AT&T, Verizon Plummet To Multidecade Lows: Toxic Lead Investigation Sparks Telco Sell-Off, Analysts Head For The Exits
AT&T, Verizon Plummet To Multidecade Lows: Toxic Lead Investigation Sparks Telco Sell-Off, Analysts Head For The Exits
Shares in telecom giants AT&T Inc (NYSE:T), Verizon Communication Inc (NYSE:VZ), Telephone and Data Systems, Inc (NYSE:TDS), and Frontier Communication Parent, Inc (NASDAQ:FYBR) dropped dramatically Monday, shedding 7% to 15%. The Wall Street Journal's investigation revealing the neglect of a network of harmful lead-coated cables prompted the market backlash.
电信巨头的股票 AT&T Inc （纽约证券交易所：）， 威瑞森通讯公司 （纽约证券交易所代码：VZ）， 电话和数据系统公司 （纽约证券交易所代码：TDS），以及 前沿通信母公司 纳斯达克股票代码：FYBR）周一大幅下跌，下跌7％至15％。《华尔街日报》的调查显示，有害的铅涂层电缆网络被忽视，这引发了市场的强烈反对。
In a note released Monday, Citigroup analyst Michael Rollins examined the situation regarding the cable network deployed by these telecom companies nationwide.
在周一发布的一份报告中，花旗集团分析师迈克尔·罗林斯研究了这些电信公司在全国范围内部署的有线电视网络的情况。
According to Rollins, a considerable percentage of these cables may have lead sheathing, with varied amounts of exposure for each company. As a result, the analyst believes that this issue will continue to have an impact on stocks and their valuation for a few months, if not longer, until the market has a better understanding of the financial risk involved.
根据罗林斯的说法，这些电缆中有很大一部分可能有铅护套，每家公司的暴露量各不相同。因此，分析师认为，这个问题将在几个月甚至更长的时间内继续对股票及其估值产生影响，直到市场对所涉及的金融风险有了更好的了解。
Rollins stated that gathering more information regarding the matter could take several months, and that a final resolution could take years. According to Citigroup's current scenario estimate, most wireline telecommunications companies will experience a firm valuation discount ranging from 0.2x to 1.0x of EBITDA.
罗林斯表示，收集有关此事的更多信息可能需要几个月的时间，最终解决方案可能需要数年时间。根据花旗集团目前的情景估计，大多数有线电信公司的估值折扣将达到息税折旧摊销前利润的0.2倍至1.0倍不等。
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Chart: AT&T Tumbles to February 1993 Levels, Verizon to November 2010
图表：AT＆T 跌至 1993 年 2 月的水平，Verizon 跌至 2010 年 11 月
Citigroup Actions
花旗集团行动
In response to recent developments, Citigroup has downgraded its ratings on AT&T, Telephone and Data Systems, and Frontier Communication to Neutral/High Risk. While the price targets for these stocks have been reduced to $16, $8, and $17, respectively.
为了应对最近的事态发展，花旗集团已将其对AT＆T、电话和数据系统以及Frontier Communications的评级下调至中性/高风险。而这些股票的目标股价已分别下调至16美元、8美元和17美元。
ETF That Holds Telcos
持有电信公司的ETF
The U.S.-listed exchange-traded funds with the highest exposure to AT&T are the iShares MSCI USA Value Factor ETF (NYSE:VLUE) with a 5.1% weight and the iShares U.S. Telecommunications ETF (NYSE:IYZ) with a 4.2% weight.
对AT＆T敞口最高的美国上市交易所交易基金是 iShares MSCI 美国价值因子ETF （纽约证券交易所代码：VLUE），权重为 5.1%， iShares 美国电信 ETF （纽约证券交易所代码：IYZ），权重为4.2％。
The iShares Trust – iShares U.S. Telecommunications ETF also has a large stake in Verizon (12.4%), which is also represented by an 8.3% weight in the First Trust Morningstar Dividend Leaders Index Fund (NYSE:FDL).
iShares Trust — iShares 美国电信ETF也持有Verizon的大量股份（12.4％），该ETF的权重也为8.3％ First Trust 晨星股息领袖指数基金 （纽约证券交易所代码：FDL）。
Frontier Communication is a 3% holding in the SPDR S&P Telecom ETF (NYSE:XTL).
前沿通讯持有3％的股份 SPDR 标准普尔电信 ETF （纽约证券交易所:XTL）。
Telcos' Response
电信公司的回应
In response to the investigation, AT&T and USTelecom, an industry group, developed websites debunking concerns about the environmental and public health implications of lead cables.
作为对调查的回应，AT＆T和行业组织USTelecom开发了网站，揭穿了对铅电缆对环境和公共卫生影响的担忧。
A spokesperson for USTelecom emphasized that there is no evidence that legacy lead-sheathed telecom cables are a significant source of lead exposure or a public health concern. The representative additionally stressed the importance of safe work procedures in the telecommunications industry in avoiding worker exposure to lead.
美国电信发言人强调，没有证据表明传统的铅护套电信电缆是铅暴露的重要来源或公共卫生问题。该代表还强调了电信行业安全工作程序在避免工人接触铅方面的重要性。
Read now: AT&T Stock Is Trading Lower: What's Going On?
立即阅读：AT＆T 股票交易走低：怎么回事？
Photo: Shutterstock
照片：Shutterstock
译文内容由第三方软件翻译。