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.
在經歷了最後一個月的挑戰之後，加拿大股市本月強勁反彈，標普/tsx綜合指數上漲3.7%。上週五，美國勞工部公佈，6月份的消費者價格指數較5月份下降了0.1%。這是過去四年中的第一個月度下降。緩解通脹的跡象提高了投資者對於早期降息的希望，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.
與此同時，對於持續的地緣政治緊張局勢和利率上升對全球增長的影響的擔憂仍然存在。添加質量高、股息收益高的股票是強化投資組合的一種卓越策略。讓我們評估下面兩隻高股息股票，選擇哪隻現在是更好的買入。
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.
在不利的聯邦政策變化和高利率的背景下，加拿大電信行業已經承受了近兩年的壓力。加拿大廣播電視與電信委員會已經命令大型電信公司與獨立運營商分享寬帶網絡以增加競爭。然而，這一舉措將大大降低像 BCE(TSX: BCE)和Telus(TSX:T)這樣的公司的積極性，這些公司已經在擴大其寬帶基礎設施方面進行了大量的資本投資。在這種疲軟背景下，BCE在過去兩年中失去了約40%的股票價值。在尖峯時期，它的NTM(未來12個月)市盈率已經下降至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，隨着數字化的推進和遠程辦公和學習的增長，對電信服務的需求正在上升。該公司繼續加強5G基礎設施，擴大其客戶基礎和平均每用戶的收入。此外，由於不利的政策，該公司已經在純光纖建設和高度管制的企業上削減了本年度的資本支出。它還裁減了其勞動力，實施了其他成本理性化的舉措以改善其盈利能力。它的財務狀況也看起來很健康，流動性爲$4.7億。然而，其淨債務/調整後EBITDA(利息、稅金、折舊和攤銷前的收益)比率爲3.6，高於早期提供的指引。
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%.
與此同時，電信公司由於具備穩定的收入來源而擁有健康的現金流。由於這些穩定的現金流，多年來，BCE一直在支付股息，它的預期收益率目前爲9.01%。
Enbridge
恩橋
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.
恩橋(ENB)是一家中游能源公司，已經連續69年支付股息。在過去的29年裏，它的年化股息增長率達到了10%。其契約和通脹指數化的資產基礎爲其業績提供了穩定性。鑑於其資本密集型業務，該公司在過去兩年中承受了壓力，股票價值下降了18%。在回調之際，其預期市盈率爲一個有吸引力的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，恩橋正在繼續其250億美元的安全資本計劃，這可以通過2028年提供3%的年增長。其資產優化和降低成本的舉措也可以對每年增長1-2%做出貢獻。除了有機增長外，這家中游能源公司還在進行戰略性收購。它已從Dominion Energy收購了兩個天然氣公用事業資產，並正在努力完成第三筆交易。因此，它的增長前景看起來很健康。
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%.
恩橋還出售了一些非核心資產，淨收入用於資助其收購併降低其債務水平。其淨債務/調整後EBITDA比率爲4.7，處於公司4.5-5的指引範圍內。鑑於其良好的增長前景和堅實的財務狀況，我相信恩橋有能力繼續股息增長。它目前提供的預期收益率爲7.43%。
Investors takeaway
投資者的收益
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.
雖然BCE的估值很具吸引力，且提供了更高的股息收益率，但我認爲由於其堅實的基礎業務、健康的現金流和良好的增長前景，恩橋將是更好的買入選擇。
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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