MANITOBA TELECOM SERVICES INC. $29.80 (Toronto symbol MBT; Shares outstanding: 65.7 million; Market cap: $2.0 billion; TSINetwork Rating: Average; Dividend yield: 5.7%; www.mts.ca) has over 1.3 million telephone and wireless customers in Manitoba. This business now accounts for 54% of the company’s revenue.
The remaining 46% comes from its Allstream division, which provides integrated telephone, Internet and other communication services to businesses across Canada.
In the three months ended September 30, 2011, Manitoba Tel’s revenue fell 1.7%, to $443.2 million from $451.0 million a year earlier. The MTS division’s revenue rose 0.7%. Allstream’s revenue fell 4.6%, mostly because it is closing less-profitable businesses. Earnings per share fell 8.2%, to $0.56 from $0.61. The stock yields a high 5.7%.
Manitoba Tel plans to deploy Long Term Evolution (LTE) wireless technology in 2012. LTE networks are up to five times faster than its current wireless systems. This should help the company sell more smartphones, including the Apple iPhone. The company earns higher fees from these devices than regular cellphones.
The company is also converting its phone and Internet network from copper wire to a fibre-optic system. It should complete this project in 2015. This upgrade will let Manitoba Tel sell more high-speed Internet and digital TV services.
At the same time, the Allstream division is benefiting from its shift to Internet-based communication services. Right now, the division is focusing on clients in multi-tenant buildings that are located near existing fibre-optic networks.
Manitoba Tel has long been an attractive takeover target for a competitor, such as BCE or Telus. As well, the new Conservative majority government is open to the idea of allowing foreign ownership of telecommunications companies. That could spur takeover interest from foreign firms.
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