BCE came in with good numbers,
earnings per share came in at .44
revenue came in at 5.172 billion up 1.2% year over year.
Bell mobility added 218,000 net subscribers and revenue was up 16% year over year.
smaller units like Bell Globemedia had increased revenue of 7.1% in revenue.
Express-vu direct home satelite service increased by 83,000 net subscribers and the average bill climbed to $43 a month. (I pay $40 and there is still very little worth watching.)
Revenue at Bell Canada was basically flat at 4.532 billion Q4 2002. Productivity gains were $135 million compared to the target of $100 million for the quarter.
BCE is a conservative defensive stock getting back to being a telephone company with slow growth....the company should earn $1.88-$1.92 in 2003 and $2-$2.05 in 2004.
not bad value at stock trading for around 15X earnings with a yield of 4%, which is not in danger of getting cut. New management has done a good job of turning the company around after the Teleglobe $7 billion dollar disaster.
Manulife MFC
Manulife came out with some good numbers which the market ignored.
EPS Q402 came in at .80 versus estimates of .73 The number is .77 if you take out the gain of $5million from the sale of Worldcom bonds/one time.
EPS over the year was up 21%, mainly from strenght in Canada, US, and Asia.
Manulife is doing more business in Asia; Hong Kong/other businesses/reinsurance generated almost 30% of the earnings, compared to 21.5% a year earlier.
EPS 2003 $3.22-$3.27 E
EPS 2004 $3.45-$3.60 E
the yield is 2%
with the company trading at 11X 2003 earnings and just under 10X in 2004 the company provides good value. Return on Equity in 2003 should be over 16%, and going forward in 2004 should be over 15%.
note: they are still trying to take over Canada Life, this may slighty lower their ROE going forward.
thanks
selkirk
earnings per share came in at .44
revenue came in at 5.172 billion up 1.2% year over year.
Bell mobility added 218,000 net subscribers and revenue was up 16% year over year.
smaller units like Bell Globemedia had increased revenue of 7.1% in revenue.
Express-vu direct home satelite service increased by 83,000 net subscribers and the average bill climbed to $43 a month. (I pay $40 and there is still very little worth watching.)
Revenue at Bell Canada was basically flat at 4.532 billion Q4 2002. Productivity gains were $135 million compared to the target of $100 million for the quarter.
BCE is a conservative defensive stock getting back to being a telephone company with slow growth....the company should earn $1.88-$1.92 in 2003 and $2-$2.05 in 2004.
not bad value at stock trading for around 15X earnings with a yield of 4%, which is not in danger of getting cut. New management has done a good job of turning the company around after the Teleglobe $7 billion dollar disaster.
Manulife MFC
Manulife came out with some good numbers which the market ignored.
EPS Q402 came in at .80 versus estimates of .73 The number is .77 if you take out the gain of $5million from the sale of Worldcom bonds/one time.
EPS over the year was up 21%, mainly from strenght in Canada, US, and Asia.
Manulife is doing more business in Asia; Hong Kong/other businesses/reinsurance generated almost 30% of the earnings, compared to 21.5% a year earlier.
EPS 2003 $3.22-$3.27 E
EPS 2004 $3.45-$3.60 E
the yield is 2%
with the company trading at 11X 2003 earnings and just under 10X in 2004 the company provides good value. Return on Equity in 2003 should be over 16%, and going forward in 2004 should be over 15%.
note: they are still trying to take over Canada Life, this may slighty lower their ROE going forward.
thanks
selkirk
