” but the dividend should be safe.

2012-01-18

Comment

30.910

Benj Gallander

This one doesn't interest him at all. He is looking for capital appreciation and a dividend.

2012-01-17

PAST TOP PICK

29.650

(Top Pick Jan 28/11, Up 0.45%) Had been going down and he could see warnings swing. With income, stock has performed brilliantly.

2012-01-10

DON'T BUY

29.920

David Burrows

This has often been touted as a takeover candidate however it is not a good idea to invest for that reason. With telecoms having a clear leadership in the market last thing you want to do is focus on one of the poorer performing ones. This one has a big pension deficit as well as a growth problem. There are better places to be.

2012-01-05

DON'T BUY

29.310

Peter Brieger

Likes the management, but quite frankly he thinks their prospects are quite limited. Would prefer a Telus (T-T) or BCE (BCE-T).

2011-12-16

Comment

30.190

Everybody's looking for their Allstream division to stabilize but the jury is still out on that to some extent. Good healthy yield. As a utility, they are alright for the time being.

2011-11-25

HOLD

28.500

Cut the dividend so it is probably now sustainable. Have some interesting growth including the Internet TV business. Someone may take them out.

2011-11-18

BUY

28.460

Had issues last 5-6 years. Weaker numbers last quarter. Overpaid for Allstream assets 5-6 years ago. These assets are now starting to turn around and add to the bottom line. Now connected to fibre. Still not the best in class but expect it could trade up into the low $30's in the next 6 months or so.

2011-11-16

HOLD

30.230

Wire line telecom. Have done a pretty good job of coming back.

2011-11-07

STRONG BUY

30.830

Michele Robitaille

They like it. Sustainable dividend. Good for a long term buy as interest rates cannot go much lower, but will go higher. Interest rates are a short term problem for them, (no cash hit).

2011-10-06

Comment

32.330

Thinks the dividend is safe as their earnings and cash flow cover it. They offer consumer wire line and wireless services in Manitoba. Doesn't see a lot of growth. Yield of over 5%.

2011-09-14

DON'T BUY

31.930

Richard Fogler

It is amongst the cheaper stocks on the board. The problem is it is a very restricted business. They the largest market share in their market of any Canadian telecom so where is the growth to come from.

2011-07-22

BUY

31.900

Analysts’ earnings forecasts have now leveled off and are starting to turn back up again. Excellent balance sheet.

2011-07-12

HOLD

34.300

Feels dividend is quite safe and hopes they will re-introduce part of it. Fibre optics part of their business is finally ticking over. Great takeover candidate.

2011-05-27

HOLD

34.150

Cut their dividend 25%, which was good. Since then they have demonstrated they are doing the right things. Redoing the client book on Allstream and getting into higher margin products. Looking for them to be free cash flow positive in 2012 and possible start moving the dividend up gradually in 2013.

2011-05-25

PAST TOP PICK

29.670

(A Top Pick March 19/10. Up 0.45%.) They cut the dividend, the stock sold off and he bought some more.

2011-04-15

PAST TOP PICK

30.150

Jeff Parent B. Eng. FCSI

(A Top Pick April 6/10. Down 0.27%.) Had a problem when the dividends were cut. Chart doesn’t look good so he would avoid.

2011-04-08

PAST TOP PICK

29.600

Jeff Parent B. Eng. FCSI

(Top Pick Apr 6/10, Down 1.16%)

2011-03-11

SELL

30.800

His least favourite telecom. Was the last one to move. Finally had a little blip up and expects that will be it. Will still be a laggard. If you are holding for the 5.5% dividend, you would be safer with BCE (BCE-T). (See Top Picks.)

2011-02-16

TOP PICK

30.930

Analysts earnings estimates kept going down but then just recently the analysts suddenly became more positive. Earnings forecasts are changing. On a long term perspective, stock is cheap and has decent upside potential. 6% yield.

2011-01-28

Comment

28.410

Basically a widows and orphans’ stock if you want to earn 6% in a company that is well run with good assets. Good fibre optics business.

2011-01-21

DON'T BUY

28.180

Ara Nalbandian

Has had some trouble over the years. Was over distributing their dividend yields. On an absolute basis, it is not the one he would recommend – prefers Telus.

2011-01-19

DON'T BUY

28.350

Drastically cut their dividend but the payout is still relatively high at $.170 on $2 earnings. Depending on the Allstream division to come to the fore. Allstream is great at making progress but is still cash flow negative and will be until 2012-2013.

2011-01-14

BUY

28.420

His partner was at their investor day. It is a great stock. Came down a lot. They cut their dividend. Not a lot of growth in the next couple of years. Holding in income portfolios. Any takeover happens after another telecom.

2010-12-21

SELL

28.990

Bill MacLachlan

Facing significant competition in pricing on the wireless side. Can’t see much growth potential. Good yield of 5.7% but can’t see anything else going for it. Better choices out there.

2010-11-17

BUY on WEAKNESS

29.750

It was one that he was concerned about and looking for a dividend cut. Now that it is behind them, you saw the market react positively. But where is future growth going to come from? Overall it is a comfortable yield (5.7%) and is a good yield. Does not anticipate another dividend cut unless earnings fall down. A safe harbour.

2010-10-20

HOLD

29.130

(Market Call Minute.) Having cut their distribution, they are probably now a hold for yield only as payout is still relatively high

2010-10-06

DON'T BUY

27.490

The dividend was not really safe, so he sold it. Core business is ok, but Allstream is their problem child and why they cut the dividend. It may be rebounding because it got so low that people may think it looks attractive.

2010-09-07

TOP PICK

27.540

Have had a lot of trouble with the fibre-optic side of the business through Allstream but thinks it is still potentially a great asset. As some point they will either have success or will sell it. Nice solid yield.

2010-09-03

Comment

27.550

Recently cut dividends but are still over distributing. Has been a nightmare story for 3-4 years. Worst performing telco. Bought Allstream about 6 years ago and it blew up on them. Slightly more compelling now as he thinks there is a $4-$5 embedded value on the stock. Might look at this in the near future, especially if it goes lower.

2010-09-01

HOLD

25.180

Jamie Horvat

Can’t see a lot of growth and upside. Recently cut dividends by a third. Trading at about 12X next year's numbers. Battle between having an increasing environment on the phone side versus enterprise spending might be slowing down given the recession. Dividend should be secure. Fair value at this price.

2010-08-16

Comment

25.180

Michael Decter

Telus (T-T) or BCE (BCE-T) would be a better place to be if you want a telecom holding. They are in growth markets and have more scale and are able to get into other lines of business. There might be a bounce but over the long haul, others would be better.

2010-08-16

DON'T BUY

25.210

Steven Conville

Not much influence outside of Manitoba. If they try to expand their wireless, they could be eroded by one of the bigger companies. As concerns about its continued ability to grow earnings. 6.7% dividend.

2010-08-13

HOLD

24.980

Surprised that they had cut their dividend this year but you are still getting 6%. Doubt if they will cut it again. Likes their Allstream holding.

2010-08-06

SELL

28.250

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

John Zechner

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

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

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

David Baskin

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

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

2010-04-26

HOLD

32.830

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 B. Eng. FCSI

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

David Burrows

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

Peter Brieger

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

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

John Zechner

“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

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

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 Schwartz

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

David Baskin

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

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

David Baskin

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

Peter Brieger

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

David Burrows

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

John Zechner

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