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In this series what we are aiming to do is provide a wealth of key ratios and then pick one of the plays as our favorite play. We will go on to provide some reason for this choice and in doing so, hope to impart some knowledge to those who are new to the field of dividend investing. A lot of ratios will be used in this article, and it would be best for investors to get a handle on some of these ratios as they could prove to be very useful in the selection process. Some of the more important key ratios are listed below.

We generally base our choice on the following factors:

Net income - It should be generally trending upwards for the past 3-4 years.

Total cash flow from operating activities - It also should be trending upwards for the past 3-4 years. Payout ratio - It should generally be below 100%, but a ratio below 70% is optimal. Payout ratios are not that important when it comes to MLPS/REITS as they generally pay a majority of their cash flow as distributions; in the case of REITS by law they have to pay out 90% of their cash flow as dividends. Payout ratios are calculated by dividing the dividend/distribution rate by the net income per share, and this is why the payout ratio for MLPs and REITS is often higher than 100%. The more important ratio to focus on is the cash flow per unit. If one focuses on the cash flow per unit, one will see that in most cases, it exceeds the distribution/dividend declared per unit/share.

Current ratio - Should be above 1

Interest coverage ratio - Any value above 1.5 is okay, but we would aim for 2.5-3.00 as our starting range. The higher the number the better.

Dividend growth rate - It should be at 5% or higher. A high yield with a low dividend growth rate is not good in the long run, but neither is a low dividend yield with a high growth rate; one needs to find an equilibrium here.

Five year dividend average - We generally aim for stocks that have a yield of 4.5% or higher. There are exceptions to this rule. Some stocks appreciate very fast, so even though the yield might be low, one can more than make up the difference through capital gains. One example is JAH.

Sales - They should generally be trending upwards for the past 3-4 years.

Levered free cash flow - This is the icing on the cake; if a company meets most of the above requirements and also has a positive levered free cash flow; it can generally be viewed as a good long term buy. Two examples are LEG and PG.

An early warning signal that the company could be in trouble is when the total cash flow generated from operating expenses is not enough to meet the dividend payments. This information can be gleaned by looking at the cash flow statement. This is readily available at Yahoo Finance. In the example below we used LEG and the data was obtained from Yahoo Finance.

The cash flow in this case was more than enough to easily cover all the dividend payments for all the above years. In this the time period was from 2008-2010.

Many traders use other metrics and that is fine; we are just trying to provide a guideline. As you get better handle of the ratios explained below you can create your own list of criteria.

Long-term debt-to-equity ratio - Is the total long term debt divided by the total equity. The amount of long-term debt a company carries on its balances sheet is very important for it indicates the amount of money a company owes that it doesn't expect to pay off in the next year. A balance sheet that illustrates that long term debt has been decreasing for a few years is a sign that the company is doing well. When debt levels fall, and cash levels increase the balance sheet is said to be improving and vice versa. If a company has too much debt on its books, it could end up being overwhelmed with interest payments and risk having too little working capital which could in the worst case scenario lead to bankruptcy.

Cash ratio - This is the ratio of the company's total cash and cash equivalents to its current liabilities; this ratio is used a measure of a company's liquidity. It allows investors to determine how fast the company would be able to pay its short term debts if push came to shove. Higher numbers are better because it makes it easier for a company to ask for new loans, increase in credit lines, etc.

Free cash flow yield is obtained by dividing free cash flow per share by the current price of each share. Generally lower ratios are associated with an unattractive investment and vice versa. Free cash flow takes into account capital expenditures and other ongoing costs associated with the day to day to functions of the business. In our view free cash flow yield is a better valuation metric then earnings yield because of the above factor.

Levered free cash flow is the amount of cash available to stock holders after interest payments on debt are made. A company with a small amount of debt will only have to spend a modest amount of money on interest payments, which in turn means that there is more money to send to shareholders in the form of dividends and vice versa.

The payout ratio tells us what portion of the profit is being returned to investors. A payout ratio over 100% indicates that the company is paying out more money to shareholders than they are making; this situation cannot last forever. In general if the company has a high operating cash flow and access to capital markets, they can keep this going on for a while. As companies usually only pay the portion of the debt that is coming due and not the whole debt, this technique/trick can technically be employed to maintain the dividend for sometime. If the payout ratio continues to increase, the situation warrants close monitoring as this cannot last forever; if your tolerance for risk is a low, look for similar companies with the same or higher yields, but with lower payout ratios. Individuals searching for other ideas might find this article to be of interest Philip Morris: A Good Investment With Great Growth potential.

Interest coverage is usually calculated by dividing the earnings before interest and taxes for a period of one-year by the interest expenses for the same time period. This ratio informs you of a company's ability to make its interest payments on its outstanding debt. Lower interest coverage ratios indicate that there is a larger debt burden on the company and vice versa. For example if a company has an interest ratio of 11.8, this means that it covers interest expenses 11.8 times with operating profits.

Inventory turnover is calculated by dividing sales by inventory. If a company generated $30 million in sales and had an average inventory of $6 million; the inventory turn over would be equal to 5. This value indicates that there are 5 inventory turnovers per year. This means that it takes roughly 2.4 months to sell the inventory. A low inventory turnover is a sign of inefficiency and vice versa.

Asset turnover is calculated by dividing revenues by assets. It measures a firm's effectiveness at using its assets in generating revenue. Higher numbers are generally better and vice versa. In general companies with low profit margins have higher asset turnover rates then companies with high profit margins.

ROE is obtained by dividing the net income by share holder's equity.

Quick ratio or acid-test is obtained by adding cash and cash equivalents plus marketable securities and accounts receivable dividing them by current liabilities. It is a measure of a company's ability to use its quick assets (assets that can be sold of immediately at close to book value) to pay off its current liabilities immediately. A company with a quick ratio of less than 1 cannot pay back its current liabilities. Additional key metrics are addressed in this article Plains All American: A Great High Yield Play For Long Term Players.

Bce Inc (BCE) is our play of choice for the following reasons:

It has a very strong levered free cash flow of $1.07B.

It has decent quarterly earnings growth rate of 9% and a quarterly revenue growth rate of 10%.

A very strong three year total return of 150%.

A decent three year dividend growth rate of 47%.

Net income jumped from $1.523 billion in 2009 to $2.35 billion in 2011, an increase of 56%.

Cash flow per share has also been trending upwards for the past few years.

Sales went from $14.1 billion in 2009 to 19.6 billion, an increase of 39%.

It has a decent divided of 5.02% and respectable five year dividend average of 4.6%.

A manageable payout ratio of 65% and good five year average of 67%.

It has a weak current and quick ratio but the interest ratio of 4.89 somewhat makes up for this shortfall.

It is enhancing its broadband networks, and these investments are expected to generate higher revenue per user and attract new customers.

It raised its annual dividend by 5% to C$2.17 from C$2.07 for 2012. It has raised its dividend for the 7th time in the past two years; an increase of 49% since the 4th quarter of 2008.

Management has indicated that they will purchase as much as $250 million worth of shares over the next year. Since Dec 2008, BCE has purchased C$1.5 billion worth of shares.

100K invested for 10 years would have grown to 217K.

Company: BCE Inc

Levered Free Cash Flow = 1.07B

Basic Key ratios

Percentage Held by Insiders = 0.15

Market Cap ($mil) = 31985

Number of Institutional Sellers 12 Weeks = N/A

3 Month percentage Change Short Interest = n/a

Growth

Net Income ($mil) 12/2011 = 2353

Net Income ($mil) 12/2010 = 2211

Net Income ($mil) 12/2009 = 1530

12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = 6.19

Q Net Incm this Q/ same qtr yr ago = 16.65

EBITDA ($mil) 12/2011 = N/A

EBITDA ($mil) 12/2010 = 6882

EBITDA ($mil) 12/2009 = 5761

Net Incm Rpt Qtr ($mil) = 515

Anl Net Incm this Yr/ Net Incm last Yr = 6.44

Cash Flow ($/sh) 12/2011 = N/A

Cash Flow ($/sh) 12/2010 = 7.1

Cash Flow ($/sh) 12/2009 = 6.24

Div 5yr Growth 12/2011 = N/A

Sales ($mil) 12/2011 = 19608

Sales ($mil) 12/2010 = 18169

Sales ($mil) 12/2009 = 14194

Dividend history

Div Yield = 5.02

Div Yld 5 Yr Avg 12/2011 = N/A

Div Yld 5 Yr Avg 09/2011 = 4.59

Annual Dividend 12/2011 = 2.09

Annual Dividend 12/2010 = 1.71

Forward Yield = 5.26

Div 5yearr Growth 12/2011 = N/A

R-squared Div Growth 12/2011 = N/A

R-squared Div Growth 09/2011 = 0.72

Dividend sustainability

Payout Ratio 09/2011 = 0.65

Payout Ratio 06/2011 = 0.67

Payout Ratio 5 Yr Avg 12/2011 = N/A

Payout Ratio 5 Yr Avg 09/2011 = 0.61

Payout Ratio 5 Yr Avg 06/2011 = 0.61

Change in Payout Ratio = 0.04

Performance

% Ch Price 52 Wks Rel to S&P 500 = 10.16

Std Dev Target Price Est = 2.23

Avg EPS Surprise Last 4 Qtr = 7.8

EPS % Change F2/F1 = 4.24

Next 3-5 Yr Est EPS Gr rate = 4.28

Std Dev 3-5 Yr Est EPS Gr rate = 0.39

EPS Gr Q(1)/Q(-3) = -103.28

5 Yr Hist EPS Gr 12/2011 = N/A

5 Yr Hist EPS Gr 09/2011 = 10.36

ROE 5 Yr Avg 12/2011 = N/A

ROE 5 Yr Avg 09/2011 = 16.53

ROE 5 Yr Avg 06/2011 = 16.24

Return on Investment 12/2011 = N/A

Return on Investment 09/2011 = 9.19

Return on Investment 06/2011 = 8.97

Debt/Tot Cap 5 Yr Avg 12/2011 = N/A

Debt/Tot Cap 5 Yr Avg 09/2011 = 40.69

Debt/Tot Cap 5 Yr Avg 06/2011 = 40.94

Current Ratio 12/2011 = N/A

Current Ratio 09/2011 = 0.62

Current Ratio 06/2011 = 0.76

Curr Ratio 5 Yr Avg = 0.82

Quick Ratio = 0.56

Cash Ratio = 0.09

Interest Coverage 12/2011 = N/A

Interest Coverage 09/2011 = N/A

Interest Coverage 06/2011 = 4.89

Valuation

Book Value Qtr ($/sh) 12/2011 = N/A

Book Value Qtr ($/sh) 09/2011 = 15.15

Book Value Qtr ($/sh) 06/2011 = 14.91

Anl EPS before NRI 12/2007 = 2.19

Anl EPS before NRI 12/2008 = 2.25

Anl EPS before NRI 12/2009 = 2.36

Anl EPS before NRI 12/2010 = 2.86

Anl EPS before NRI 12/2011 = 3.15

Price/ Book = 2.72

Price/ Cash Flow = 5.81

Price/ Sales = 1.61

EV/EBITDA 12 Mo = 6.95

P/E/G F1 = 3.04

Q1 Std Dev/ Consensus = 0.06

R-squared EPS Growth 12/2011 = N/A

R-squared EPS Growth 09/2011 = 0.89

P/E F1/ LT EPS Gr = 3.04

Std Dev Cons Current Qtr = 0.05

Median Est Next Qtr = 0.84

# Anlst in Cons Q3 = 5

Company : Vimpelcom Ltd (VIP)

Levered Free Cash Flow = 1.82B

Basic Key ratios

Percentage Held by Insiders = N/A

Market Cap ($mil) = 19628

Number of Institutional Sellers 12 Weeks = N/A

3 Month % Chg Short Interest = n/a

Growth

Net Income ($mil) 12/2011 = N/A

Net Income ($mil) 12/2010 = 1721

Net Income ($mil) 12/2009 = 1117

12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = -8.64

Q Net Incm this Q/ same qtr yr ago = -78.95

EBITDA ($mil) 12/2011 = N/A

EBITDA ($mil) 12/2010 = 4946

EBITDA ($mil) 12/2009 = 3845

Net Incm Rpt Qtr ($mil) = 104

Anl Net Incm this Yr/ Net Incm last Yr = 54.02

Cash Flow ($/sh) 12/2011 = N/A

Cash Flow ($/sh) 12/2010 = 3.66

Cash Flow ($/sh) 12/2009 = 2.71

Div 5yr Growth 12/2011 = N/A

Sales ($mil) 12/2011 = N/A

Sales ($mil) 12/2010 = 10513

Sales ($mil) 12/2009 = 8703

Dividend history

Div Yield = 5.13

Div Yld 5 Yr Avg 12/2011 = N/A

Div Yld 5 Yr Avg 09/2011 = N/A

Annual Dividend 12/2011 = 0.62

Annual Dividend 12/2010 = 0.37

Forward Yield = 5.14

Div 5yr Growth 12/2011 = N/A

R-squared Div Growth 12/2011 = N/A

R-squared Div Growth 09/2011 = N/A

Dividend sustainability

Payout Ratio 09/2011 = N/A

Payout Ratio 06/2011 = 0.62

Payout Ratio 5 Yr Avg 12/2011 = N/A

Payout Ratio 5 Yr Avg 09/2011 = N/A

Payout Ratio 5 Yr Avg 06/2011 = N/A

Change in Payout Ratio = N/A

Performance

% Ch Price 52 Wks Rel to S&P 500 = -17.97

Std Dev Target Price Est = 1.29

Avg EPS Surprise Last 4 Qtr = N/A

EPS % Change F2/F1 = 31.28

Next 3-5 Yr Est EPS Gr rate = 10.79

Std Dev 3-5 Yr Est EPS Gr rate = N/A

EPS Gr Q(1)/Q(-3) = 182.35

5 Yr Hist EPS Gr 12/2011 = N/A

5 Yr Hist EPS Gr 09/2011 = N/A

ROE 5 Yr Avg 12/2011 = N/A

ROE 5 Yr Avg 09/2011 = 19.43

ROE 5 Yr Avg 06/2011 = 19.65

Return on Investment 12/2011 = N/A

Return on Investment 09/2011 = N/A

Return on Investment 06/2011 = 4.56

Debt/Tot Cap 5 Yr Avg 12/2011 = N/A

Debt/Tot Cap 5 Yr Avg 09/2011 = 45.13

Debt/Tot Cap 5 Yr Avg 06/2011 = 44.68

Current Ratio 12/2011 = N/A

Current Ratio 09/2011 = N/A

Current Ratio 06/2011 = 1.12

Curr Ratio 5 Yr Avg = 0.85

Quick Ratio = 0.68

Cash Ratio = 0.52

Interest Coverage 12/2011 = N/A

Interest Coverage 09/2011 = N/A

Interest Coverage 06/2011 = 1.66

Valuation

Book Value Qtr ($/sh) 12/2011 = N/A

Book Value Qtr ($/sh) 09/2011 = N/A

Book Value Qtr ($/sh) 06/2011 = 11.08

Anl EPS before NRI 12/2007 = N/A

Anl EPS before NRI 12/2008 = N/A

Anl EPS before NRI 12/2009 = 1.08

Anl EPS before NRI 12/2010 = 1.39

Anl EPS before NRI 12/2011 = N/A

Price/ Book = 1.1

Price/ Cash Flow = 3.32

Price/ Sales = 1.14

EV/EBITDA 12 Mo = 8.18

P/E/G F1 = 0.99

Q1 Std Dev/ Consensus = N/A

R-squared EPS Growth 12/2011 = N/A

R-squared EPS Growth 09/2011 = N/A

P/E F1/ LT EPS Gr = 0.99

Std Dev Cons Current Qtr = N/A

Median Est Next Qtr = N/A

# Anlst in Cons Q3 = N/A

Company : Bt Grp Plc-Adr (BT)

Levered Free Cash Flow = 2.61B

Basic Key ratios

Percentage Held by Insiders = N/A

Market Cap ($mil) = 26593

Number of Institutional Sellers 12 Weeks = N/A

3 Month % Chg Short Interest = n/a

Growth

Net Income ($mil) 12/2011 = 2408

Net Income ($mil) 12/2010 = 1643

Net Income ($mil) 12/2009 = -143

12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = 53.96

Q Net Incm this Q/ same qtr yr ago = 38.46

EBITDA ($mil) 12/2011 = 7518

EBITDA ($mil) 12/2010 = 6459

EBITDA ($mil) 12/2009 = 4745

Net Incm Rpt Qtr ($mil) = 777

Anl Net Incm this Yr/ Net Incm last Yr = 46.59

Cash Flow ($/sh) 12/2011 = 9.13

Cash Flow ($/sh) 12/2010 = 8.6

Cash Flow ($/sh) 12/2009 = 8.97

Div 5yr Growth 12/2011 = N/A

Sales ($mil) 12/2011 = 32910

Sales ($mil) 12/2010 = 33291

Sales ($mil) 12/2009 = 32574

Dividend history

Div Yield = 3.41

Div Yld 5 Yr Avg 12/2011 = N/A

Div Yld 5 Yr Avg 09/2011 = 6.49

Annual Dividend 12/2011 = 1.05

Annual Dividend 12/2010 = 0.5

Forward Yield = 3.41

Div 5yr Growth 12/2011 = N/A

R-squared Div Growth 12/2011 = N/A

R-squared Div Growth 09/2011 = 0.49

Dividend sustainability

Payout Ratio 09/2011 = 0.33

Payout Ratio 06/2011 = 0.33

Payout Ratio 5 Yr Avg 12/2011 = N/A

Payout Ratio 5 Yr Avg 09/2011 = 0.52

Payout Ratio 5 Yr Avg 06/2011 = 0.54

Change in Payout Ratio = -0.2

Performance

% Ch Price 52 Wks Rel to S&P 500 = 7.78

Std Dev Target Price Est = 0

Avg EPS Surprise Last 4 Qtr = N/A

EPS % Change F2/F1 = 7.3

Next 3-5 Yr Est EPS Gr rate = 5.04

Std Dev 3-5 Yr Est EPS Gr rate = N/A

EPS Gr Q(1)/Q(-3) = -109.52

5 Yr Hist EPS Gr 12/2011 = N/A

5 Yr Hist EPS Gr 09/2011 = -6.31

ROE 5 Yr Avg 12/2011 = N/A

ROE 5 Yr Avg 09/2011 = 812.87

ROE 5 Yr Avg 06/2011 = 810.4

Return on Investment 12/2011 = N/A

Return on Investment 09/2011 = 16.64

Return on Investment 06/2011 = 15.98

Debt/Tot Cap 5 Yr Avg 12/2011 = N/A

Debt/Tot Cap 5 Yr Avg 09/2011 = 77.67

Debt/Tot Cap 5 Yr Avg 06/2011 = 75.48

Current Ratio 12/2011 = N/A

Current Ratio 09/2011 = 0.73

Current Ratio 06/2011 = 0.66

Curr Ratio 5 Yr Avg = 0.66

Quick Ratio = 0.54

Cash Ratio = 0.07

Interest Coverage 12/2011 = N/A

Interest Coverage 09/2011 = N/A

Interest Coverage 06/2011 = N/A

Valuation

Book Value Qtr ($/sh) 12/2011 = N/A

Book Value Qtr ($/sh) 09/2011 = 0.65

Book Value Qtr ($/sh) 06/2011 = 3.08

Anl EPS before NRI 12/2007 = 6.5

Anl EPS before NRI 12/2008 = N/A

Anl EPS before NRI 12/2009 = 3.09

Anl EPS before NRI 12/2010 = 2.32

Anl EPS before NRI 12/2011 = 2.86

Price/ Book = 52.34

Price/ Cash Flow = 3.75

Price/ Sales = 0.86

EV/EBITDA 12 Mo = 5.08

P/E/G F1 = 1.91

Q1 Std Dev/ Consensus = N/A

R-squared EPS Growth 12/2011 = N/A

R-squared EPS Growth 09/2011 = 0.23

P/E F1/ LT EPS Gr = 1.91

Std Dev Cons Current Qtr = N/A

Median Est Next Qtr = N/A

# Anlst in Cons Q3 = N/A

Company : Portugal Telcom (PT)

Levered Free Cash Flow = -1.46B

Basic Key ratios

Percentage Held by Insiders = 4.1

Market Cap ($mil) = 4515

Number of Institutional Sellers 12 Weeks = N/A

3 Month % Chg Short Interest = n/a

Growth

Net Income ($mil) 12/2011 = N/A

Net Income ($mil) 12/2010 = 7533

Net Income ($mil) 12/2009 = 1097

12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = -92.97

Q Net Incm this Q/ same qtr yr ago = -97.84

EBITDA ($mil) 12/2011 = N/A

EBITDA ($mil) 12/2010 = 687

EBITDA ($mil) 12/2009 = 1844

Net Incm Rpt Qtr ($mil) = 150

Anl Net Incm this Yr/ Net Incm last Yr = 586.75

Cash Flow ($/sh) 12/2011 = N/A

Cash Flow ($/sh) 12/2010 = 0.16

Cash Flow ($/sh) 12/2009 = 1.06

Div 5yr Growth 12/2011 = N/A

Sales ($mil) 12/2011 = N/A

Sales ($mil) 12/2010 = 4970

Sales ($mil) 12/2009 = 9465

Dividend history

Div Yield = 16.9

Div Yld 5 Yr Avg 12/2011 = N/A

Div Yld 5 Yr Avg 09/2011 = 8.31

Annual Dividend 12/2011 = 0.89

Annual Dividend 12/2010 = 1.59

Forward Yield = 16.9

Div 5yr Growth 12/2011 = N/A

R-squared Div Growth 12/2011 = N/A

R-squared Div Growth 09/2011 = 0.42

Dividend sustainability

Payout Ratio 09/2011 = N/A

Payout Ratio 06/2011 = 2.93

Payout Ratio 5 Yr Avg 12/2011 = N/A

Payout Ratio 5 Yr Avg 09/2011 = N/A

Payout Ratio 5 Yr Avg 06/2011 = N/A

Change in Payout Ratio = N/A

Performance

% Ch Price 52 Wks Rel to S&P 500 = -55.97

Std Dev Target Price Est = 0

Avg EPS Surprise Last 4 Qtr = N/A

EPS % Change F2/F1 = 8.97

Next 3-5 Yr Est EPS Gr rate = N/A

Std Dev 3-5 Yr Est EPS Gr rate = N/A

EPS Gr Q(1)/Q(-3) = 1-183.33

5 Yr Hist EPS Gr 12/2011 = N/A

5 Yr Hist EPS Gr 09/2011 = N/A

ROE 5 Yr Avg 12/2011 = N/A

ROE 5 Yr Avg 09/2011 = 59.96

ROE 5 Yr Avg 06/2011 = 58.75

Return on Investment 12/2011 = N/A

Return on Investment 09/2011 = N/A

Return on Investment 06/2011 = 2.63

Debt/Tot Cap 5 Yr Avg 12/2011 = N/A

Debt/Tot Cap 5 Yr Avg 09/2011 = 77.15

Debt/Tot Cap 5 Yr Avg 06/2011 = 76.81

Current Ratio 12/2011 = N/A

Current Ratio 09/2011 = N/A

Current Ratio 06/2011 = 3.79

Curr Ratio 5 Yr Avg = 1.74

Quick Ratio = 3.26

Cash Ratio = 2.87

Interest Coverage 12/2011 = N/A

Interest Coverage 09/2011 = N/A

Interest Coverage 06/2011 = 2.61

Valuation

Book Value Qtr ($/sh) 12/2011 = N/A

Book Value Qtr ($/sh) 09/2011 = N/A

Book Value Qtr ($/sh) 06/2011 = 6.22

Anl EPS before NRI 12/2007 = 0.92

Anl EPS before NRI 12/2008 = N/A

Anl EPS before NRI 12/2009 = 1.06

Anl EPS before NRI 12/2010 = -0.39

Anl EPS before NRI 12/2011 = N/A

Price/ Book = 0.84

Price/ Cash Flow = 33.19

Price/ Sales = 0.6

EV/EBITDA 12 Mo = 24.18

P/E/G F1 = N/A

Q1 Std Dev/ Consensus = N/A

R-squared EPS Growth 12/2011 = N/A

R-squared EPS Growth 09/2011 = N/A

P/E F1/ LT EPS Gr = N/A

Std Dev Cons Current Qtr = N/A

Median Est Next Qtr = N/A

# Anlst in Cons Q3 = N/A

Company : Telecom Ita-Adr (TI)

Levered Free Cash Flow = 5.97B

Basic Key ratios

Percentage Held by Insiders = 0

Market Cap ($mil) = 15389

Number of Institutional Sellers 12 Weeks = N/A

3 Month % Chg Short Interest = n/a

Growth

Net Income ($mil) 12/2011 = N/A

Net Income ($mil) 12/2010 = 4743

Net Income ($mil) 12/2009 = 2226

12mo Net Incm this Q/ 12mo Net Incm 4Q's ago = N/A

Q Net Incm this Q/ same qtr yr ago = 33.89

EBITDA ($mil) 12/2011 = N/A

EBITDA ($mil) 12/2010 = 12846

EBITDA ($mil) 12/2009 = 12402

Net Incm Rpt Qtr ($mil) = 1143

Anl Net Incm this Yr/ Net Incm last Yr = 113.04

Cash Flow ($/sh) 12/2011 = N/A

Cash Flow ($/sh) 12/2010 = 8.76

Cash Flow ($/sh) 12/2009 = 7.89

Div 5yr Growth 12/2011 = N/A

Sales ($mil) 12/2011 = N/A

Sales ($mil) 12/2010 = 38323

Sales ($mil) 12/2009 = 36271

Dividend history

Div Yield = 5.37

Div Yld 5 Yr Avg 12/2011 = N/A

Div Yld 5 Yr Avg 09/2011 = 4.46

Annual Dividend 12/2011 = 0.62

Annual Dividend 12/2010 = 0.45

Forward Yield = 5.37

Div 5yr Growth 12/2011 = N/A

R-squared Div Growth 12/2011 = N/A

R-squared Div Growth 09/2011 = 0.67

Dividend sustainability

Payout Ratio 09/2011 = N/A

Payout Ratio 06/2011 = N/A

Payout Ratio 5 Yr Avg 12/2011 = N/A

Payout Ratio 5 Yr Avg 09/2011 = 0.4

Payout Ratio 5 Yr Avg 06/2011 = 0.4

Change in Payout Ratio = N/A

Performance

% Ch Price 52 Wks Rel to S&P 500 = -29.08

Std Dev Target Price Est = 0

Avg EPS Surprise Last 4 Qtr = N/A

EPS % Change F2/F1 = 3.77

Next 3-5 Yr Est EPS Gr rate = 1.78

Std Dev 3-5 Yr Est EPS Gr rate = N/A

EPS Gr Q(1)/Q(-3) = 139.36

5 Yr Hist EPS Gr 12/2011 = N/A

5 Yr Hist EPS Gr 09/2011 = N/A

ROE 5 Yr Avg 12/2011 = N/A

ROE 5 Yr Avg 09/2011 = 8.91

ROE 5 Yr Avg 06/2011 = 8.91

Return on Investment 12/2011 = N/A

Return on Investment 09/2011 = N/A

Return on Investment 06/2011 = N/A

Debt/Tot Cap 5 Yr Avg 12/2011 = N/A

Debt/Tot Cap 5 Yr Avg 09/2011 = 7.83

Debt/Tot Cap 5 Yr Avg 06/2011 = 7.63

Current Ratio 12/2011 = N/A

Current Ratio 09/2011 = N/A

Current Ratio 06/2011 = 0.98

Curr Ratio 5 Yr Avg = 0.89

Quick Ratio = 0.84

Cash Ratio = 0.41

Interest Coverage 12/2011 = N/A

Interest Coverage 09/2011 = N/A

Interest Coverage 06/2011 = N/A

Valuation

Book Value Qtr ($/sh) 12/2011 = N/A

Book Value Qtr ($/sh) 09/2011 = N/A

Book Value Qtr ($/sh) 06/2011 = 31.47

Anl EPS before NRI 12/2007 = 3.24

Anl EPS before NRI 12/2008 = 1.47

Anl EPS before NRI 12/2009 = 1.11

Anl EPS before NRI 12/2010 = 2.25

Anl EPS before NRI 12/2011 = N/A

Price/ Book = 0.36

Price/ Cash Flow = 1.31

Price/ Sales = N/A

EV/EBITDA 12 Mo = 0.63

P/E/G F1 = 3.75

Q1 Std Dev/ Consensus = N/A

R-squared EPS Growth 12/2011 = N/A

R-squared EPS Growth 09/2011 = N/A

P/E F1/ LT EPS Gr = 3.75

Std Dev Cons Current Qtr = N/A

Median Est Next Qtr = N/A

# Anlst in Cons Q3 = N/A

Conclusion

Investors should wait for a strong pullback before committing any fresh money to this market as the markets are still extremely overbought.

EPS, EPS surprise, broker recommendations and price and consensus charts sourced from zacks.com. Earnings estimates and growth rate charts for sourced from dailyfinance.com. Earnings Vs estimates charts sourced from smartmoney.com. Free cash flow yield, income from cont operations, and revenue growth sourced from Ycharts.com. Dividend history charts sourced from dividata.com.

Source: 5 Interesting Communication Plays

Additional disclosure: This list of stocks is meant to serve as a starting point. Please do not treat this as a buying list. It is imperative that you do your due diligence and then determine if any of the above plays meet with your risk tolerance levels. The Latin maxim caveat emptor applies-let the buyer beware.