28 May 2025 | 12:07AM AEST Telstra Group (TLS.AX) Buy Monetizing a Connected Future; with 1¢ p.a. DPS growth and A$7-8bn buy-back capacity | | | Telstra hosted its Connected Future 30 Strategy day on 5/27. In our view the two key takeaways from the update are: (1) Telstra has a clear focus on delivering consistent and predictable earnings growth, through simplifying the business, monetizing its core value proposition of superior connectivity, and maintaining tight cost discipline through a commitment to pos ...

Investment Rating - The report rates Telstra Group as a "Buy" with a 12-month price target of A$4.90, indicating an upside potential of 3.6% from the current price of A$4.73 [8][9]. Core Insights - Telstra's "Connected Future 30" strategy aligns with expectations, focusing on mobile, digital infrastructure, and cost discipline, with a target of mid-single digit cash earnings CAGR to FY30 [1][2]. - The company aims for a 10% return on invested capital (ROIC) by FY30, which is above the current rate of approximately 8% [2]. - Telstra plans to sustain and grow fully-franked dividends into FY30, with a preference for buybacks over unfranked dividends [3][5]. - The company has over A$20 billion in financial capacity to fund growth by FY30, which includes A$15-16 billion in cash earnings and approximately A$6 billion in debt capacity [5][6]. Financial Targets - Cash earnings are expected to achieve a mid-single digit CAGR to FY30, with underlying income growth outpacing cash EBIT cost growth [2]. - The guidance for FY25 includes free cash flow expectations of A$3.0-3.4 billion and BAU capex guidance of A$3.2-3.4 billion [6]. - Telstra is positioned to become Australia's leading digital infrastructure provider, targeting sustained cash EBIT growth and mid-teens IRR on strategic investments [3][5]. Valuation and Market Position - The report suggests that while Telstra's headline valuation appears full compared to peers, adjusting for unique assets like NBN recurring payments reveals a more compelling multiple [7]. - The potential monetization of InfraCo Fixed assets could yield a value between A$22-33 billion, enhancing the company's financial position [7]. - The recurring NBN payment stream is estimated to be worth A$14.5 billion to A$17.9 billion, providing long-duration cash flows without strategic loss [7].

齐鲁晚报.齐鲁壹点宋秋梅通讯员陈芳 培训结束后，成武县委组织部三级调研员刘靖对菏泽联通在数字化转型方面的卓越实力给予高度评价，他指出，随着老龄化社会的加速 到来，老年教育数字化建设已成为当务之急，县老年大学作为老年教育的重要阵地，急需引入先进的信息技术手段，提升教学质量和服 务水平，而菏泽联通在数字化领域的深厚积累和技术优势，无疑为县老年大学智慧校园建设提供了有力的支持。 未来，菏泽联通将充分发挥自身技术优势，为老年大学量身定制智慧校园解决方案，助力老年教育事业迈向新台阶，共同开启老年教育 的新篇章，让智慧养老成为老年人美好生活的新标配。 随后，联通(山东)产业互联网有限公司讲师马炳鑫以深入浅出的方式，开启了"智慧生活触手可及—DeepSeek应用"的精彩讲解。他从"揭 秘DeepSeek"入手，深入剖析了其核心技术原理和独特优势，让老同志们对这一前沿科技有了初步的认识；随后通过"解码火爆基因"，生 动阐述了DeepSeek在市场中备受青睐的原因，激发了老同志们对新技术的热情与兴趣；在"场景实战演练"环节，马炳鑫讲师更是结合大 量实际案例，手把手教老同志们如何操作使用DeepSeek，从简单的日常查询到复杂的 ...

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on May 27, 2025 Registration No. 333-286272 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GCI Liberty, Inc. (Exact name of registrant as specified in its Charter) Nevada 4841 (Primary Standard Industrial 36-5128842 (I.R.S. Employer Identification No.) (State or other jurisdiction of incorporation or organization) 12300 Liberty Bl ...

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on May 27, 2025 Registration No. 333-286272 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GCI Liberty, Inc. (Exact name of registrant as specified in its Charter) Nevada 4841 (Primary Standard Industrial 36-5128842 (I.R.S. Employer Identification No.) (State or other jurisdiction of incorporation or organization) 12300 Liberty Bl ...

Group 1 - Verizon's executive vice president and CEO for Verizon Consumer, Sowmyanarayan Sampath, will speak at the Bernstein Strategic Decisions Conference on May 29, 2025, at 8:00 a.m. ET, with a webcast available on the Investor Relations website [1] - Verizon generated revenues of $134.8 billion in 2024, highlighting its significant market presence and commitment to innovation [2] - The company serves millions of customers globally, including nearly all of the Fortune 500, focusing on mobility, reliable network connectivity, and security [2] Group 2 - Verizon's online media center provides access to news releases, stories, and media contacts, enhancing communication with stakeholders [3] - Media contacts for Verizon include Adi Wineland, who can be reached via email for inquiries [3]

Dividend Stocks Overview - Dividend yield is a key metric for investors, indicating how much a company pays in annual dividends relative to its stock price [1] - The sustainability of a company's dividend yield is often assessed through its dividend payout ratio, which shows the percentage of net income distributed as dividends [1][3] - A high dividend yield may result from a declining stock price, which could indicate underlying issues [2] Altria Group (MO) - Altria Group has a dividend yield of 6.83% and an annual dividend of $4.08, with a payout ratio of 68.34% [5][6] - The company has a strong track record of 56 consecutive years of dividend increases and an annualized 3-year dividend growth of 4.35% [5][8] - Despite the decline in traditional tobacco smoking, Altria is pivoting towards alternative nicotine products, which may support future revenue and earnings growth [7] - The stock has delivered a total return of over 609% in the last 15 years, and its current P/E ratio of 9x indicates it is undervalued compared to its historical performance [6][7] United Parcel Service (UPS) - UPS has a dividend yield of 6.88% and an annual dividend of $6.56, with a high payout ratio of 95.63% [9][10] - The company has a history of maintaining dividends even during economic downturns, with a cash flow payout ratio of 66% [10] - UPS is undergoing a turnaround plan that is expected to improve margins, and its P/E ratio is around 14x, which is a discount to historical averages [11] Verizon Communications (VZ) - Verizon has a dividend yield of 6.25% and an annual dividend of $2.71, with a payout ratio of 64.52% [12][14] - The company has a 20-year track record of dividend increases, but its recent total return over 10 years is only 45.22% [13][14] - Verizon is facing challenges with subscriber losses but has received FCC approval for a deal to acquire Frontier, which may enhance its competitive position [13][14]

Group 1 - The core event of the "Three Advances" series activity for old-for-new consumer goods was launched in Changsha, aiming to implement the State Council's action plan for large-scale equipment updates and old-for-new consumer goods [1] - The event featured a combination of product exhibitions, policy promotion, and convenient services, attracting hundreds of participants for consultation and experience [1] - Major brands like Huawei and Xiaomi showcased their flagship models and smart home appliances, with professional consultants providing product experiences and policy explanations [1] Group 2 - The event is part of Changsha Unicom's "Beneficial Services into Thousands of Homes" initiative, focusing on establishing a regular government-enterprise communication mechanism and developing an online service platform [2] - A professional service team will be formed to offer customized services such as home visits for processing [2] - Changsha Unicom plans to conduct over 500 beneficial events within the year, aiming to enhance user experience and policy benefits through a collaborative model involving government, enterprises, and the public [2]

Core Viewpoint - The stock market is facing challenges in 2025, with the S&P 500 down 0.4%, but AT&T has shown resilience, up 20.2% year-to-date, making it a defensive investment option [1][8]. Company Performance - AT&T has not conducted a stock split in decades, with its last forward splits occurring in 1987, 1993, and 1998, and a reverse split in 2002 [4][6]. - The company is not in a position to require a stock split, as its shares are under $30, making them affordable [6]. - AT&T announced plans to return $40 billion to shareholders through 2027, split equally between dividends and share buybacks, enhancing shareholder value [7]. Revenue and Financials - In Q1 2025, AT&T reported $21.6 billion in revenue, with 77% ($16.7 billion) coming from services, and an operating income of $6.7 billion, reflecting a 2.4% year-over-year increase [9]. - The company has improved its balance sheet by reducing net debt by $32 billion since 2020, following challenges from previous media acquisitions [11]. Subscriber Growth - AT&T added 324,000 postpaid phone customers in Q1 2025, outperforming Verizon, which lost 289,000 customers, but lagging behind T-Mobile, which added 495,000 [12]. Investment Considerations - AT&T is suitable for investors seeking stability, with a forward price-to-earnings ratio under 14 and a high dividend yield of 4% [13][14]. - The company cut its dividend in 2022 to manage cash flow and reduce debt, but plans to spend $20 billion on dividends through 2027, indicating potential for future increases [14]. - Despite its recent outperformance, AT&T has historically underperformed the S&P 500 over the last three, five, and ten years, making it less attractive for growth-focused investors [15].

Core Viewpoint - AT&T is significantly enhancing its fiber internet strategy through a $5.75 billion acquisition of Lumen's Mass Markets fiber business, which will add approximately 1 million fiber subscribers and 4 million passed locations, expanding its presence in major metro areas [1][2]. Expansion Plans - Prior to the acquisition, AT&T aimed to pass 50 million fiber locations by the end of 2029; with the Lumen deal, this target has been raised to 60 million by the end of 2030, effectively doubling the current scale of its fiber network [2]. - The acquisition will allow AT&T to expand its fiber reach without incurring all the capital expenditures typically associated with such growth, as it plans to partner with an equity investor post-transaction [4][5]. Financial Strategy - AT&T intends to maintain a net debt to adjusted EBITDA ratio of around 2.5 after the Lumen deal closes and the equity partner is found, while also planning to repurchase $10 billion of its own shares through the end of 2026 [6]. - The company expects to generate free cash flow of at least $16 billion this year, with its stock trading at over 12 times free cash flow, indicating a solid value proposition despite not being as cheap as in previous years [11]. Growth Opportunities - Lumen's fiber business has a penetration rate of approximately 25%, significantly lower than AT&T's 40% and half of its long-term target of 50%. Improving this penetration rate presents a low-cost growth opportunity for AT&T [8]. - There is potential for AT&T to sell its wireless services to the 1 million acquired fiber customers, as about 40% of AT&T's fiber customers are also wireless customers, which could lead to lower churn and higher lifetime value [9]. Strategic Acquisition - The acquisition of Lumen's fiber assets provides AT&T with an immediate increase in fiber subscribers and a pathway to expand its fiber network beyond previous plans, while also ensuring financial prudence through equity partnerships [10].