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By Faisal Humayun, InvestorPlace
AT&T (T)
AT&T (NYSE:T) stock has been ignored by investors and has remained sideways in the last 12 months. T stock is, however, deeply undervalued at a forward price-earnings ratio of 7.6 and offers a dividend yield of 6.53%. With improving business and financial metrics, I expect T stock to trend higher. Further, dividends are secure, considering the free cash flow potential.
The first point to note is that AT&T has guided for free cash flow of $17 to $18 billion for 2024. That provides flexibility for dividends and deleveraging. AT&T is on track to reduce leverage to 2.5x in the first half of 2025.
Further, there has been a steady uptrend in the company’s postpaid phone subscribers and fiber subscribers. In addition, the average revenue per user has improved. If this trend sustains, there is a strong case for continued upside in free cash flows. Therefore, with improvement in credit metrics, I expect T stock to trend higher.
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