MANITOBA TELECOM SERVICES INC. $34.82 (Toronto symbol MBT; Shares outstanding: 66.2 million; Market cap: $2.3 billion; TSINetwork Rating: Average; Dividend yield: 4.9%; www.mts.ca) gets 55% of its revenue from its MTS division, which has over 1.3 million telephone and wireless customers in Manitoba.
The remaining 45% of the company’s revenue comes from its Allstream division, which provides integrated telephone, Internet and other communication services to businesses across Canada.
In the quarter ended December 31, 2011, revenue fell 1.6%, to $439.4 million from $446.7 million a year earlier. The MTS division’s revenue rose 2.7%. Allstream’s revenue fell 6.6%, mostly because it is closing less profitable businesses. Earnings per share rose 21.7%, to $0.56 from $0.46, on cost cuts and higher profits at Allstream.
The company’s concentration in Manitoba adds risk. But Allstream is now profitable, and should be able to expand further outside the province. The chance of a takeover also adds appeal, but it’s not reason enough on its own to buy the stock.
Manitoba Tel trades at 14.0 times its likely 2012 earnings of $2.49 a share. The stock yields a high 4.9%, and the dividend looks safe.
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