Both Have Yields Over 7.4% — But 1 Is a Better Stock to Buy Now Than the Other
Both Have Yields Over 7.4% — But 1 Is a Better Stock to Buy Now Than the Other
After a challenging last month, the Canadian equity markets have bounced back strongly this month, with the S&P/TSX Composite Index rising 3.7%. On Friday, the United States Labor Department reported that the consumer price index in June fell by 0.1% compared to May. It was the first month-on-month decline in the last four years. The signs of easing inflation have raised investorsâ hopes of early interest rate cuts, boosting equity markets.
在经历了最后一个月的挑战之后，加拿大股市本月强劲反弹，标普/tsx综合指数上涨3.7%。上周五，美国劳工部公布，6月份的消费者价格指数较5月份下降了0.1%。这是过去四年中的第一个月度下降。缓解通胀的迹象提高了投资者对于早期降息的希望，提振了股市。
Meanwhile, concerns over continued geopolitical tensions and the impact of higher interest rates on global growth persist. Adding a quality dividend stock with a high yield is an excellent strategy to strengthen your portfolio. Let's assess the following two high-yield dividend stocks to pick which would be a better buy right now.
与此同时，对于持续的地缘政治紧张局势和利率上升对全球增长的影响的担忧仍然存在。添加质量高、股息收益高的股票是强化投资组合的一种卓越策略。让我们评估下面两只高股息股票，选择哪只现在是更好的买入。
BCE
BCE
The Canadian telecom sector has been under pressure over the last two years amid unfavourable federal policy changes and high interest rates. The CTRC (Canadian Radio-television and Telecommunications Commission) has mandated large telcos to share their broadband network with independent players to increase competition. However, this move would greatly disincentivize players, such as BCE (TSX:BCE) and Telus (TSX:T), who have made substantial capital investments in expanding their broadband infrastructure. Amid the weakness, BCE has lost around 40% of its stock value over the last two years. Amid the steep correction, its NTM (next-12-month) price-to-earnings multiple has declined to 14.9.
在不利的联邦政策变化和高利率的背景下，加拿大电信行业已经承受了近两年的压力。加拿大广播电视与电信委员会已经命令大型电信公司与独立运营商分享宽带网络以增加竞争。然而，这一举措将大大降低像 BCE(TSX: BCE)和Telus(TSX:T)这样的公司的积极性，这些公司已经在扩大其宽带基础设施方面进行了大量的资本投资。在这种疲软背景下，BCE在过去两年中失去了约40%的股票价值。在尖峰时期，它的NTM(未来12个月)市盈率已经下降至14.9。
However, the demand for telecommunication services is rising amid digitization and growth in remote working and learning. The company continues to strengthen its 5G infrastructure, expanding its customer base and average revenue per user. Further, the company has lowered its capital spending this year on pure fibre build and highly-regulated businesses due to unfavourable policies. It has also slashed its workforce and has undertaken other cost rationalization initiatives to improve its profitability. Its financial position also looks healthy, with a liquidity of $4.7 billion. However, its net debt-to-adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) ratio is 3.6, higher than the earlier provided guidance.
然而，随着数字化的推进和远程办公和学习的增长，对电信服务的需求正在上升。该公司继续加强5G基础设施，扩大其客户基础和平均每用户的收入。此外，由于不利的政策，该公司已经在纯光纤建设和高度管制的企业上削减了本年度的资本支出。它还裁减了其劳动力，实施了其他成本理性化的举措以改善其盈利能力。它的财务状况也看起来很健康，流动性为$4.7亿。然而，其净债务/调整后EBITDA(利息、税金、折旧和摊销前的收益)比率为3.6，高于早期提供的指引。
Meanwhile, telecommunication companies enjoy healthy cash flows due to recurring revenue sources. With these stable cash flows, BCE has paid dividends for the last 16 years, while its forward yield is currently at 9.01%.
与此同时，电信公司由于具备稳定的收入来源而拥有健康的现金流。由于这些稳定的现金流，多年来，BCE一直在支付股息，它的预期收益率目前为9.01%。
Enbridge
恩桥
Enbridge (TSX:ENB) is a midstream energy company that has been paying dividends uninterruptedly for 69 years. It has also raised its dividends at an annualized rate of 10% for the previous 29 years. Its contracted and inflation-indexed asset base provides stability to its financials. Given its capital-intensive business, the company has been under pressure over the last two years, losing 18% of its stock value. Amid the pullback, its forward price-to-earnings multiple stands at an attractive 16.5.
恩桥(ENB)是一家中游能源公司，已经连续69年支付股息。在过去的29年里，它的年化股息增长率达到了10%。其契约和通胀指数化的资产基础为其业绩提供了稳定性。鉴于其资本密集型业务，该公司在过去两年中承受了压力，股票价值下降了18%。在回调之际，其预期市盈率为一个有吸引力的16.5。
Meanwhile, Enbridge is continuing its $25 billion secured capital program, which could deliver 3% annual growth through 2028. Its asset optimization and cost-saving initiatives could also contribute to 1-2% yearly growth. Apart from organic growth, the midstream energy company is also making strategic acquisitions. It has acquired two natural gas utility assets in the United States from Dominion Energy and is working on closing the third deal. So, its growth prospects look healthy.
此外，恩桥正在继续其250亿美元的安全资本计划，这可以通过2028年提供3%的年增长。其资产优化和降低成本的举措也可以对每年增长1-2%做出贡献。除了有机增长外，这家中游能源公司还在进行战略性收购。它已从Dominion Energy收购了两个天然气公用事业资产，并正在努力完成第三笔交易。因此，它的增长前景看起来很健康。
Enbridge has also divested several non-core assets, with the net proceeds utilized to fund its acquisition and lower its debt levels. Its net debt-to-adjusted EBITDA ratio is 4.7, within the company's guidance of 4.5-5. Given its healthy growth prospects and solid financial position, I believe Enbridge is well-equipped to continue with its dividend growth. It currently offers a forward yield of 7.43%.
恩桥还出售了一些非核心资产，净收入用于资助其收购并降低其债务水平。其净债务/调整后EBITDA比率为4.7，处于公司4.5-5的指引范围内。鉴于其良好的增长前景和坚实的财务状况，我相信恩桥有能力继续股息增长。它目前提供的预期收益率为7.43%。
Investors takeaway
投资者的收益
Although BCE trades at an attractive valuation and offers a higher yield, I believe Enbridge would be a better buy due to its solid underlying business, healthy cash flows, and excellent growth prospects.
虽然BCE的估值很具吸引力，且提供了更高的股息收益率，但我认为由于其坚实的基础业务、健康的现金流和良好的增长前景，恩桥将是更好的买入选择。
The post Both Have Yields Over 7.4% — But 1 Is a Better Stock to Buy Now Than the Other appeared first on The Motley Fool Canada.
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