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Telecoms has been touted as a defensive sector with its high cash flows and stable earnings leaving the stocks well-placed to robustly withstand the financial shocks of the coronavirus pandemic. So some investors might be surprised that several European telcos have cut their dividends.
Three out of 11 incumbents have now cut their payouts to shareholders, including Belgium’s Proximus, Sweden’s Telia, and most recently, France’s Orange. And more could follow amid heightened political pressure as governments ensure taxpayer money isn’t used to reward shareholders of state-owned companies.
Still, that shouldn’t worry investors, said Russell Waller, equity analyst at New Street Research. He noted that at the time when the cuts were announced, all three computer engineering definition specifically mentioned that their underlying businesses were performing well.
Germany’s United internet and France’s Altice have also recently given 2020 outlook statements where they also expect minimal impact from Covid-related issues.
Three out of 11 incumbents have now cut their payouts to shareholders, including Belgium’s Proximus, Sweden’s Telia, and most recently, France’s Orange. And more could follow amid heightened political pressure as governments ensure taxpayer money isn’t used to reward shareholders of state-owned companies.
Still, that shouldn’t worry investors, said Russell Waller, equity analyst at New Street Research. He noted that at the time when the cuts were announced, all three computer engineering definition specifically mentioned that their underlying businesses were performing well.
Germany’s United internet and France’s Altice have also recently given 2020 outlook statements where they also expect minimal impact from Covid-related issues.
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