BCE INC. $30.07 (Toronto symbol BCE; Shares outstanding: 765.2 million; Market cap: $23.0 billion; SI Rating: Above Average; Dividend yield: 5.8%) provides telephone and Internet services in Ontario and Quebec. It also sells wireless and satellite-TV services across Canada.
In 2009, BCE’s revenue rose 0.4%, to $17.74 billion from $17.66 billion in the prior year. Earnings before one-time items rose 6.5%, to $1.9 billion from $1.8 billion in the prior year. Per-share earnings rose 11.1%, to $2.50 from $2.25, on fewer shares outstanding.
The Canadian wireless market is highly competitive. However, last year BCE bought the “The Source,” a 756-store home-electronics chain. That gives BCE a ready outlet to sell its products and services. As well, the company’s Virgin Mobile discount cellphone service is helping it attract younger, more cost-conscious users.
BCE is using part of its annual cash flow of almost $5 billion, or $6.50 a share, to upgrade its networks to handle a wider variety of cellphones, including Apple’s hugely popular iPhone smartphone. It’s also making its Internet service faster and available to more customers.
The shares yield a high 5.8%. The company expects to earn between $2.65 and $2.75 a share in 2010. The stock trades at just 11.1 times the midpoint of that range.
BCE is a safety-conscious buy.
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