BELL ALIANT REGIONAL COMMUNICATIONS INCOME FUND $25 (Toronto symbol BA.UN; Conservative Growth Portfolio, Utilities sector; Units outstanding: 127.0 million; Market cap: $3.2 billion; SI Rating: Above average) is the main provider of telephone service in Atlantic Canada and rural areas of Ontario and Quebec.
Bell Aliant transferred its wireless operations to BCE Inc. as part of the deal that created the trust in July, 2006. BCE owns about 45% of Bell Aliant.
Under a new deal, Bell Aliant will now help BCE upgrade its wireless networks in Atlantic Canada and rural areas of Ontario and Quebec. These upgrades will improve the speed and reliability of connections between BCE’s wireless networks and Bell Aliant’s traditional phone systems. That should help Bell Aliant profit from rising use of mobile devices to receive email and connect to the Internet.
This project will increase Bell Aliant’s capital expenditures by $25 million in 2008. However, these new outlays should not hurt its ability to keep paying monthly distributions of $0.2417 a unit (11.6% yield).
Meanwhile, Bell Aliant earned $74.7 million or $0.58 a unit in the three months ended September 30, 2008, up 8.6% from $68.8 million or $0.49 a unit a year earlier. However, revenue rose just 0.8%, to $815.3 million from $808.5 million. Strong demand for high-speed Internet and data services offset lower local and long distance revenue.
Bell Aliant now trades at just 12.2 times the $2.05 a unit it will probably earn in 2008. It’s possible that BCE’s new owners could sell their units to help pay for the takeover. The lack of a major shareholder could turn Bell Aliant into a takeover target. That’s not reason enough to buy the stock, but it adds to its appeal.
Bell Aliant is a buy.
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