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.
電信巨頭的股票 AT&T Inc （紐約證券交易所：）， 威瑞森通訊公司 （紐約證券交易所代碼：VZ）， 電話和數據系統公司 （紐約證券交易所代碼：TDS），以及 前沿通信母公司 納斯達克股票代碼：FYBR）週一大幅下跌，下跌7％至15％。《華爾街日報》的調查顯示，有害的鉛塗層電纜網絡被忽視，這引發了市場的強烈反對。
In a note released Monday, Citigroup analyst Michael Rollins examined the situation regarding the cable network deployed by these telecom companies nationwide.
在週一發佈的一份報告中，花旗集團分析師邁克爾·羅林斯研究了這些電信公司在全國範圍內部署的有線電視網絡的情況。
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.
根據羅林斯的說法，這些電纜中有很大一部分可能有鉛護套，每家公司的暴露量各不相同。因此，分析師認爲，這個問題將在幾個月甚至更長的時間內繼續對股票及其估值產生影響，直到市場對所涉及的金融風險有了更好的了解。
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.
羅林斯表示，收集有關此事的更多信息可能需要幾個月的時間，最終解決方案可能需要數年時間。根據花旗集團目前的情景估計，大多數有線電信公司的估值折扣將達到息稅折舊攤銷前利潤的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
圖表：AT＆T 跌至 1993 年 2 月的水平，Verizon 跌至 2010 年 11 月
Citigroup Actions
花旗集團行動
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.
爲了應對最近的事態發展，花旗集團已將其對AT＆T、電話和數據系統以及Frontier Communications的評級下調至中性/高風險。而這些股票的目標股價已分別下調至16美元、8美元和17美元。
ETF That Holds Telcos
持有電信公司的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.
對AT＆T敞口最高的美國上市交易所交易基金是 iShares MSCI 美國價值因子ETF （紐約證券交易所代碼：VLUE），權重爲 5.1%， iShares 美國電信 ETF （紐約證券交易所代碼：IYZ），權重爲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 美國電信ETF也持有Verizon的大量股份（12.4％），該ETF的權重也爲8.3％ First Trust 晨星股息領袖指數基金 （紐約證券交易所代碼：FDL）。
Frontier Communication is a 3% holding in the SPDR S&P Telecom ETF (NYSE:XTL).
前沿通訊持有3％的股份 SPDR 標準普爾電信 ETF （紐約證券交易所:XTL）。
Telcos' Response
電信公司的回應
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.
作爲對調查的回應，AT＆T和行業組織USTelecom開發了網站，揭穿了對鉛電纜對環境和公共衛生影響的擔憂。
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.
美國電信發言人強調，沒有證據表明傳統的鉛護套電信電纜是鉛暴露的重要來源或公共衛生問題。該代表還強調了電信行業安全工作程序在避免工人接觸鉛方面的重要性。
Read now: AT&T Stock Is Trading Lower: What's Going On?
立即閱讀：AT＆T 股票交易走低：怎麼回事？
Photo: Shutterstock
照片：Shutterstock
譯文內容由第三人軟體翻譯。