The main business of VZ is regulated. It is a mature business and the mobile division will be too. The son (mobile) is eating the mother. FIOS is making inroad and could be better than the competitor with faster and bigger pipeline with fiber optic.
VZ should serve the average investor better by buy back than dividend when there will most likely be a difference in the tax rates in the two in 2013.
The stock has not appreciated except the 4.xx% dividend that does not beat inflation and taxes in last 5 years. It did beat S&P 500.
The pension obligation is relatively large compared to S&P500 companies.
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