Core Viewpoint - Verizon's new CEO emphasizes a strategy focused on increasing market share, despite investor sentiment suggesting that continued losses may be more favorable for the company [1] Company Focus - The new leadership at Verizon is committed to a growth strategy aimed at enhancing market share [1] Investor Sentiment - Investors appear to believe that Verizon's ongoing decline in market position may be beneficial for the company overall [1]

Group 1: NextEra Energy (NEE) - NextEra Energy is a large U.S. utility and clean energy company, operating a regulated utility business (Florida Power & Light) and a fast-growing renewable energy & storage business (NextEra Energy Resources) [3] - Wall Street rates NEE stock as a "Moderate Buy," with 12 out of 21 analysts rating it a "Strong Buy," and an average target price of $82.17, indicating a 15.6% upside potential [1] - The company has a strong dividend yield of 3.1% and a low payout ratio of 56.9%, allowing for a commitment to growing dividends at approximately 10% annually through at least 2026 [2] Group 2: Verizon Communications (VZ) - Verizon is one of the largest telecommunications companies in the U.S., providing wireless services, broadband, fiber, and other network services [6] - Wall Street rates VZ stock as a "Moderate Buy," with 9 out of 29 analysts rating it a "Strong Buy," and an average target price of $48.43, suggesting a 10.9% upside potential [4] - The company offers a high dividend yield of 6.3% and maintains a healthy payout ratio of 56.7%, with expected free cash flow between $19.5 billion and $20.5 billion in 2025 to support dividend payments [5] Group 3: AbbVie (ABBV) - AbbVie is one of the largest pharmaceutical companies in the U.S., focusing on immunology, oncology, and other therapeutic areas, with a history of revenue from drugs like Humira [8] - Wall Street rates ABBV stock as a "Moderate Buy," with 16 out of 29 analysts rating it a "Strong Buy," and an average target price of $216.58, indicating a 2.3% upside potential [10] - The company offers a dividend yield of 2.9% and has a payout ratio of 46%, with a 53-year history of raising its dividend, making it a Dividend King [9] Group 4: Pfizer (PFE) - Pfizer develops and sells vaccines and therapeutics across various disease areas, focusing on expanding its non-Covid product range [11] - Wall Street rates PFE stock as a "Moderate Buy," with 6 out of 23 analysts rating it a "Strong Buy," and an average target price of $27.90, suggesting a 13.5% upside potential [13] - The company offers a dividend yield of 6.9% and has been increasing its dividend for 16 consecutive years, with a forward payout ratio of 54.6% [12] Group 5: AT&T (T) - AT&T is a major player in U.S. telecommunications, focusing on core telecom operations after restructuring by selling off non-core assets [14] - Wall Street rates T stock as a "Moderate Buy," with 17 out of 29 analysts rating it a "Strong Buy," and an average target price of $30.47, indicating a 4.4% upside potential [16] - The company offers a dividend yield of 3.8% and has a low payout ratio of 49.9%, with projected free cash flow of around $16 billion in 2025, supporting its dividend payments [15]

Group 1 - Comcast Corporation (NASDAQ:CMCSA) plans to redeem nearly $2.474 billion of its 3.950% Notes due October 15, 2025 [1][2] - The company has notified The Bank of New York Mellon, the trustee, regarding the redemption [1][2] - The filing indicates that this report does not constitute a formal notice of redemption for the notes [1] Group 2 - Comcast is a global media and technology company providing internet, TV, and wireless services, along with NBCUniversal's networks, Peacock streaming, and Sky Sports [3]

Summary of Rogers Communications Conference Call Company Overview - **Company**: Rogers Communications (RCI) - **Date**: September 03, 2025 - **Speakers**: CEO Tony Staffieri, CFO Glenn Brandt Key Points Wireless Business - **Pricing Environment**: The pricing environment in Canada has seen a significant step down over the past 18-24 months, with little change despite fluctuations [3][4] - **Revenue Outlook**: Continued growth in service revenue is expected, with a focus on balancing market share and Average Revenue Per User (ARPU) [4][5] - **New Price Plans**: Implementation of new price plans has been successful, with a shift from data bucket sizes to other differentiating factors [5][6] - **Add-a-Line Strategy**: There is an opportunity to increase penetration in terms of lines per account, following the U.S. model [6][7] - **Roaming Value Proposition**: New constructs for roaming have been well received in the marketplace [7][8] - **Back to School Promotions**: Promotions during the back-to-school season were more price disciplined compared to previous years, indicating a stable pricing environment [8][9] Bundling Strategy - **Bundling Benefits**: The bundling of wireless and cable services is seen as a way to solidify customer relationships and reduce churn [17][19] - **Convergence Focus**: Future bundling strategies will focus on seamless integration of 5G and in-home WiFi [19][20] - **Market Expansion**: The acquisition of Shaw has allowed Rogers to expand its footprint and offer bundled services in new territories [20][21] Fixed Wireless Access - **Market Opportunity**: Fixed wireless access is aimed at covering the 40% of homes not served by cable, with a focus on rural areas [21][22] - **Sustainable Business Model**: The fixed wireless access model is viewed as sustainable, with network slicing technology ensuring no impact on mobile users [29][32] - **Growth Metrics**: The fixed wireless access is becoming increasingly material to net adds in the Internet segment [26][24] Satellite Mobile Service - **Launch of Service**: A satellite mobile service was launched in partnership with Starlink, with good initial demand [34][35] - **Market Coverage**: The service aims to cover areas with no existing cellular coverage, significantly increasing Rogers' market reach [36][39] - **Revenue Model**: The economic construct with Starlink is not a revenue share model but is expected to provide incremental margins [37][39] Cable Business - **Revenue Growth Strategy**: Post-acquisition of Shaw, the cable business is focused on organic growth, particularly in Internet services [44][50] - **Margin Improvement**: Margins have improved from 50% to 58-59% due to operational efficiencies and direct content purchasing [51][52] - **Business Segment Growth**: Strong growth is observed in the business segment, leveraging the expanded national footprint [48][50] Sports and Entertainment Assets - **MLSE Acquisition**: Rogers is consolidating its ownership of the MLSE assets, with a focus on maximizing value for shareholders [62][66] - **Valuation of Assets**: The estimated value of Rogers' sports and entertainment holdings is around CAD 15 billion, with significant cash flow potential [68][69] - **Leverage Management**: Progress in integrating Shaw has helped reduce leverage, allowing for strategic investments in sports assets [64][70] Future Outlook - **Capital Investment**: A gradual decline in capital intensity is expected, driven by revenue growth and reduced investment needs [55][57] - **Synergy Opportunities**: There are substantial opportunities for revenue and cost synergies from the integration of sports and entertainment assets [82][83] Additional Insights - **Market Position**: Rogers holds a competitive position in the Canadian market, leveraging its diverse service offerings to enhance customer relationships [42][44] - **Technological Advancements**: The company is focused on utilizing advanced technologies, such as AI, to enhance customer engagement and service delivery [80][81]

Financial Data and Key Metrics Changes - BCE reported a total revenue growth of 1.3% in Q2 2025, driven by fiber strategy and premium wireless subscriber retention [32] - EBITDA decreased by 0.9% due to higher cost of goods sold, while net earnings and statutory EPS increased due to lower asset impairment charges [33] - Adjusted EPS fell by 19.2%, reflecting noncash mark-to-market losses on FX hedges and options, higher interest expense, and lower tax adjustments [33] - Free cash flow increased by 5% in Q2 2025 [34] Business Line Data and Key Metrics Changes - Internet revenue grew by 3%, supported by the addition of 27,000 new FTTH customers in Canada [12][36] - Wireless service revenue declined by approximately 3%, marking the second consecutive quarter of improvement in the year-over-year rate of decline [37] - Bell Media's total revenue increased by approximately 4%, driven by an 8.1% rise in subscription revenue [38] Market Data and Key Metrics Changes - BCE's acquisition of Zipline Fiber expanded its fiber footprint by 1.4 million locations, positioning it as the third-largest fiber Internet provider in North America [11] - The Canadian AI data center market is projected to grow at an annual rate exceeding 20% [26] Company Strategy and Development Direction - BCE's strategic priorities include putting customers first, delivering superior fiber and wireless networks, leading with AI-powered solutions, and building a digital media powerhouse [6] - The company aims to become the backbone of Canada's AI economy through its Bell AI Fabric initiative, which includes purpose-built AI data centers [24] - BCE is focused on executing its strategic plan while investing significantly in Canadian content and technology services [30] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the federal government's decision regarding CRTC's wholesale access but remains focused on executing the strategic plan [30] - The company anticipates continued growth in free cash flow and revenue, particularly from the integration of Zipline Fiber and the PSP partnership [46] Other Important Information - BCE's balance sheet remains strong with $3.8 billion in available liquidity and a net debt leverage ratio of approximately 3.5 times adjusted EBITDA [39] - The company is targeting a year-end 2025 net debt leverage ratio of approximately 3.8 times, reflecting the impacts of the MLSE sale and Zipline Fiber acquisition [40] Q&A Session Summary Question: Can you unpack guidance regarding Zipline and any adjustments? - Management indicated that Zipline continues to outperform initial financial expectations, and the revised guidance reflects the combined company's performance [51][52] Question: What is the expected free cash flow profile evolution from Zipline? - Management expects continued EBITDA growth from Zipline, with significant free cash flow growth anticipated once the PSP partnership is operational [61] Question: Can you discuss the long-term revenue opportunity for Bell AI Fabric? - Management highlighted a large total addressable market (TAM) for AI services and emphasized the integration of various elements of the enterprise strategy to drive growth [64][66] Question: How sustainable are the improvements in wireless churn metrics? - Management noted that churn reduction is a multifaceted approach, with ongoing customer service improvements contributing to the positive trend [89] Question: How should investors view the existing business compared to earlier guidance? - Management stated that the midpoint of guidance has increased, reflecting improved expectations for revenue and EBITDA, while free cash flow remains stable [91]

Q2 2025 Earnings August 1, 2025 For a list of those factors and risks, please refer to our annual report on Form 10-Q for the quarter ended June 30, 2025, filed today, August 1, 2025, and our subsequent filings made with the SEC. All cautionary statements we make during the call should be understood as being applicable to any forward-looking statements we make wherever they appear. You should carefully consider the risks described in our reports and should not place any undue reliance on any forward-looking ...

Core Viewpoint - Verizon Communications currently holds the lowest share price among the Dow Jones Industrial Average components, which poses a risk to its continued inclusion in the index [6][8][10]. Group 1: Dow Jones Industrial Average Structure - The Dow is a share price-weighted index, meaning companies with higher share prices have more influence [4]. - In contrast, the S&P 500 and Nasdaq Composite are market cap-weighted indexes, where larger companies have more weight [4][2]. - Verizon's share price of $43.55 translates to less than 268 points in the Dow, indicating minimal influence [8]. Group 2: Verizon's Performance and Position - Verizon's share price has declined by 8% over the past decade, which is a concern for its continued presence in the Dow [9]. - Despite being a significant player in wireless services and broadband, Verizon is not seen as a leader in innovation [8]. - The Dow committee seeks companies that can enhance the index's value over time, which Verizon has not demonstrated [7][9]. Group 3: Potential Replacements for Verizon - **Alphabet**: With a current share price of nearly $180 post-split, Alphabet could replace Verizon, bringing relevance from various industries and strong performance metrics [12][13][14]. - **Meta Platforms**: Although its share price is around $719, Meta's advertising revenue and growth potential make it a strong candidate for inclusion [17][19]. - **T-Mobile**: With a share price of $240.75 and a growth rate significantly higher than Verizon, T-Mobile represents a logical replacement while maintaining telecom representation in the Dow [21][22][23].

Group 1: Ares Capital - Ares Capital is the largest publicly traded business development company (BDC) with over $17 billion invested since 2004, focusing on middle-market companies with annual revenues between $10 million and $1 billion [3][4] - The company offers a forward dividend yield of 8.63% and has maintained or grown its dividend for 63 consecutive quarters [3][4] - Ares Capital targets a total addressable market of approximately $5.4 trillion, benefiting from a shift towards private capital, and has a diversified portfolio with strong industry relationships and risk management [4][5] Group 2: Enterprise Products Partners - Enterprise Products Partners is a master limited partnership (MLP) leading the North American midstream energy industry, operating over 50,000 miles of pipeline [6][7] - The company has a forward distribution yield of 6.81% and has increased its distribution for 26 consecutive years [7][8] - Demand for oil and gas, particularly natural gas, is expected to grow for decades, ensuring strong demand for Enterprise Products Partners' pipelines [8][9] Group 3: Verizon Communications - Verizon Communications is a major telecommunications company serving millions globally, with a forward dividend yield of 6.22% and a history of increasing dividends for 18 consecutive years [10][11] - The company is expected to maintain its relevance in the market due to the high capital requirements for new competition in wireless services [11][12] - With the upcoming 6G technology, Verizon is anticipated to be a significant player, potentially leading to impressive growth opportunities in the future [12]

Core Viewpoint - High-yield stocks with safe, attractive, and growing dividends are valuable investment options, especially for retirement income supplementation [1] Group 1: Safe High-Yield Dividend Stocks - Five of the safest high-yield dividend stocks currently are Verizon Communications, Realty Income, PepsiCo, Enterprise Products Partners, and MPLX [2] - These stocks are characterized by their safe and growing dividends along with high yields [2] Group 2: Verizon Communications - Verizon has a dividend yield of 6.5% and has raised its dividend for 18 consecutive years [4] - The company generated $18.7 billion in free cash flow over the past 12 months and paid out $11 billion in dividends, resulting in a dividend coverage ratio of 1.8 [5] - Verizon's leverage ratio on unsecured debt is 2.3, indicating a strong balance sheet and the potential for continued dividend growth [5] Group 3: PepsiCo - PepsiCo offers a 4.4% yield and has increased its dividend for over 50 years [6] - The company generated $7.2 billion in free cash flow last year, matching its dividend payout, which limits extra cash but emphasizes shareholder returns as a priority [7] - Elevated capital expenditures, including $5.3 billion spent on IT infrastructure, are expected to normalize, improving the coverage ratio [8] Group 4: Realty Income - Realty Income has a 5.6% yield and has consistently increased its dividend for 30 years, paying monthly dividends [9] - The REIT's AFFO rose 3% to $1.06 per share, with a dividend payout of $0.796 per share, resulting in a coverage ratio of over 1.3 [11] - Despite challenges from declining commercial property values, a stable interest rate environment is expected to enhance its performance and dividend growth [12] Group 5: Enterprise Products Partners - Enterprise Products Partners has a 6.9% yield and has raised its distribution for 26 consecutive years [13] - Approximately 85% of its cash flow comes from fee-based operations, providing stability and predictability [13] - The company had a coverage ratio of 1.7 over the past 12 months, supported by a strong balance sheet and investment-grade debt ratings [14] Group 6: MPLX - MPLX boasts the highest yield at 7.4% and has increased its distribution by 12.5% in 2024, marking three consecutive years of double-digit growth [15] - The company has a robust coverage ratio of 1.5 based on distributable cash flow [15] - MPLX is experiencing solid growth in its natural gas and NGL segments, contributing to reliable cash flow [16]

Core Viewpoint - Despite market volatility in 2025, certain stable companies have provided solid returns, distinguishing themselves from high-growth tech stocks and offering safety and performance to investors [1] Group 1: Southern Company (SO) - Southern Company has shown impressive strength in 2025, with a year-to-date increase of approximately 11%, while the S&P 500 is down nearly 7% [2] - The company has a market capitalization of nearly $100 billion and is the second-largest holding in the Utilities Select Sector SPDR Fund, benefiting from strong inflows as investors seek stability [3] - Southern Company offers a dividend yield of 3.16% and is trading above its 200-day moving average, indicating a bullish trend [4] Group 2: Coca-Cola Company (KO) - Coca-Cola has seen a nearly 17% increase in shares year-to-date, outperforming the broader market and the consumer staples sector [6] - The company has attracted significant institutional support, with inflows totaling nearly $18 billion over the past 12 months, reflecting a demand for safety and yield [7] - Analysts maintain a consensus Buy rating for Coca-Cola, with an average price target of $75.06, indicating potential upside [8] Group 3: Verizon Communications (VZ) - Verizon has outperformed the S&P 500 with a 7% increase year-to-date and offers a substantial dividend yield of 6.3% [10] - The company reported strong Q1 2025 results, with an EPS of $1.19 and revenue of $33.5 billion, reaffirming its full-year guidance [11] - Verizon has a history of increasing dividends for 20 consecutive years and continues to generate strong free cash flow, making it attractive for long-term investors [12]